YES Bank Ltd. share price target

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...

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...