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Thread: Yes Bank Limited (NSE:YESBANK) (BSE:532648)

  1. #1
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    Yes Bank Limited (NSE:YESBANK) (BSE:532648)

    YES BANK Limited is a private sector bank. The Bank is engaged in corporate, retail and small medium enterprises (SME) banking platforms. It offers product suite encompassing financial markets, investment banking, corporate finance, branch banking, business banking, transaction banking and wealth management offerings. It operates in four business segments: Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury includes investments and financial markets activities undertaken on behalf of the Bank’s customers, trading, maintenance of reserve requirements and resource mobilization. The Corporate/Wholesale Banking includes lending, deposit taking and other services offered to corporate customers. The Retail Banking includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations includes para banking activities like third party product distribution and merchant banking, among others.

    Official Website: www.yesbank.in

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    Yes Bank reported a healthy performance for 1QFY2016 with PAT growth of 27.7% yoy to Rs551.2cr, broadly in-line with our expectations. Healthy growth in Advances; NIM improves qoq During the quarter, the loan book grew at a healthy pace of 35.1% yoy, while customer assets including credit substitutes grew by 26.3% yoy. The growth in the loan book was led by a 38.9% yoy growth in the retail book, while the corporate book increased by 33.3% yoy. Deposits for the bank grew by 25.2% yoy, with Savings deposits continuing to witness robust traction, growing by 45.7% yoy, on account of the bank’s growing retail franchise. Overall, CASA deposits grew by 31% yoy, resulting in the CASA ratio improving by 106bp yoy to 23.4% for the quarter. The NIM for the bank improved by 10bp qoq to 3.3%, with reduction in cost of funds by 20bp qoq. The cost to income ratio fell by 204bp yoy to 43.4% due to healthy growth of 31.8% in non-interest income. A robust growth in retail banking fees and income from financial market segment led to the growth in non-interest income. Performance on the Asset quality front was steady considering prolonged economic slowdown. The Gross NPA ratio and Net NPA ratio were at 0.46% and 0.13% as compared to 0.41% and 0.12% respectively in the sequential previous quarter. Restructured assets stand at Rs567cr, ie 0.7% of Gross Advances as compared to 0.5% in 4QFY2015. Increase in restructured assets was mainly on account of two corporate accounts that were restructured due to delay in DCCO. There was no sale to ARC during the quarter. Credit cost for the quarter was 0.3%, while provision coverage ratio was steady at 71%. Outlook and valuation: The bank’s asset quality performance has been impeccable so far, with credit costs contained at 30bp in the quarter under review. We expect Yes Bank to deliver a CAGR of 20.3% in earnings for FY2015-17E on account of its focus on improving liability franchise, high capital adequacy ratio and low stressed assets. Currently the stock trades at 2.0x FY2017E ABV. We recommend a Buy rating on the stock with a target price of Rs953.

    Source: http://www.angelbroking.com/
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