YES Bank Ltd. share price target

Stock Performance Incorporates Positives ... Reiterate HOLD YES Bank's net profit grew strongly (+31.3% yoy & 9.5% qoq) to Rs8.1bn in 2QFY17, led by robust growth in NII and sequential decline in provisioning expenses (-21.8% qoq to Rs1.6bn). Its NII surged 30.5% yoy (9.8% qoq) to Rs14.5bn owing to strong growth in balance sheet and healthy NIMs (3.4%). Loan book grew by 38% yoy (4% qoq) to Rs1,102bn aided by 37.7% yoy (25.8% qoq) growth in business banking portfolio. Operating expenses surged by 34% yoy (4.1% qoq) to Rs9.5bn in line with revenue growth owing to rise in headcount (net addition...

Management expects repo rate cut of 25-50 bps from the RBI in Source: Company, Ashika Research rest of FY2017. This will also be followed by excess credit supply in the market in FY18 and thus result in ~50 bps cut in...

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...