YES Bank Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Absolute GNPA doubled QoQ at | 2018 crore, with net accretion of | 1013 crore in Q4FY17, attributable to reclassification of one cement account with exposure of | 911.5 crore, in conformity with divergences observed by RBI as per its compliance process. Consequently, the GNPA ratio increased 67 bps QoQ to 1.52%. Stressed assets, excluding GNPA, increased 52 bps QoQ to 1.42% Profitability growth continued to remain healthy at 30.2% YoY to...

YES Bank continues to deliver healthy performance on core operating front. However, near term headwinds clearly suggest underperformance compared to its peers. We believe that the Bank will continue to witness elevated level of credit cost, which will keep its earning profile and return ratio subdued over next 3-6 quarters. Rolling over our estimates to FY19E, we reiterate our HOLD recommendation on the stock with an upwardly revised Target Price of Rs1,483...

Yes Bank once again reported an all-round performance marked with strong 38.7% YoY growth in advances, 63.3% YoY improvement in CASA deposits (CASA ratio up 300 bps QoQ at 33.3%), 10 bps QoQ uptick in margin to 3.5% and stable asset quality with GNPAs ratio largely flat QoQ at 0.85%. Consequently, P..

ICICI Securities Ltd | Retail Equity Research Profitability growth continued to remain healthy at 30.6% YoY to | 882.6 crore, above our estimate of | 777 crore, led by higher NII at 30.3% YoY to | 1507.5 crore and lower provision at | 115 crore NII growth came in healthy at 30.3% YoY to | 1508 crore, above our estimate, led by higher growth in advances at 38.7% YoY to | 117087 crore. Among segments, corporate & retail growth remained strong at 41.4% and 43.6% YoY. MSME advance growth remained slower at...

NII increased to Rs. 1507.5 Cr in Q3FY17 compared to Rs. 1446.17 Cr in Q2FY17.

YES Bank's advances continued to show robust growth (38%YoY) in 3QFY17 to INR 1171bn. Growth in advances was supported by strong growth in Corporate & Institutional Banking (42%YoY), while growth in retail banking was noted at (32%YoY) largely led by a growth in...

Stock Performance Incorporates Positives ... Reiterate HOLD YES Bank's net profit grew strongly by 30.6% yoy & 10.1% qoq to Rs8.8bn in 3QFY17, led by robust growth in NII and 22.0% yoy & 28.6% qoq decline in provisioning expenses to Rs1.2bn. Its NII surged 30.3% yoy & 4.2% qoq to Rs15.1bn owing to strong growth in balance sheet and healthy NIMs (up 10bps to 3.5%). Loan book grew by 38.7% yoy (6.2% qoq) to Rs1171bn aided by 42.2% yoy & 7.8% qoq growth in Corporate Banking portfolio. Operating expenses surged by 39.6% yoy (11% qoq) to Rs10.5bn owing to expenses relating to managing demonetization activities and...

ICICI Securities Ltd | Retail Equity Research Profitability growth continued to remain healthy at 31.3% YoY to | 801.5 crore, above our estimate of | 769 crore, led by higher NII at 30.5% YoY to | 1446 crore and lower provision at | 162 crore NII growth came in healthy at 30.5% YoY to | 1446 crore, above our estimate, led by higher growth in advances at 37.7% YoY to | 110216 crore. Among segments, corporate and retail growth remained strong at 37.1% and 59.3% YoY. However, MSME advance growth...

Growth in advances was supported by strong growth in Corporate & Institutional Banking (38%YoY), while growth in retail banking was noted at (36%YoY) largely led by a growth in Consumer Banking segment (71%YoY). In stressed sector like Iron & Steel exposure stands at 1.7%, EPC at 5.8% & Power/ electricity at 9.1%. Further, above 75% of exposures in...

Over last six quarters, YES' CASA has moved up ~700bps (to 30.5% in Q2FY17) contributing +50% of deposit growth over this period but it is yet to coax NIMs to continue improving. NIMs have stayed flat at 3.4% (+10bps over Q1FY16) clearly showing a resistance to structural improvement we have been hoping would continue to happen. YES added 70bps to structural NIMs when it expanded it's CASA base from 10% to 23% between FY12-FY15. However, thereafter the expansion has halted. The fall in cost of funds over this period has mostly been neutralized by the decline in loan and investment yields. The management stated the term deposits have headroom to re-price downwards by 70bps, which we believe is a bit tough. A...