3 May 2012
Update | Sector: Financials
Yes Bank
BSE SENSEX
S&P CNX
17,151
5,188
CMP: INR338
TP: INR450
Buy
Expanding liability franchise
Aiming at strong growth with superior profitability
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1,6,12 Rel.Perf.(%)
M.Cap. (INR b)
M.Cap. (USD b)
YES IN
353.0
389/231
-7/11/25
119.3
2.3
We attended Yes Bank's (YES) annual investor conference wherein management
reiterated its commitment of increasing granularity of balance sheet (to reduce Risk),
building scale (for sustainability of superior return ratio) and efficient capital usage.
Rapid branch expansion, new customer acquisitions, strong corporate relationships
and deepening existing customer relationships should help maintain higher than
industry asset growth and improve liability structure.
Management guides sustainable RoE of 22-24%. Maintain Buy.
Valuation summary
Y/E March
2012 2013E 2014E
NII (INR b)
16.2 21.1 26.4
OP (INR b)
15.4 19.8 24.9
NP (INR b)
9.8 12.2 15.0
EPS (INR)
27.7 34.5 42.5
EPS Gr. (%)
32.1 24.5 23.3
P/E (x)
12.2
9.8
8.0
BV/Sh. (INR) 132.5 161.7 197.7
P/BV (x)
2.6
2.1
1.7
ABV (INR)
132.2 161.3 196.0
P/ABV (x)
2.6
2.1
1.7
ROE (%)
23.1 23.4 23.6
ROA (%)
1.5
1.5
1.5
Shareholding pattern % (Mar-12)
Others, 11.1
Promoter
26.1
Foreign,
51.9
Domestic
Inst, 10.9
Stock performance (1 year)
Yes Ba nk
Sens ex - Rebas ed
420
360
300
240
180
Key takeaways from Yes Bank’s Annual Investor Conference:
Focused approach on CASA and retail term liabilities
YES intends to strengthen its retail liability franchise and has raised its guidance
of overall branch network to 900 branches by FY15 from 750 branches earlier.
With rapid branch expansion, differentiated product offerings (6-7% interest
rate on SA balances and products like YES Vijay), and leveraging of strong corporate
and SME relationships, YES expects to achieve CASA ratio of 30% by FY15 (15% at
the end of FY12) and increase the share of retail term deposits to 36% by FY15 as
compared to 18% in FY12.
Growth guidance of 30%+ unchanged; Focusing on high yielding loans
Overall loan book guidance remains unchanged at INR1t by FY15, implying a CAGR
of ~38% over FY12-15 and 29% if credit substitutes are included. YES also
maintained its guidance of increasing its balance sheet size to INR1.5t by FY15,
implying a CAGR of ~27% over FY12-15. The incremental growth drivers would be
SME and retail segments; managment targets to increase the proportion of
commercial banking and branch banking to 30% each as against 22% and 18%,
respectively at the end of FY12.
Other highlights:
In-line with the increase in branch network guidance YES has also increased
its guidance on overall employees to 12,750 by FY15 from 12,000 earlier
(currently at ~5,640).
YES does not want to grow at the cost of profitability and has guided for RoA
of 1.5-1.7% and RoE of 22-24% over FY12-15.
At CASA ratio of ~20% and ~30%, YES guided for NIM of 3.1% and ~3.5%
respectively.
Valuation and view:
Diversified fee income stream, sound ALM (NIM has
remained at 2.8-3% irrespective of liquidity conditions) and strong control over
opex and asset quality are the key strengths for YES. With deregulated savings
deposit rates, strong branch expansion and focused strategies, we expect savings
deposit traction to remain healthy. While operating parameters remain strong,
any negative surprise on asset quality remains a key risk to RoA and RoE estimates
of 1.5%+ and 23%+. We expect EPS CAGR of ~24% over FY12-14 (without assuming
dilution), on the back of 42% EPS CAGR over FY08-12. Maintain
Buy.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com) + 91 22 3982 5415.
Sohail Halai
(Sohail.Halai@motilaloswal.com)+ 91 22 3982 5430

