YES Bank hits 52 week high as CARE Ratings upgrade outlook to 'positive'
Published On: Thursday, April 7, 2022 | By: Team KnowMyStock
Shares of YES Bank surged 10.6 percent to Rs 16.25 per share, hitting a 52-week high in an otherwise weak market after rating agency CARE Ratings upgraded the private bank’s credit rating. The stock price has jumped over 22.5 percent in the last month, and more than 10 percent so far in this calendar year. The rating agency upgraded the outlook to 'positive' on account of stable growth in deposits and advances. On Tuesday, the bank said its net advances grew by 8.8 percent to Rs 181,508 crore in the fiscal ended March 31st. The bank's net advances were at Rs 166,893 crore in the previous fiscal ended March 2021. Deposits during the year grew by 21.1 percent to Rs 197,281 crore as against Rs 162,947 crore in FY21.CASA deposits of the bank have also increased by 52 percent during FY21 to Rs 42,587 crore as of March 31, 2021. The credit to deposit ratio stood at 92 percent as of March 31, 2022, compared to 102.4 percent a year ago, the private sector lender said.
Highlighting the rationale behind the action in ratings upgrade, CARE Ratings factored improvement in capitalization level required to absorb asset quality shocks and provide growth capital.
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