
Shares of YES Bank Ltd bounced back in the early session on Wednesday after the private lender shared its business updates for the quarter ended on December 31, 2023. The lender had shared the business update with the exchanges after the market hours on Tuesday. YES Bank opened with a fall of one per cent to Rs 23.01 on Wednesday, but rebounded 2.5 per cent from day's low to trade at Rs 23.59 during the session, commanding a total market capitalization of close to Rs 67,500 crore. The stock had settled at Rs 23.22 in the previous trading session on Tuesday. YES Bank reported a YoY increase of 11.9 per cent, reaching Rs 2,17,662 crore in loans and advances in the December 2023 quarter, compared to Rs 1,94,573 crore in the same quarter of the previous year. On a quarter-on-quarter (QoQ) basis, the loans and advances rose by 4.1 per cent from Rs 2,09,106 crore. Deposits for the quarter increased by 13.2 per cent YoY and 3.2 per cent QoQ, reaching Rs 2,41,831 crore compared to Rs 2,13,608 crore in Q3FY23 and Rs 2,34,360 crore in Q2FY24. The credit-to-deposit ratio decreased to 90 per cent as of December 31, 2023, compared to 91.1 per cent a year ago and 89.2 per cent in the September 2023 quarter. YES Bank's CASA witnessed a 12.2% YoY increase, reaching Rs 71,749 crore for the quarter ending on December 31, 2023, up from Rs 63,927 crore in the corresponding quarter of the previous year. On a sequential basis, CASA improved by 4 per cent, rising from Rs 68,957 crore in the September 2023 quarter. The CASA to total deposits ratio remained stable at 29.7 per cent during the quarter.
Also read: YES Bank shares in focus after December quarter business update
YES Bank shares hit its 52-week high at Rs 23.71 on Tuesday, rising about 65 per cent from its 52-week low at Rs 14.10 hit in October 2023. The stock has gained 20 per cent in the last month, while it is up 42 per cent in the last six months period. However, the stock has remained flat, up by merely 5 per cent, in the last one year period. The liquidity coverage ratio (LCR) for the December 2023 quarter was 118.4 per cent, showing an increase from 113.3 per cent in December 2022 and a slight decrease from 120.9 per cent in the September 2023 quarter. Technical analysts, tracking the charts of YES Bank said that breaching Rs 23-mark triggers a fresh breakout in the counter and they expect the lender to continue the momentum in the near term and scale new highs. However, they advise investors to respect the support levels in the stock. Ganesh Dongre, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers said that the stock has again seen a bullish candlestick pattern formation at the Rs 23 price level, which may continue its rally till its next resistance level of Rs 26. "Traders can hold this stock with a stop loss of Rs 19 for the target price of Rs 26 in the upcoming weeks," he said. Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said that YES Bank shares paved the way for more upside towards Rs 27 and Rs 30 levels, while the key support exists at Rs 20 mark. The price action is moving upward with 'higher high, higher low' formation, a bullish set aimed at reaching fresh upside levels, he said.
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