Fundamental Result Update

Yes Bank Ltd - Result Update Q4FY17



Total Advances grew by 34.7% to Rs 1,32,263 crore as at Q4 FY17. Corporate banking accounted for 67.7% of the Advances portfolio while Retail & Business Banking constituted 32.3% due to increase in consumer banking and business banking. Total Deposits grew by 27.9% to Rs 1,42,874 crore. The CASA deposits grew by 65.5% y-o-y to Rs 51,869 crore taking up the CASA ratio to 36.3% up from 33.3% in the corresponding quarter on. Savings account deposits fell by 60.6% Y-o-Y. The Bank’s C-D ratio stood at 92.6%.

Valuation: YES Bank has delivered another quarter of satisfactory performance across key financial parameters of growth and profitability driven by expansion in NIMs to 3.6%. Bank’s comprehensive product offerings continue to enable a healthy and granular credit growth. We have valued the bank at 3.15(x) its FY19E adj. book value and have arrived at fair value of Rs 1,647 per share. At CMP of Rs 1,605, the stock is trading at P/ABV(x) of 3.1x its FY19 ABV. We have NEUTRAL rating on stock.


Tags: FundamentalResult Update


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