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Results Update / Review

Yes Bank: 2QFY13 PAT grew 30% YoY to INR3b, in line with our estimate.

25-Oct-2012

Yes Bank's (YES) 2QFY13 PAT grew 30% YoY to INR3b, in line with our estimate. Margin expansion of 10bp QoQ (2.9%) coupled with strong customer asset growth (+9.5% QoQ and 32.5% YoY) led to NII growth of 11% QoQ and 36% YoY (5% above our estimate) - a key driver of profitability. However, this was offset by higher than expected opex (5% above our estimate) and sharp decline in income from financial markets. 

Key highlights:

  • Strong growth in savings account (SA) deposits (29% QoQ and 351% YoY) continued. The share of SA in overall deposits increased to 7.4% v/s 6% in 1QFY13 and 1.9% in 1HFY12 (pre-deregulation of SA deposit rates).

  • On one large media account of ~INR1.9b, which is under stress, management mentioned that they have been able to recover 1/3rd and provided 1/3rd of the exposure in 2QFY13 and for rest they have securities in place.

  • Traction in fee income remains impressive, with all segments (ex-financial markets) reporting robust growth.

  • Asset quality was healthy, with GNPAs at 24bp (28bp in FY12) and NNPAs at 5bp.

  • Other highlights: (a) Share of corporate segment in the overall loan mix increased by ~340bp QoQ (740bp in 1HFY13) to 67.4%, (b) Share of retail deposits declined marginally to 36.6% v/s 37.3% in 1QFY13.

  • Valuation and view: Diversified fee income stream, sound ALM and strong control over opex and asset quality are YES' key strengths. While operating parameters remain strong, any negative surprise on asset quality remains a key risk to our RoA and RoE estimates of 1.5%+ and 23%+, respectively. Maintain Buy.

 
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