Yes Bank soared 11.05% to Rs 25.32 following HDFC Bank receiving approval from the Reserve Bank of India to acquire up to a 9.50% stake in Yes Bank.
The Reserve Bank of India has granted approval to HDFC Bank for the acquisition of an aggregate holding of up to 9.50% of the paid-up share capital or voting rights of Yes Bank. However, if HDFC Bank fails to acquire a major shareholding within one year, the approval will be revoked. Further, HDFC Bank is required to ensure that its aggregate holding in Yes Bank does not exceed 9.50% at any time. Additionally, prior approval from the RBI is mandated if the holding falls below 5% and needs to be increased to 5% or more.
Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
Yes Bank reported standalone net profit of Rs 231.46 crore in Q3 FY24 is steeply higher than Rs 51.52 crore posted in Q3 FY23. Total income jumped 17.89% year on year to Rs 8,179.15 crore during the quarter. Net interest income (NII) stood at Rs 1,195 crore, up 12.1% YoY. Net interest margin (NIM) for Q3 FY24 at 2.4% up 10 bps QoQ.
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