Jul 23, 2011

YES Bank - Q1FY12 Result Update

Following are some highlights of the first quarter result of Yes Bank

Ø  YES Bank (YES) delivered another strong quarter, with net profits increasing by 38.2% to INR 2163 Mn on YoY basis. This was contributed by higher net interest income (NII) of INR 3.5 bn (35% YoY) & non interest income grew by 15% to INR 1.65 Bn on YoY basis. Growth in the non interest income was led by transaction banking (INR 420 Mn), financial advisory (INR 829 Mn), financial markets (INR 247 Mn) and branch banking fees & others (INR 157 Mn).
Ø  The major highlights were deposits registered a healthy growth of 44.1% along with advances growing by 26.1% on YoY basis. Current and Savings Account (CASA) deposits grew by 49.8% to INR 47.64 bn taking the CASA ratio to 10.9% Q1FY12 from 10.3% in Q4FY11.

Outlook & Valuation

YES Bank has been able to register strong business growth, profitability with stable margins & strong asset quality. Additionally the bank is expanding ~125 branches every year, which would help to improve its CASA ratio to 15% in FY12E. We remain positive on long term prospects of the bank. At the CMP stock trades at 1.9x of its FY12E Book Value. 
We maintain BUY rating on the stock for target price of INR 420.

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