YES Bank hits record high as Q1 profit beats forecast
STOCK MARKET - YES Bank moved higher to its record high of Rs 1,717, up 6% on BSE after the bank reported a better than expected year on year (Y-o-Y) jump of 32% in net profit at Rs 966 crore in the June quarter (Q1FY18). The bank had reported Rs 732 crore net profit in the same quarter an year ago. Net interest income (interest earned minus interest expended) rose 44% Y-o-Y to Rs 1,809 crore from Rs 1,256 crore in the corresponding quarter of previous fiscal year. The higher net interest income driven by growth in advances & CASA, and steady expansion in net interest margin (NIM), which expanded to 3.7% from 3.6%, YES Bank said. Analysts on an average had expected profit of Rs 916 crore on net interest income of Rs 1,742 crore.