Yes Bank (YES) saw a dismal Q4FY19, posting its first-ever quarterly loss of Rs 15bn as the new leadership prudently built in a 20% contingent provision on Rs 100bn of potentially stressed exposure. Guidance disappointed as YES now expects to (a) attain 1% ROA in three years, (b) post lower long-term growth of 20-22%, and (c) incur credit costs of 125bps in FY20. We pare FY20E/FY21E earnings by ~40% on elevated provisions, higher opex and...