Yes Bank Q2FY14 Result First-Cut
Rajesh Desai
Dear All,
Yes Bank Ltd. announced its Q2FY14 result on 22nd October 2013.
Bank’s total income increased by 1.55% QoQ and 39.62% YoY to INR1118.23 crores, driven by robust 61.19% and 28.23% YoY growth in its Other Income (OI) and Net Interest Income (NII) respectively. Whereas, Profit after Tax (PAT) decreased by 7.41% QoQ while, increased by 21.25% YoY to INR371.13 crores. During the quarter, Bank has increased its Provisions and Contingencies by 84.68% QoQ and 464.51% YoY to INR179.12 crores.
Bank’s loan book and total deposits expanded by 13.56% and 29.23% YoY to INR47717.18 and INR67575.07 crores respectively. On the asset quality front, GNPA and NNPA increased by 6 and 1bps QoQ to 0.28% and 0.04% respectively. Bank has improved its low cost deposit (CASA ratio) by 20bps QoQ and 310bps YoY to 20.40%. Net Interest Margin (NIM) decreased by 10bps QoQ to 2.90%. However, Bank is in well position to tame any time liabilities with 85.30% of its Provision Coverage Ratio (PCR). Capital Adequacy Ratio (CAR) healthy stood at 13.80%.
During the quarter, the Bank has fully recognised depreciation of INR112.6 crores on its AFS/HFT bond portfolio (corporate & G-securities) instead of distributing the said amount over future quarters. It also transferred eligible SLR securities worth INR 94 crore from available for sale (AFS) category to held-to-maturity (HTM) category at book value with INR 0.33 crore of losses.
Q2’14 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 999.70 |
1118.23 |
11.86% |
|
PAT |
328.20 |
371.13 |
13.08% |
Yes Bank Ltd Q2FY14 Result-[INR-Crores] | ||||||||
DESCRIPTION |
Q2'14 |
Q1'14 |
Q2'13 |
QoQ% |
YoY% |
H1FY14 |
H1FY13 |
YoY% |
Interest Earned |
2501.27 |
2397.91 |
1986.37 |
4.31 |
25.92 |
4899.18 |
3872.71 |
26.51 |
|
Interest Expended |
1829.16 |
1738.80 |
1462.21 |
5.20 |
25.10 |
3567.96 |
2876.36 |
24.04 |
|
NII |
672.11 |
659.11 |
524.16 |
1.97 |
28.23 |
1331.22 |
996.35 |
33.61 |
|
Other Income |
446.12 |
442.06 |
276.76 |
0.92 |
61.19 |
888.18 |
564.86 |
57.24 |
|
Total Income |
1118.23 |
1101.17 |
800.92 |
1.55 |
39.62 |
2219.40 |
1561.21 |
42.16 |
|
Operating Expenses |
405.34 |
421.21 |
316.18 |
-3.77 |
28.20 |
826.55 |
616.86 |
33.99 |
|
Operating Profit before Prov.& Cont. |
712.89 |
679.96 |
484.74 |
4.84 |
47.07 |
1392.85 |
944.35 |
47.49 |
|
Provisions and Contingencies |
179.12 |
96.99 |
31.73 |
84.68 |
464.51 |
276.11 |
61.74 |
347.21 |
|
PBT |
533.77 |
582.97 |
453.01 |
-8.44 |
17.83 |
1116.74 |
882.61 |
26.53 |
|
Tax |
162.64 |
182.13 |
146.93 |
-10.70 |
10.69 |
344.77 |
286.39 |
20.38 |
|
Profit After Tax |
371.13 |
400.84 |
306.08 |
-7.41 |
21.25 |
771.97 |
596.22 |
29.48 |
|
EPS |
10.30 |
11.16 |
8.61 |
-7.71 |
19.63 |
21.46 |
16.82 |
27.59 |
|
Advances |
47717.18 |
47897.60 |
42019.25 |
-0.38 |
13.56 |
47717.18 |
42019.25 |
13.56 |
|
Deposits |
67575.07 |
65244.80 |
52290.31 |
3.57 |
29.23 |
67575.07 |
52290.31 |
29.23 |
|
|
Q2'14 |
Q1'14 |
Q2'13 |
QoQ% |
YoY% |
H1FY14 |
H1FY13 |
YoY% |
Capital Adequacy Ratio Basel II |
13.80% |
14.40% |
N/A |
-60 |
- |
13.80% |
- |
- |
|
% of Net NPAs |
0.04% |
0.03% |
0.05% |
1 |
-1 |
0.04% |
0.05% |
-1 |
|
% of Gross NPAs |
0.28% |
0.22% |
0.24% |
6 |
4 |
0.28% |
0.24% |
4 |
|
CASA% |
20.40% |
20.20% |
17.30% |
20 |
310 |
20.40% |
17.30% |
310 |
|
NIM % |
2.90% |
3.00% |
2.90% |
-10 |
0 |
N/A |
N/A |
- |
|
Provisions Coverage% |
85.30% |
88.50% |
80.40% |
-320 |
490 |
85.30% |
80.40% |
490 |
|
C/D ratio |
70.61% |
73.41% |
80.36% |
-280 |
-974 |
70.61% |
80.36% |
-974 |
|
C/I Ratio |
36.25% |
38.25% |
39.48% |
-200 |
-323 |
37.24% |
39.51% |
-227 |
|
OI/TI |
63.75% |
61.75% |
60.52% |
200 |
323 |
62.76% |
60.49% |
227 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai