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Results
24-Jan-22
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Analysis
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Yes Bank
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Asset quality remains a problem
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Yes
Bank has posted strong 77% surge in the net profit to Rs 266.43 crore in the
quarter ended December 2021 (Q3FY2022). Interest income has declined 7.95% to
Rs 4,898.31 crore. Interest expense rose 13.53% to Rs 3,134.33 crore. Hence net
interest income fell 31.11% to Rs 1,763.98 crore.
With
other income showing a decline of 32.53% to Rs 733.72 crore, net total income dipped
31.53% Rs 2,497.70 crore. Operating expenses rose 20.03% to Rs 1767.02 crore. As
a result, profit before provisions fell 66.42% to Rs 730.68 crore.
However,
the provisions & contingencies plunged 82.07% to Rs 374.64 crore, leading
to 311% surge in Profit before tax to Rs 356.04 crore compared to Profit of Rs
86.70 crore.
Provision
for tax was debit of Rs 89.61 crore, compared to credit of Rs 64.01 crore. Net
profit rose 77% to Rs 266.43 crore.
On sequential
basis, the bank has continued to report improving performance. The bank has
recorded 5% growth in interest income on sequential basis, while the net
interest income has increased 17%. Bank has also recorded 8% growth on qoq basis
in the operating profit. Net profit has increased 18% on sequential basis in
Q3FY2022.
Asset quality improves, but remains a problem
GNPA
ratio declined 14.7% from 15.0% last quarter. Fresh Slippages declined significantly
qoq at Rs 978 crore from Rs 1783 crore last quarter.
Resolution
Momentum continues with Rs 610 Cr of cash Recoveries and Rs 573 crore of
upgrades in Q3FY22.
Corporate
slippages lower at Rs 435 crore against Rs 750 crore last quarter. Retail slippages
declined to Rs 388 crore from Rs 888 crore last quarter.
NNPA ratio
eased to 5.3% from 5.5% last quarter
The restructured
loan book of the bank rose to Rs 6878 crore end December 2021 from Rs 6184
crore end September 2021.
NPA
Provision Coverage Ratio at 79.3% end December 2021.
Total
CRAR stood at 17.7% with CET 1 at 11.6% end December 2021.
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Asset Quality
Indicators: Yes Bank
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Dec-21
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Sep-21
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Jun-21
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Mar-21
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Dec-20
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Variation
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QoQ
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YTD
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YoY
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Gross NPA (Rs Crore)
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28654.49
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28740.59
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28505.95
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28609.53
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29546.54
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0
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0
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-3
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Net NPA (Rs Crore)
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9323.34
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9586.25
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9454.94
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9813.36
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6856.58
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-3
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-5
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36
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% Gross NPA
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14.65
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14.97
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15.60
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15.41
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15.36
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-32
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-76
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-71
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% Net NPA
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5.29
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5.55
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5.78
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5.88
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4.04
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-26
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-59
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125
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% PCR
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79.30
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78.90
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79.30
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78.60
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81.50
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40
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70
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-220
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% CRAR - Basel III
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17.70
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17.60
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17.80
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17.50
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19.40
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10
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20
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-170
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% CRAR - Tier I -
Basel III
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11.60
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11.50
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11.60
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11.20
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13.10
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10
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40
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-150
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Variation in basis
points for figures given in percentages and in % for figures in Rs crore
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Business highlights:
Balance
sheet crossed Rs 3 lakh crore for first times since September 2019. Balance
Sheet grew 6% Qoq.
Net
Advances rose 2% qoq to Rs 176241 crore end December 2021. Deposits increased
4% qoq to Rs 184288 crore. Retail : Corporate Mix improved by 300 bps qoq to
57:43.
The bank
has sustained momentum in New Business Generation with retail disbursements at Rs
9313 crore, SME Disbursements at Rs 4940 crore, wholesale disbursements at Rs 4760
crore etc.
CASA
continues to grow at 2x rate of overall deposits growth. CASA ratio improved to
30.4% from 29.4% last quarter, improvement of 100 bps. The bank has opened more
than 1 lakh CASA accounts in the month December 2021.