Yes Bank
Branch target revised upwards to 900 by FY15 to achieve higher scale
In FY12, the bank added 142 branches (as against 64 in FY11), taking its cumulative
branch network to 356. Continuing with its expansion strategy, YES has revised its
branch network target to 900 by FY15 as against 750 earlier. The interim targets are 500
branches by FY13 and 700 branches by FY14. The bank would continue with its hub-
and-spoke model, which would mean faster and lower cost rollout of new branches.
Of the current branch network, ~130 branches are hubs, with an average vintage of 3.2
years. The overall branch vintage is just 2.1 years. The management estimates that to
support additional branches, it would need just 25-30 more hubs. Hence, a large
number of its branches would be small or mid-size branches. The bank plans to expand
its branch network in (tier-II and tier-III cities) areas adjoining the hubs it has already
created.
Efficient utilization of branch license, with strong focus on strategic areas (targeting
under-serviced mid and small corporate clients and affluent individuals) will not only
help to grow the balance sheet, fee income and low cost CASA ratio, but also to attain
higher growth in the PSL segment (to achieve PSL target). In line with its branch
expansion strategy, YES has also revised its employee guidance to 12,750 by FY15 as
against 12,000 earlier. However, it has reduced its ATM target to 2,000 by FY15 as
against 3,000 earlier. The management expects to maintain cost to income ratio at
~40%.
Branch network to increase 2.5x over
the next three years (nos)
With new branches being smaller,
employees per branch would decline (%)
Branch network target
scaled up by 150 to
support CASA growth,
and fulfillment of PSL
requirement
Commendable control over costs (%)
Source: Company/MOSL
De-regulation of SA deposits a boon: Rapid branch expansion to support
growth
Post de-regulation of SB
deposits rate, YES
increased its SA deposits
by 1.9x in 2HFY12
YES is predominantly a wholesale-funded bank. Individual retail deposits (savings
and retail term deposits) constitute just ~33% of its total deposits. With higher
proportion of bulk borrowings (~66%) on the liability side, volatility in cost of funds is
higher. In a tight liquidity scenario, pressure on cost of funds is likely to be higher than
peers. Post deregulation of SA deposit rates, YES is offering 6-7% on savings balances.
It is focusing on salary accounts and high-end customers, and has rolled out new
products (e.g. YES Vijay for defense personnel). These measures have led to sharp
2
3 May 2012

Yes Bank
Post de-regulation of SB
rate customer acquisition
increased 5x a quarter
increase in SA deposit growth. YES’ SA deposits have increased 2.9x since 1HFY12; the
proportion of SA deposits has increased to 5% of overall deposits v/s less than 2% in
September 2011. YES’ corporate salary account accretion improved by 6x post
deregulation. In 4QFY12, the bank added ~100k savings accounts v/s ~20k per quarter
before the deregulation of savings deposit rates. Two-thirds of its savings accounts
are salary accounts and the rest are individual accounts.
CASA ratio guidance unchanged at 30% by FY15
The bank is targeting a CASA ratio of 20% for FY13. In a falling interest rate scenario,
YES is unlikely to lower savings deposit rate until the 1-year term deposit rate remains
higher than its savings deposit rate. The management believes that it is not
compromising margins (as savings deposits are replacing high cost term deposits) by
increasing rates on savings accounts and it also gives bank an opportunity for higher
cross selling and earn fee income
Targeting retail liabilities
portfolio at ~65% by FY15
CASA ratio guidance for FY15 remains unchanged at 30%. The management is focusing
on increasing retail liabilities to 66% (30% CASA + 36% retail term deposits), led by
branch expansion, new customer acquisition, roll-out of new products and superior
technology. The management believes that it is at an inflexion point for strong growth
in retail liabilities. The management mentioned that at CASA ratio of ~20%, YES would
be able to generate NIM of 3.1% and at CASA ratio of ~30%, it would be able to generate
NIM of ~3.5%, as against the range of 2.8-3% that it has been reporting so far.
Management guides doubling of CASA per branch by FY15
CASA ratio guidance of 30% for FY15
CA and SA per branch v/s peers in FY12 (INR m)
Dependence on bulk borrowings to decline (%)
Source: Company/MOSL
3 May 2012
3

Yes Bank
Increase in retail liabilities to reduce volatility in CoF (%)
NIM remained in narrow range; could improve, going forward
(%)
Source: Company/MOSL
De-bulking balance sheet; guidance of 30% CAGR over FY12-15
In FY12, YES consolidated its position by increasing focus on top-rated corporate
customers and de-bulked its loan book. As a result, its loan book grew just 11% but
customer assets grew 20%, implying 204% growth in credit substitutes (investment in
corporate bonds, CPs, etc. – largely AA or above in case of YES). The share of credit
substitutes increased to 18% of overall customer assets as against 10% in FY11.
Further, the share of branch banking (for clients having turnover <INR2b and retail
customers) increased to 18% from 12% in FY11, whereas the share of corporate and
institutional banking (C&IB, for clients with a turnover >INR20b) declined to 60% from
65% a year ago. The management’s loan book target of INR1t by FY15 remains
unchanged, implying a CAGR of ~38% over FY12-15 and 29% if credit substitutes are
included.
Loan book target at INR1t
by FY15 remains
unchanged
Share of commercial & branch banking to increase to 30% each
YES intends to focus on the SME and retail segments, and targets to increase the
proportion commercial and branch banking to 30% each by FY15 as against 22% and
18%, respectively at the end of FY12. This implies a CAGR of 60%+ in branch banking,
50%+ in business banking, and 21% in corporate and institutional banking over FY12-
15. Expanding branch network would help the bank to grow its high yielding branch
banking loans (to clients having turnover <INR2b and retail customers), resulting in
faster growth in branch banking loans than the other two segments.
Initially, YES would focus on secured retail products. It has launched various products
– car loans, home loans, personal loans and loan against securities in FY12 and plans
to add products like gold and tractor loans, CV and CE loans by September 2012. Given
the strong management, superior technological advancement, and focused and
stepped approach in the retail segment, we expect YES to maintain its qualitative
growth, going forward.
Increasing focus on
SME and secured
retail segment
3 May 2012
4

