YES Bank Ltd. share price target

Yes Bank's Profit Misses Estimates Even As Provisions Fall. Yes bank has posted 7% (on yoy basis) decline in the net profit to Rs 1001.85 crore for the quarter ended December 2018 (Q3FY2019). The bank has maintained stable Net Interest Margin (NIM) and loan growth, but non-interest income decline and increase in credit cost impacted the bottomline of the bank in Q3FY2019. The bank has exhibited dip in non-interest income due to treasury losses and decline in corporate fees. The bank has made provisions of Rs 507.5 crore of NPA provisions, which includes provisions of Rs 478.3 crore for exposure towards one stressed infra group....

ICICI Securities Ltd | Retail Equity Research The bank has received RBI approval to select Ravneet Singh Gill as new MD & CEO. He is set to join on or before March 1, 2019 Exposure to IL&FS; was at ~| 2530 crore, out of which | 1913 crore was classified as NPA against which provision of | 478 crore (25%) has been made. Remaining exposure of | 616 crore continues to remain standard, on which the bank has prudently provided | 92.5 crore (15%). The bank has no exposure to the parent company...

Yes Bank Q3FY19 results were exceedingly good in terms of asset quality barring IL&FS; account. There is change in the guard with Mr.Ravneet Gill appointed as new MD&CEO; replacing Mr.Rana Kapoor. NII growth was strong at 41% yoy led by strong loan growth and stable margins. However, operating profit growth was muted due to fall in other income. MTM losses on corporate bonds resulted in overall fall in other income by 37% yoy. During the quarter, the bank declared IL&FS; account as an NPA it has total exposure of 25.3 bn ( 19.1 bn is added in NPAs while 6.2 bn remains standard). Barring this one-off, gross slippages were at 3.8 bn vs. 16.3 bn last quarter. Major headwind on the stock wrt Mr.Rana Kapoor exit seems to be waning with Mr.Ravneet Gill...

Yes Bank missed our earnings expectation, reporting PAT of Rs10.0bn (PLe: Rs11.1bn) which was mainly led by sharp drop in other income as bank started to see lower corporate fees (from slower incremental growth) and one time large MTM loss on swaps. Importantly, NII saw larger beat with much stronger growth of 41% YoY/10.0% QoQ, while provisions were relatively lower om investment write back helping support earning despite recognizing large part of IL&FS; exposure. We have been re-iterating new MD & CEO appointment remains key event for the bank's journey ahead which now...

Yes Bank has received the RBI approval to appoint Mr Ravneet Gill as the new MD & CEO effective Mar 01, 2019. The appointment of the new MD & CEO has removed a big overhang from the stock, which has seen significant correction since the RBI's denial of Mr. Kapoor's continuation as Yes Bank's MD & CEO.

24 January 2019 Yes Banks (YES) PAT declined 7% YoY to INR10.0b in 3QFY19, as lower corporate banking fees and treasury losses of INR1.6b led to a 37% YoY decline in other income. NII grew 41% YoY to INR26.7b (in-line), driven by strong retail loan growth (+83% YoY) and stable margins (at 3.3%). For 9MFY19, the banks PAT stood at INR32.3b. YES reported write-back of (a) INR2.1b on treasury portfolio and (b) INR351m on other provisions. On the IL&FS; exposure, the bank made 25% provision (INR4.8b) on its slipped exposure of INR19.1b and 15% provision (INR925m) on its residual standard exposure of INR6.

Ashok Chawla, non-executive chairman of Yes Bank Ltd, the former Chairman of SBI, O.P. Bhatt (external expert of the 'Search and Selection Committee') and Vasant Gujrati, the chairman of the bank's audit committee have resigned recently. The media reports regarding the promoter's business and its transactions have impacted the credibility of the Bank. We reduce our valuation of Yes bank to 1.2x P/BV and revise our...

Asset quality disappointment a part of corporate heavy model-In the price.Key Risk-Promoter Tussle: The bank's Q2FY19 performance disappointed on asset quality notwithstanding thehealthy business momentum. The slippages were much higher than anticipated nevertheless the miss was led by concentrated exposure and the bank continues to see good possibility of recovery.

ICICI Securities Ltd | Retail Equity Research Yes Bank's Q2FY19 bottom-line was below estimates at | 964.7 crore (down 3.8% YoY) due to higher provisioning & NPA pressure. NII increase was healthy at 28.2% YoY to | 2418 crore. This was due to steady QoQ NIMs at 3.3%. However, NII traction seems lower in the context of robust loan traction of 61.2% YoY to | 239627 crore. Operating profit increase stood at 24% YoY to | 2366 crore. Other income growth was lower relatively at 18% YoY to | 1473 crore....

Yes Bank showed dismal performance PAT declined by 24% qoq (4% yoy) to 9.6 bn largely led by higher credit cost. Gross slippages escalated sharply for the quarter at 16.3 bn ( 5.6 bn qoq) led by one large corporate account defaulting amounting to 6.3 bn (most likely it expects upgrade in this account in Q3). Bank has exposure to IL&FS; amounting to 26.2 bn which is currently recognized as standard account in the books of the banks (lent to SPV and no holdco exposure). Investment provisions were also high due to a) 2.5 bn provided for corporate bonds b) 0.9 bn amortised MTM...