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Wednesday, May 12, 2021

Yes Bank share price under pressure like Axis Bank, REITs cut their stake, Q4 results disappoint; 7.6% drop in April

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During the fourth quarter of FY21, foreign portfolio investors (REITs) also reduced their stake in the private sector lender.

Yes The bank’s share price is under great pressure, after heavyweight investors reduced their stake in the previous quarter, and the company posted disappointing financial results in the fourth quarter. Yes, bank stocks fell 7.6 percent in April. It topped 13% intraday again yesterday after reporting a net loss of Rs 3,787.75 crore in Jan-March 2021, compared to a profit of Rs 2,629 crore in the same period a year ago. Axis Bank, foreign portfolio investors (REITs) and insurance companies reduced their stakes in Yes Bank during the January-March quarter of fiscal year 2020-2021. Today, the Yes Bank share price was trading nearly one percent at Rs 14.03 each on BSE in intraday trading.

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Axis Bank sold 10.86 crore of Yes Bank shares during the quarter. Axis Bank reduced its stake in Yes Bank to 1.96% or 49.13 crore in the March 2021 quarter, from 2.39% or 60 crore in the December 2020 quarter. State Bank of India (SBI), ICICI Bank, Bandhan Bank and IDFC First Bank maintained their stake in Yes Bank, according to the public shareholder ownership scheme. SBI continued to hold 30%, ICICI Bank 3.99%, IDFC First Bank 1.15% and Bandhan Bank 1.20% in Yes Bank.

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During the fourth quarter of FY21, foreign portfolio investors (REITs) also reduced their stake in the private sector lender. REITs held 344 crore shares or a 13.77 percent stake in Yes Bank at the end of the March quarter. REITs sold 3.12 crore of Yes Bank shares. They held 15.01% stake or 376 crore of shares in Yes Bank at the end of the December 2020 quarter. Likewise, insurance companies reduced their stake to 5.57% to 139 crore in January-March. 2021, up from 5.68% or 142 crore in October-December 2020. While LIC (Life Insurance Corporation with its program retained its stake) unchanged at 4.99 percent or 125 crore.

Yes Bank deposits stood at Rs 1.63 lakh crore at the end of March, up 55% year-on-year and 11% sequentially. The current account savings account (CASA) ratio stood at 26.1% in the fourth quarter of FY21, down from 26.6% a year ago. The bank’s net interest margin (NIM), a key measure of profitability, slipped 180 basis points (bps) sequentially to 1.6 percent.

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