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Q4FY08 Concall Notes - Yes Bank 11 April 2008 Source: www.keynoteindia.net
Key Takeaways Net Interest Income (NII) was up 134% y-o-y, led by 16 bps growth in Net Interest Margin (NIM) and growth in advances of 50%. PAT grew by 109% in spite of rise in provisions by 80%, because of growth in NII. Fund Raising Plan - Tier I and Tier II Capital stood at Rs12.9bn and Rs7.8bn respectively as at March 31, ’08. - To issue 20mn equity shares by September, ’08 by way of Qualified Institutional Placement (QIP) or private placement. This will lead to equity dilution of 6.36% and will reduce the promoter stake to 32.2% International Banking launched in Q2-FY08 witnessed 4 deals in this quarter. Low emphasis on Retail finance segment, as it carries high credit risk with low margins. Ratio Highlights - Credit-deposit ratio down from 77% in FY07 to 71% in FY08. - NPAs, which was nil till Q3 stood at 0.09%. - CASA continues to be low at 8.5%. However it targets CASA of 12.5% by FY09, by increasing retail deposits by increasing number of branches. Branch rollout: 67 new branches opened, which lagged the target of 100 branches. Forex derivate exposure issue - It has classified client’s profile. 70% of its exposure on derivatives is through large corporates and the rest through emerging corporates. There is no exposure to SME segment. It has made no specific provisions for any derivative account. However a contingency provision of Rs17Cr has been made to meet any credit contingencies. The stocks trades at 16.7x FY09E and 11.2x FY10E earnings. To read more download full version of Yes Bank Q4FY08 Concall Notes |
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