|
Yes Bank has reported 123% growth in net profit at Rs 451.89 crore
for the quarter ended March 2024 (Q4FY2024). The bank has posted 2% growth in
net interest income (NII), while the core fee income of the bank also improved
42% in Q4FY2024. The Net Interest Margin (NIM) of the bank was steady on
sequential basis at 2.40% in Q4FY2024, while decline from 2.80% in the
corresponding quarter of previous year.
On business front, the
bank has posted 17% growth in business with 12% rise in loan book. The asset
quality of the bank has improved in Q4FY2024. Bank has substantially reduced the
credit to deposit ratio to 85.5% at end March 2024 from 93.5% at end March
2023. The CASA ratio of the bank rose to 30.9% at end March 2024 from 30.8% at
end March 2023.
Asset quality improves: The bank has improved asset
quality in Q4FY2024.
The fresh slippages of
loans stood at Rs 1356 crore in Q4FY2024 compared with 1233 crore in previous
quarter and Rs 1196 crore in the corresponding quarter last year.
The recoveries of NPAs
stood at Rs 599 crore, upgradations at Rs 387 crore and the write-off of loans
was at Rs 845 crore in Q4FY2024.
The standard
restructured loan book of the bank stood at Rs 3476 crore end March 2024.
Provision coverage ratio
was steady at 79.30% at end March 2024 compared to 71.90% a quarter ago and
72.30% a year ago.
The capital adequacy
ratio of the bank stood at 15.4% with Tier I ratio at 12.2% at end March 2024.
The risk weighted assets
of the bank has increased 13% YoY to Rs 285062 crore end March 2024,
|
Asset Quality
Indicators: Yes Bank
|
|
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Mar-23
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
3982.56
|
4457.41
|
4319.03
|
4072.67
|
4394.57
|
-11
|
-9
|
|
Net NPA (Rs Crore)
|
1329.73
|
1934.36
|
1885.19
|
2100.69
|
1658.09
|
-31
|
-20
|
|
% Gross NPA
|
1.70
|
2.00
|
2.00
|
2.00
|
2.20
|
-30
|
-50
|
|
% Net NPA
|
0.60
|
0.90
|
0.90
|
1.00
|
0.80
|
-30
|
-20
|
|
% PCR
|
79.30
|
71.90
|
72.10
|
67.80
|
72.30
|
740
|
700
|
|
% CRAR - Basel III
|
15.40
|
16.00
|
17.10
|
18.20
|
17.90
|
-60
|
-250
|
|
% CRAR - Tier I -
Basel III
|
12.20
|
12.60
|
13.10
|
13.60
|
13.30
|
-40
|
-110
|
|
Variation in basis
points for figures given in percentages and in % for figures in Rs crore
|
Business Highlights
Healthy business growth:
The business of the bank
has increased 17% YoY to Rs 494172 crore end March 2024, driven by 12% surge in
advances to Rs 227799 crore. Deposits rose 22% to Rs 266372 crore at end March
2024.
CASA deposits ratio improves:
The CASA deposits of the
bank increased 23% YoY to Rs 82317 crore at end March 2024. The current account
deposits increased 23% to Rs 41344 crore, while saving account deposits
increased 23% to Rs 40973 crore end March 2024. The CASA ratio rose to 30.9% at
end March 2024 compared to 30.8% at end March 2023, while moved up from 29.7% a
quarter ago. The term deposits have increased 22% to Rs 184055 crore end March
2024.
Healthy loan growth: Advances growth was
driven by retail loans rising 15% YoY to Rs 105103 crore at end March 2024,
while credit to MSME increased 26% to Rs 69720 crore at end March 2024. The corporate
credit has declined 7% to Rs 52976 crore end March 2024.
Investment book of the bank increased 17% YoY to Rs 90235 crore at end March
2024. The SLR book moved up 24% to Rs 80621 crore, while non SLR book declined 18%
to Rs 9615 crore at end March 2024.
Margins stead qoq,
decline yoy: The bank has showed 50 bps YoY jump in cost of deposits to 6.40%,
while yield on advances increased 10 bps YoY to 10.30% in Q4FY2024. Thus, the
NIM has declined 40 bps YoY, while remained flat qoq at 2.40% in Q4FY2024.
Branch expansion: The bank has added 36
branches and 3 ATMs in Q4FY2024, taking overall tally to 1234 branches and 1290
ATM`s end March 2024.
