Yes Bank Ltd Q3 FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
Yes Bank Ltd has announced its Q3FY13 result on 16th January 2013.
The bank’s total income increased by 12.06% QoQ and 40.45% YoY to INR897.51 crores, driven by robust YoY growth in its Net Interest Income (NII) and Other Income by 36.66% and 48.13% respectively. Whereas, Profit After Tax (PAT) increased by 11.84% QoQ and 34.72% YoY to INR342.31 crores. Bank has increased its provision by 78.63% QoQ and 153.60% YoY to INR56.68 crores.
During the quarter, Bank's loans book and total deposits expanded by 22.27% and 20.18% YoY to INR43856.80 and INR56400.50 crores respectively. On the assets quality front, the bank has improved its assets quality despite challenging environment. Bank’s GNPA improved by 7bps QoQ and 3bps YoY to 0.17%, whereas, NNPA remained flat at 0.04%. Moreover, bank is well capitalized to support its growth trajectory, Capital Adequacy Ratio (CAR) improved by 50bps QoQ and 190bps YoY to 18%. On the margin front, Net Interest Margin (NIM) improved by 10bps QoQ and 20bps YoY to 3%. Moreover, bank is in well position to tame may time liabilities with ~80% of its Provision Coverage Ratio (PCR). Bank has also improved its low cost deposits base, CASA ratio stood at 18.30%, improved by 102bps QoQ and 570bps YoY.
Total restructuring advances (excluding NPA) stand at INR189.1 crores as at 31st December 2012. This represent 0.43% of its GNPA.
|
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 848.8 |
897.51 |
5.74% |
|
PAT |
324.6 |
342.31 |
5.46% |
|
Yes Bank Ltd Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
2133.64 |
1986.37 |
1684.06 |
7.41 |
26.70 |
|
Interest Expended |
1549.32 |
1462.21 |
1256.48 |
5.96 |
23.31 |
|
NII |
584.32 |
524.16 |
427.58 |
11.48 |
36.66 |
|
Other Income |
313.19 |
276.76 |
211.43 |
13.16 |
48.13 |
|
Total Income |
897.51 |
800.92 |
639.01 |
12.06 |
40.45 |
|
Operating Expenses |
334.06 |
316.18 |
240.17 |
5.66 |
39.09 |
|
Operating Profit before Prov.& Cont. |
563.45 |
484.74 |
398.84 |
16.24 |
41.27 |
|
Provisions and Contingencies |
56.68 |
31.73 |
22.35 |
78.63 |
153.60 |
|
PBT |
506.77 |
453.01 |
376.49 |
11.87 |
34.60 |
|
Tax |
164.46 |
146.93 |
122.40 |
11.93 |
34.36 |
|
Profit After Tax |
342.31 |
306.08 |
254.09 |
11.84 |
34.72 |
|
Basic EPS |
9.59 |
8.61 |
7.23 |
11.38 |
32.64 |
|
Advances |
43856.80 |
42019.30 |
35867.80 |
4.37 |
22.27 |
|
Deposits |
56400.50 |
52290.80 |
46929.10 |
7.86 |
20.18 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
18.00% |
17.50% |
16.10% |
50 |
190 |
|
% of Net NPAs |
0.04% |
0.05% |
0.04% |
-1 |
0 |
|
% of Gross NPAs |
0.17% |
0.24% |
0.20% |
-7 |
-3 |
|
CASA% |
18.30% |
17.28% |
12.60% |
102 |
570 |
|
NIM % |
3.00% |
2.90% |
2.80% |
10 |
20 |
|
Provisions Coverage% |
79.60% |
80.40% |
80.00% |
-80 |
-40 |
|
C/D ratio |
77.76% |
80.36% |
76.43% |
-260 |
133 |
|
C/I Ratio |
37.22% |
39.48% |
37.58% |
-226 |
-36 |
|
OI/TI |
62.78% |
60.52% |
62.42% |
226 |
36 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai