YES Bank Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Healthy profitability growth continued at 32.8% YoY to | 732 crore, marginally above our estimate of | 702 crore, led by NII growth and higher-than-expected other income at | 901 crore NII growth came in healthy at 24.2% YoY to | 1317 crore, in line with our estimate, led by 33% YoY growth in advances at | 105942 crore. Among segments, corporate and retail growth remained strong at 32.4% and 61.5% YoY. However, MSME advance growth was muted...

Growth in advances was supported by strong growth in Corporate & Institutional Banking (32%YoY, 11.8%QoQ), while growth in retail banking was noted at (35.1%YoY, 0.5%QoQ) largely led by a growth in SME segment (51.8%YoY, 0.4%QoQ) and Consumer Banking segment (71.2%YoY). Sector-wise Iron & Steel exposure stands at 1.9%, EPC at 5.6% & Power/ electricity at 9.3% with nil...

Profit beats estimates driven by balance sheet momentum, other income YES' Q1FY17 profit beat was driven by a robust 25% beat on other income estimate. The NII however missed estimate by -3.3% despite a strong 33%YoY credit growth (vs. our 28%YoY est.) bringing down the cumulative deviation to -3.2% at operating income line. We believe the miss in NII should get rectified in subsequent quarters given the front loading of growth (~30% of...

ff YES Bank is targeting 27-30% growth in loan book in FY17E and expects to increase retail and MSME share in overall business. The bank is aiming to increase MSME business share from 35% to 45% over the next few years. ff The Bank's Management expects credit cost at ~50-70 bps in FY17E...

Contents: Earnings compounder; 10 year CAGR of 40% Earnings compounder; 10 year CAGR of 40% ......................................................... 3 Quick glimpse of first twelve years' performance .................................................. 5...

ICICI Securities Ltd | Retail Equity Research PAT grew 27% YoY to | 702 crore, above our estimate but asset quality deterioration was higher than previous trend (absolute GNA...

Growth in advances was supported by strong growth in Corporate & Institutional Banking (25.9%YoY, 12.7%QoQ), while growth in retail banking was noted at (38.3%YoY, 23.8%QoQ) largely led by a growth in SME segment (77.9%YoY, 42.7%QoQ) and Consumer Banking segment (71.2%YoY, 32.3%QoQ). Sector-wise Iron & Steel exposure stands at 2.2%, EPC at 6.0% & Power/ electricity at 8.7% with nil exposure to SEB. Further, 76.5% of exposures in corporate have both...

YES Bank has reported profit in line with our estimate primarily led by strong growth in core operating income. Its NII grew by 27.1% yoy and 7.3% qoq in 4QFY16 led by 30% yoy and 16.4% qoq growth in loan book along with stable NIMs of 3.4%. The Bank's Other Income grew by 36% yoy and 7.6% qoq to Rs8.1bn led by 26.2% sequential growth in corporate banking fee income and 19.9% sequential growth in retail banking fee income. Its asset quality deteriorated during the quarter (with fresh slippages of Rs3.3bn v/s Rs2.9bn in 3QFY16) as the Bank completely recognised necessary impairment and ensuing provisioning...

Yes Bank is India's youngest and fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories. The Bank is promoted by professional bankers and has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. As on December 31, 2016, the BANK has a...

YES Bank's customer assets (advances + credit substitutes) grew strongly (19.3%YoY) in 3QFY16 to INR 936bn led by healthy growth in advances (26.7%YoY, 5.5%QoQ), while credit substitutes contracted (22.4%YoY). Consequently, the share of credit substitutes in customer assets declined (528bps YoY, 28bps QoQ) to 9.8%. Growth in advances was supported by strong growth in Corporate & Institutional Banking (23.9%YoY, 3.9%QoQ), while retail banking (including MSME/Business Banking) grew (32.8%YoY, 8.8%QoQ). Consequently, their share in overall advances was noted at 67.2% and 32.8% respectively. Sector-wise Iron & Steel exposure stands at 3.2%, EPC at 6.1% &...