Results     25-Jan-25
Analysis
Yes Bank
Continues healthy performance
Yes Bank has reported robust 165% growth in net profit at Rs 612.27 crore for the quarter ended December 2024 (Q3FY2025). The bank has posted healthy 10% growth in net interest income (NII), while the core fee income of the bank also improved 18% in Q3FY2025. The Net Interest Margin (NIM) of the bank was steady at 2.40% in Q3FY2025 compared to 2.40% in the corresponding quarter of previous year.

On business front, the bank as has posted 14% growth in business with strong 13% surge in loan book. The asset quality of the bank was stable in Q3FY2025. Bank has reduced the credit to deposit ratio to 88.3% at end December 2024 from 89.9% at end December 2023. CASA ratio of the bank has improved to 33.1% at end December 2024 from 29.7% at end December 2023.

Asset quality stable: The bank has maintained stable asset quality in Q3FY2025.

The fresh slippages of loans stood at Rs 1348 crore in Q3FY2025 compared with 1314 crore in previous quarter and Rs 1233 crore in the corresponding quarter last year.

The recoveries of NPAs stood at Rs 206 crore, upgradations at Rs 272 crore and the write-off of loans was at Rs 797 crore in Q3FY2025.

The standard restructured loan book of the bank declined to Rs 1928 crore end December 2024.

Provision coverage ratio was steady at 82.40% at end December 2024 compared to 81.50% a quarter ago and 71.90% a year ago.

The capital adequacy ratio of the bank stood at 15.2% with Tier I ratio at 12.6% at end December 2024.

The risk weighted assets of the bank has increased 11% YoY to Rs 299038 crore end December 2024,

Asset Quality Indicators: Yes Bank

 

Dec/24

Sep/24

Jun/24

Mar/24

Dec/23

Variation

QoQ

YTD

YoY

Gross NPA (Rs Crore)

3963.47

3889.43

3844.90

3982.56

4457.41

2

0

-11

Net NPA (Rs Crore)

1142.62

1168.02

1246.03

1329.73

1934.36

-2

-14

-41

% Gross NPA

1.60

1.60

1.70

1.70

2.00

0

-10

-40

% Net NPA

0.50

0.50

0.50

0.60

0.90

0

-10

-40

% PCR

82.40

81.50

80.10

79.30

71.90

90

310

1050

% CRAR - Basel III

15.20

15.60

16.30

15.40

16.00

-40

-20

-80

% CRAR - Tier I - Basel III

12.60

13.20

13.30

12.20

12.60

-60

40

0

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 14% YoY to Rs 522057 crore end December 2024, driven by 13% surge in advances to Rs 244834 crore. Deposits rose 15% to Rs 277224 crore at end December 2024.

CASA deposits ratio improves: The CASA deposits of the bank increased 28% YoY to Rs 91650 crore at end December 2024. The current account deposits increased 21% to Rs 39605 crore, while saving account deposits increased 33% to Rs 52045 crore end December 2024. The CASA ratio improved to 33.1% at end December 2024 compared to 29.7% at end December 2023, while also increased from 32.0% a quarter ago. The term deposits have increased 9% to Rs 185574 crore end December 2024.

Corporate loan driving loan growth: Advances growth was driven by MSME loan book rising 27% to Rs 81593 crore and the corporate credit also jumped 27% to Rs 63435 crore end December 2024. However, the retail loans declined 3% YoY to Rs 99805 crore at end December 2024.

Investment book of the bank rpse 3% YoY to Rs 81843 crore at end December 2024. The SLR book moved up 2% to Rs 71424 crore, while non SLR book increased 11% to Rs 10419 crore at end December 2024.

Margins stable: The bank has showed 10 bps YoY rise in cost of deposits to 6.50%, while yield on advances was flat YoY at 10.10% in Q3FY2025. NIM was steady YoY and qoq at 2.40% in Q3FY2025.

Branch expansion: The bank has added 10 branches and 1 ATMs in Q3FY2025, taking overall tally to 1247 branches and 1326 ATM`s end December 2024.

Book value of the bank stood at Rs 15.0 per share at end December 2024, while the adjusted book value (net of NNPA and 10% of restructured advances) was Rs 14.5 per share at end December 2024.

