Yes Bank's sharp jump in quarterly profits is reflecting on its market performance today

Shares of Yes Bank, a private sector lender, rose smartly after the bank announced a sharp jump in quarterly profit coupled with lower provisioning for potentially non-performing assets.

Yes Bank said its first quarter net profit rose 28 percent to 551 crore rupees compared with 431 crore rupees in the same quarter a year ago. Net Interest Margin during April-June surged 42 percent to 1,060 crore rupees versus 745 crore rupees, the lender said. Yes Bank's Net Interest margin rose to 3.3 percent from 3.2 percent even though the lender's net non-performing assets inched up to 0.13 percent versus 0.12 percent over the same time period.

Yes Bank rose 15.85 rupees, or 1.9 percent, to 810 rupees on the National Stock Exchange, where 36 lakh shares were traded by 1.30 pm compared with a 5-day average of 25 lakh shares.

The market capitalisation of Yes Bank has surged 50 percent to 33,800 crore rupees in the past one year as investors preferred private lenders over their PSU rivals.

(Image credits: indiatimes)