Average
LCR during the quarter remains healthy at 123.8%. LCR stood at 130.0% end December
2021.
Expanding
geographical presence, the bank has opened 22 new branches and increased 1,065
new YES Bankers since March 2021. Bank has network of 1094 branches and 1221
ATMs at end December 2021.
NIMs at
2.4% up 25bps qoq led by 30bps reduction in Cost of Deposits, at 4.9% - below
5% for the first time.
The non-Interest
income stood at Rs 734 crore with highest ever retail fee income at Rs 447 crore.
The bank
has continued Leadership in Technology: UPI: Rank 1 in P2M transactions, 42% volume
market share, IMPS Rank 1 Remitter Bank.
Book Value per share stood at Rs 13.50, while
the adjusted book value net of NNPA and 10% of restructured loans stood at Rs
9.8 end December 2021.
Financial Performance 9MFY2022
Yes
Bank Interest income has declined 12.31% to Rs 14,075.98 crore. Interest
expense fell 2.22% to Rs 9,397.61 crore. Hence net interest income fell 27.38%
to Rs 4,678.37 crore.
With
other income showing a rise of 2.52% to Rs 2380.78 crore, net total income
decreased 19.46% Rs 7,059.15 crore. Operating expenses rose 17.81% to Rs
4917.45 crore. As a result, profit before provisions fell 53.34% to Rs 2141.7
crore. Provisions & Contingencies decreased 71.69% to Rs 1209.04 crore, leading
to Profit before tax reported profit of Rs 932.66 crore compared to Profit of
Rs 319.63 crore.
There
were no extraordinary items. PBT after EO reported profit of Rs 932.66 crore
compared to Profit of Rs 319.63 crore. Provision for tax was debit of Rs 233.9
crore, compared to credit of Rs 5.89 crore. Net profit rose 114.66% to Rs
698.76 crore.
The
cost to income ratio rose to 69.66% as on 31 December 2021 from 47.63% as on 31
December 2020.
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Yes bank: Results
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Particulars
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Interest Earned
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4898.31
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5321.11
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-8
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14075.98
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16052.58
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-12
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20041.84
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26066.61
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-23
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Interest Expended
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3134.33
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2760.69
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14
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9397.61
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9610.65
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-2
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12613.23
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19261.37
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-35
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Net Interest Income
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1763.98
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2560.42
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-31
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4678.37
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6441.93
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-27
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7428.61
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6805.24
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9
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Other Income
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733.72
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1087.42
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-33
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2380.78
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2322.36
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3
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3011.69
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3441.49
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-12
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Net Total Income
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2497.70
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3647.84
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-32
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7059.15
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8764.29
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-19
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10440.30
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10246.73
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2
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Operating Expenses
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1767.02
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1472.14
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20
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4917.45
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4174.20
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18
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5792.01
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6729.21
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-14
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Operating Profits
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730.68
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2175.70
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-66
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2141.70
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4590.09
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-53
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4648.29
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3517.52
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32
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Provisions &
Contingencies
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374.64
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2089.00
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-82
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1209.04
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4270.46
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-72
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9383.36
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32758.43
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-71
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PBT Before EO
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356.04
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86.70
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311
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932.66
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319.63
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192
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-4735.07
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-29240.91
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-84
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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6296.94
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-
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PBT after EO
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356.04
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86.70
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311
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932.66
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319.63
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192
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-4735.07
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-22943.97
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Provision for tax
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89.61
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-64.01
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-240
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233.90
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-5.89
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-4071
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-1272.84
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-6525.95
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-80
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PAT
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266.43
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150.71
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77
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698.76
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325.52
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115
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-3462.23
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-16418.02
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-79
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EPS*(Rs)
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0.4
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0.2
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0.4
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0.2
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-
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-
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* Annualized on
current equity of Rs 5010.98 crore. Face Value: Rs 2 per share, Figures in
Rs.crore,
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Source: Capitaline
Corporate Database
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