YES Bank Ltd. share price target

Yes Bank's Q4FY15 results were marginally below estimates as the earnings grew by 28.1% YoY (2% QoQ) to Rs 551 mn mainly led by higher provision expenses during the quarter. NII has reported a strong growth of 35.8% YoY (7.5% QoQ) to Rs 9.8 bn. Advances growth was higher than expected (35.8% YoY and 13.4% QoQ) whereas NIMs remained stable at 3.2%.

Robust growth, NIM & asset quality stable YES Bank's customer assets (advances + credit substitutes) grew strongly (25.1%YoY, 11.1%QoQ) in 4QFY15 to INR 871bn led by healthy growth in advances (35.8%YoY, 13.4%QoQ), while credit substitutes contracted (17.2%YoY, 2.1%QoQ). Consequently, the share of credit substitutes in customer assets declined (680bps YoY, 180bps QoQ) to 13.3%. Growth in advances was supported by strong growth in Corporate & Institutional Banking (38.8%YoY, 6.8%QoQ), while retail banking (including MSME/Business Banking) grew (30.6%YoY, 27.9%QoQ). Consequently, their share in overall advances was noted at 64.7%...

Background: YES Bank is new-gen Private Bank with customer assets of INR 784bn (incl. credit substitutes of INR 118bn), focus on Fees (37.1% of Total NI), Costs (C/I 40.3%) & Profitability (RoA - 1.6%, ROE 21.6%). Break up of Advances: Corporates / Institutions 68.7%, Emerging & Business Banking & Branch Banking 31.3%. Has 600 branches with 1,156+ ATMs & more than 9500 employees. Deposits break up: Wholesale term deposits 24.1% & CASA 22.6%....

Background: YES Bank is new-gen Private Bank with Advances of INR 713bn (incl. credit substitutes of INR 123bn), focus on Fees (37.1% of Total NI), Costs (C/I 40%) & Profitability (RoA - 1.6%, ROE 21.6%). Break up of Advances: Corporates / Institutions 71.4%, Emerging & Business Banking & Branch Banking 28.6%. Has 581 branches with 1,170+ ATMs & more than 9500 employees. Deposits break up: Wholesale term deposits 29.1% & CASA 22.50%....

YES Bank is new -gen Pr ivate Bank w ith Advances of INR 713bn (inc l. credit substitutes of INR 123 bn), focus on Fees (36.2% of Total NI), Costs ( C/I 45%) & Profitability ( RoA - 1.6%, ROE 21.6%). Break up of Advances: Corporates / Institutions 68.7%, Emerging & Business Banking 14.5% & Branch Banking 16.8%. Has 572 branches w ith 1,170+ ATMs & more than 9000 employees. Deposits break up: Wholesale ter m deposits 26.1% &...

Background: YES Bank is new -gen Private Bank w ith Advances of INR 696.3bn ( incl. credit substitutes of INR 140 bn), focus on Fees (38.2% of Total NI) , Costs (C/I 41.6%) & Pr ofitability ( RoA - 1.6%, ROE 24.3%). Break up of Advances: Corporates / Institutions 63.3%, Emerging & Bus iness Banking 15.5% & Branch Banking 21.2%. Has 560 branches w ith 1139+ ATMs & more than 7000 employees. Deposits br eak up: Wholesale ter m deposits 26.2%, Time Deposits ( Retail) 19.3% & CA SA 22.03%. Good asset quality: Gross NPAs - 0.3%, Net NPAs - 0.05%. Provision Coverage ratio 85.0%, Credit / Deposit ...

new -gen Private Bank w ith Advances of INR 604bn ( incl. credit substitutes of INR 134bn), focus on Fees ( 36% of Total NI), Costs (C/I - 37.7%) & Pr ofitability ( RoA - 1.56%, ROE - 24.9%). Break up of Advances: Corporates / Instl - 65%, Emerging & Bus iness Banking - 17% & Br anch Banking - 18%. Has 430 branches w ith 950+ A TMs & 7024 employees. Deposit break up: Corporate Deposits - 53%, Certificate of Depos its (w holesale) 11.5%, Time Deposits ( Retail) - 16.6% & CA SA - 18.9%. Good asset quality: Gross NPAs - 0.2%, Net NPAs - 0.01%. Prov ision Coverage ratio - 92.6% , Credit...

One offs boost earnings; margins surprise; MTM losses likely over PAT was at INR 3.7bn, up by 21% YoY led by one-off INR 1.1bn gain in interest rate swap NII grew by 28% Yo Y and Other Income was up 61% YoY NIMs declined just 10 bps QoQ to 2.9%, Loan growth muted at 14% Yo Y, likely to pick up in 2HFY14 Savings deposits grew 5% QoQ to 10.1% of overall deposits ; CASA up 21bps QoQ to 20.4% Healthy NII, Other Income growth given volatile macro environment YES Bank reported a healthy 40% YoY growth in total income as NII growth came in at 28% YoY and...

Steady quarter; concerns on margins due to macro uncertainty PAT was at INR 4.01bn, up by 38% YoY led by robust totaI income growth of 44% YoY NII grew by 40% YoY and Other Income was up 53% YoY NIMs remained stable at 3%, likely to drop due to increase in wholesale rates Loan growth remained healthy at 24% YoY, similar to customer asset growth Deposits growth strong at 30% YoY; CASA up to 20.2% Healthy NII, Other Income growth YES Bank reported a healthy 44% YoY growth in total income as NII growth came in at 40% YoY and...

PAT was at INR 3.62bn, up by 33% YoY led by robust income growth of 42% YoY NII grew by 42% YoY, up 9.2% QoQ. NIMs stable QoQ at 3.0% Loan growth at 24% YoY; asset growth (incl credit substitutes) grew higher at 31% YoY Non-interest income up 42% YoY continues to boost overall income (36% of total income) Savings deposits grew 18.7% QoQ; CASA deposits grew 22.7% QoQ, CASA up at 18.9% Healthy NII, Other Income growth YES Bank reported a healthy 42% YoY growth in total income as both NII growth and Other Income growth came in at 42% YoY. NII growth was driven by 21% QoQ growth in Investments as NIMs...