Book value of the bank stood at Rs
14.3 per share at end March 2024, while the adjusted book value (net of NNPA
and 10% of restructured advances) was Rs 13.7 per share at end March 2024.
Quarterly Performance
Moderate NII growth on
lower NIM: Bank has recorded 20% increase in the interest earned at Rs
7447.17 crore, while interest expenses increased 29% to Rs 5294.15 crore in
Q4FY2024. NII improved 2% to Rs 2153.02 crore in the quarter ended March 2024.
Healthy growth in the
core fee income: Bank has posted strong 42% growth in core fee income to Rs 1436
crore, while the forex income increased 26% to Rs 117 crore. The treasury
income also rebounded to Rs 15 crore, leading to 56% jump in the overall
non-interest income to Rs 1568.60 crore in the quarter ended March 2024.
Expenses ratio rises: The operating expenses of
the bank increased 27% to Rs 2819.15 crore, as other expenses moved up 31% to
Rs 1793.18 crore, while employee expenses increased 20% to Rs 1025.97 crore in
Q4FY2024. Cost to income ratio moved up to 75.8% in Q4FY2024 compared with
71.4% in Q4FY2023. Operating Profit rose 2% to Rs 902.47 crore.
Provisions and
contingencies decline: The bank has showed 24% decline in provisions to Rs 470.86 crore,
as the loan loss provisions declined 31% to Rs 900 crore. However, the investment
provisions rebounded to Rs 567 crore and standard asset provisions to Rs 44
crore, while the other provisions surged 224% to Rs 94 crore.
Effective tax rate was negative as the bank has written back tax provisions of Rs 20.28
crore in Q4FY2024 against charge to the tax provisions of Rs 68.91 crore. Net Profit jumped 123%
YoY to Rs 451.89 crore during quarter ended March 2024.
Financial Performance
FY2024
Bank has posted 74%
increase in net profit to Rs 1251.08 crore in the year ended March 2024
(FY2024). The net interest income increased 2% to Rs 8094.62 crore, while
non-interest income moved up 39% to Rs 5114.30 crore, pushing up net total
income by 14% to Rs 13208.92 crore in FY2024. The operating expenses increased
17% to Rs 9822.66 crore, while provision and contingencies declined 15% to Rs
1886.28 crore, allowing profit before tax to increase 56% to Rs 1499.98 crore
in FY2024. The cost-to-income ratio rose to 74.4% in FY2024 compared to 72.6%
in FY2023. An effective tax rate declined to 16.6% in FY2024 compared to 25.5%
in FY2023. The net profit has increased 74% to Rs 1251.08 crore in FY2024.
|
Yes Bank: Results
|
|
Particulars
|
2403 (3)
|
2303 (3)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Interest Earned
|
7447.17
|
6216.24
|
20
|
27585.94
|
22697.43
|
22
|
|
Interest Expended
|
5294.15
|
4110.92
|
29
|
19491.32
|
14779.86
|
32
|
|
Net Interest Income
|
2153.02
|
2105.32
|
2
|
8094.62
|
7917.57
|
2
|
|
Other Income
|
1568.60
|
1003.88
|
56
|
5114.30
|
3685.06
|
39
|
|
Net Total Income
|
3721.62
|
3109.20
|
20
|
13208.92
|
11602.63
|
14
|
|
Operating Expenses
|
2819.15
|
2220.30
|
27
|
9822.66
|
8419.87
|
17
|
|
Operating Profits
|
902.47
|
888.90
|
2
|
3386.26
|
3182.76
|
6
|
|
Provisions &
Contingencies
|
470.86
|
617.56
|
-24
|
1886.28
|
2219.85
|
-15
|
|
Profit Before Tax
|
431.61
|
271.34
|
59
|
1499.98
|
962.91
|
56
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
PBT after EO
|
431.61
|
271.34
|
59
|
1499.98
|
962.91
|
56
|
|
Provision for tax
|
-20.28
|
68.91
|
LP
|
248.90
|
245.51
|
1
|
|
PAT
|
451.89
|
202.43
|
123
|
1251.08
|
717.40
|
74
|
|
EPS*(Rs)
|
0.6
|
0.3
|
|
0.4
|
0.2
|
|
|
Adj BV (Rs)
|
13.7
|
12.8
|
|
13.7
|
12.8
|
|
|
* Annualized on current equity of
Rs 5753.58 crore. Face Value: Rs 2, Figures in Rs crore
PL: Profit to Loss, LP: Loss to
Profit
|
|
Source: Capitaline Corporate
Database
|
|