Quarterly Performance

NII rises on stable NIM: Bank has recorded 12% increase in the interest earned at Rs 7829.14 crore, while interest expenses increased 13% to Rs 5605.62 crore in Q3FY2025. NII improved 10% to Rs 2223.52 crore in the quarter ended December 2024.

Healthy growth in the core fee income: Bank has posted strong 18% growth in core fee income to Rs 1284 crore, while the recoveries and other income jumped 4300% to Rs 44 crore and treasury income zoomed 1500% to Rs 112 crore, leading to 27% surge in the overall non-interest income to Rs 1512.01 crore in the quarter ended December 2024. The forex income has declined 28% to Rs 72 crore in Q3FY2025.

Expenses ratio improves: The operating expenses of the bank increased 13% to Rs 2656.51 crore, as other expenses moved up 15% to Rs 1652.64 crore, while employee expenses increased 10% to Rs 1003.87 crore in Q3FY2025. Cost to income ratio was nearly stable at 71.1% in Q3FY2025 compared with 73.1% in Q3FY2024, helping the Operating Profit to increase 25% to Rs 1079.02 crore.

Provisions and contingencies decline: The bank has shown 53% decline in provisions to Rs 258.68 crore. The loan loss provisions declined 68% to Rs 769 crore and standard asset provisions rebounded to Rs 80 crore. However, the bank has written back investment provisions of Rs 591 crore in Q3FY2025.

Effective tax rate rose to 25.4% in Q3FY2025 from 25.2% in Q3FY2024. Net Profit jumped 165% YoY to Rs 612.27 crore during quarter ended December 2024.

Financial Performance 9MFY2025:

Bank has posted 109% increase in net profit to Rs 1667.74 crore in the nine months ended December 2024 (9MFY2025). The net interest income increased 12% to Rs 6667.99 crore, while non-interest income moved up 16% to Rs 4117.60 crore, pushing up net total income by 14% to Rs 10785.59 crore in 9MFY2025. The operating expenses increased 12% to Rs 7846.02 crore, while provision and contingencies declined 46% to Rs 767.54 crore, allowing profit before tax to increase 103% to Rs 2172.03 crore in 9MFY2025. The cost-to-income ratio improved to 72.7% in 9MFY2025 compared to 73.8% in 9MFY2024. An effective tax rate declined to 23.2% in 9MFY2025 compared to 25.2% in 9MFY2024. The net profit has increased 109% to Rs 1667.74 crore in 9MFY2025.

Yes Bank: Results

Particulars

2412 (3)

2312 (3)

Var %

2412 (9)

2312 (9)

Var %

2403 (12)

2303 (12)

Var %

Interest Earned

7829.14

6984.85

12

23278.78

20138.77

16

27585.94

22697.43

22

Interest Expended

5605.62

4967.97

13

16610.79

14197.17

17

19491.32

14779.86

32

Net Interest Income

2223.52

2016.88

10

6667.99

5941.60

12

8094.62

7917.57

2

Other Income

1512.01

1194.60

27

4117.60

3545.70

16

5114.30

3685.06

39

Net Total Income

3735.53

3211.48

16

10785.59

9487.30

14

13208.92

11602.63

14

Operating Expenses

2656.51

2347.43

13

7846.02

7003.51

12

9822.66

8419.87

17

Operating Profits

1079.02

864.05

25

2939.57

2483.79

18

3386.26

3182.76

6

Provisions & Contingencies

258.68

554.74

-53

767.54

1415.42

-46

1886.28

2219.85

-15

PBT

820.34

309.31

165

2172.03

1068.37

103

1499.98

962.91

56

Provision for tax

208.07

77.85

167

504.29

269.18

87

248.90

245.51

1

PAT

612.27

231.46

165

1667.74

799.19

109

1251.08

717.40

74

EPS*(Rs)

0.8

0.3

 

0.7

0.3

 

0.4

0.2

 

Adj BV (Rs)

14.5

13.7

 

14.5

13.7

 

14.1

13.4

 

* Annualized on current equity of Rs 6270.17 crore. Face Value: Rs 2, Figures in Rs crore

Source: Capitaline Corporate Database

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