Yes Bank share price jumps over 8% after strong Q2 results 2024. Is this a stock to buy today?

Stocks to buy today: After announcing better-than-expected Q2 results 2024 on Saturday last week, Yes Bank shares witnessed strong buying during the early morning session on Monday. Yes Bank share price today opened with an upside gap at ₹20.35 apiece on the NSE and touched an intraday high of ₹21.02 per share, logging an intraday rise of over 8 per cent during the early morning session. 

According to stock market experts, Yes Bank has reported robust growth in net profit and total income and a remarkable improvement on the NPA front. Yes Bank reported such robust quarterly numbers despite QoQ rise in provisions.

Yes Bank Q2 results 2024 review

Speaking on Yes Bank Q2 results 2024, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Yes Bank delivered strong financial results for the September quarter, reporting a remarkable 145% surge in standalone net profit, reaching ₹553 crore compared to ₹225.21 crore in the same period last year. The growth reflects the bank's strategic execution and steady balance sheet momentum, both of which align with its long-term objectives,” adding, “Additionally, Yes Bank's balance sheet has shown consistent growth, with net advances expanding by 12.4% YoY to ₹2,35,117 crore, backed by strong disbursement momentum of ₹23,998 crore in Q2FY25. The total balance sheet saw a healthy increase of 14.5% year-on-year.”

“The lender saw its interest income increase by 15%, totalling ₹7,730 crore this quarter, up from ₹6,711 crore a year ago. Net Interest Income (NII) also performed well, rising by 14.3% year-on-year to ₹2,200 crore. Net interest margins (NIMs) remained stable at 2.4% quarter-on-quarter, underscoring efficient cost management and revenue growth. Operating profit also witnessed solid growth, coming in at ₹975 crore—a 21.7% increase YoY and a 10.2% rise sequentially,” Jain said.

On what Yes Bank Q2 results 2024 mean for an investor, Mahesh M Ojha, AVP — Research at Hensex Securities, said, “Yes Bank Q2FY25 Results are in line with the market estimates. Yes Bank's eeposit momentum has remained maintained with YOY 18% rise, the private lender's beat on PPOP was due to higher non - interest income and lower apex than expected, while beat on PAT was due to lower credit cost than estimated.”

Yes Bank share price outlook

Speaking on the outlook of Yes Bank shares, Anshul Jain of Lakshmishree Investment and Securities said, “Yes Bank's robust quarterly performance reinforces a positive outlook for the stock, as the lender continues to deliver on its strategic goals, showing promise for both investors and stakeholders.”

Yes Bank share price target

Speaking on the outlook of Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Yes Bank shares have immediate support around ₹18, whereas crucial support is placed at ₹16 apiece. Yes Bank shareholders may hold the scrip, maintaining a strict stop loss at ₹16. The scrip may become highly bullish after a fresh breakout above ₹21 on a closing basis and touch ₹24 and ₹26 apiece soon.”

On suggestion to the fresh investors regarding Yes Bank shares, Sumeet Bagadia said, “Fresh investors can buy Yes Bank shares around ₹18 for the short-term targets of ₹24 and ₹26 maintaining strict stop loss at ₹16 per share mark.”

Yes Bank share news

Ahead of the announcement of Q2 results 2024 on Saturday, Yes Bank share price witnessed intense selling pressure last week. In the previous five straight sessions, Yes Bank's share price nosedived from around ₹21.50 apiece on the NSE to ₹19.50 per share, logging over 9 per cent weekly loss.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.