Yes Bank
In FY12, loans grew 11% but customer
assets grew 20%+
Loan mix shifting in favor of
retail and SME (%)
Growth to be driven by commercial
and branch banking (%)
Source: Company/MOSL
Diversified fee income – leading to higher RoA contribution
Fee income growth to
remain healthy; tapping
new avenues to generate
fee income
YES’ key strength is its large and diversified fee income. Fee income grew 30% in FY12
and at a CAGR of 29% over FY08-12. YES has been able to maintain fee-income-to-net-
income ratio in the range of 32-34% and the management expects it to remain at
similar levels, going forward. Income from financial advisory grew 34% in FY12 and
constituted 42% of non-interest income. While fee income from financial advisory
could be chunky, YES is building granularity in the stream and expects it to sustain.
With government business opening to all banks, YES sees a huge opportunity for cash
management services (leading to higher CASA float as well) and is pursuing it
aggressively. With increasing branches, and higher retail and SME business, the
management expects transactional banking, retail fees and loan-related fees to be
major contributors.
Stress assets one of the lowest in the system
Commendable
performance on asset
quality - risk
management a key as
bank diversifies
aggressively into SME and
retail segment
Asset quality has been strong, with average slippage ratio of 50bp over FY08-12 and at
~20bp in FY11/12. NPA provisions as a percentage of average loans stood at ~30bp
over FY08-12 and at ~15bp in FY12. The containment of NPA provisions has been a key
contributor to RoA.
As at FY12, GNPA stood at 22bp and NNPA at 5bp – one of the lowest in the industry;
PCR (including specific provisions) stood at 340%+. Overall restructured loan portfolio
stood at INR2b (53bp of overall loans). With the loan portfolio aging and expanding,
we expect delinquencies to increase. Further, with YES diversifying into the retail
segment (where it has less experience) challenges in terms of asset quality may
increase. However, we believe that the bank’s NPAs would remain at manageable
levels and expect margin improvement to absorb higher credit cost.
3 May 2012
5

Yes Bank
Diversified fee income streams contribution (%)
Asset quality remains superior
Source: Company/MOSL
Stressed assets one of the lowest in the industry (INR b)
Yes HDFC Bk
a.
b.
c.
d.
e.
f.
g.
h.
I.
Gross NPAs
Restr. Std Loans
Total Stress (a+b)
Specific Provs (NPA + restructured)
Gen Provs (Standard assets)
Net Stress Pre tax (c-d-e)
Net Stress Post tax (f*.67)
FY12 Net Worth
Net stress % to FY12 NW (g/h)
0.8
2.0
2.9
0.7
1.8
0.3
0.2
46.8
0.5
20.0
2.0
21.9
16.5
8.8
-3.3
-2.2
299.2
-0.7
ICICI Bk
95.6
42.6
138.2
76.7
14.8
46.7
31.3
604.1
5.2
Axis Bk
IIB
VYSB
18.1
3.5
5.6
30.6
0.9
4.0
48.7
4.4
9.6
13.3
2.5
5.1
8.7
1.3
1.5
26.7
0.6
3.1
17.9
0.4
2.1
228.1
47.4
39.8
7.8
0.8
5.2
Source: Company/MOSL
Return ratios to remain superior; management guides RoA of 1.5-1.7%,
RoE of 22-24%
YES has diverse product offerings, and an experienced and capable top management
team, with a proven track record. With substantial growth in its branch network in the
next couple of years, we expect the strong traction in its total business to continue.
Greater brand awareness among potential retail customers together with expanding
reach will also open new avenues of growth. We expect loan CAGR of 20%+ and PAT
CAGR of ~24% over FY12-14. RoA would remain superior at ~1.5% and RoE at 23%+ over
FY12-14. We have not factored in equity dilution in our estimates. The bank has passed
an enabling resolution to raise equity capital of USD500m.
Valuation and view
Diversified fee income stream, sound ALM, and strong control over opex and asset
quality are YES’ key strengths. Its margin performance in FY12 has been impressive.
Reported margin declined just 10bp YoY in FY12 to 2.8%, despite tight liquidity, lower/
negative spreads on investments and sharp increase in bulk deposit rate. Maintaining
margins in a narrow range of 2.8- 3% despite a challenging environment demonstrates
the soundness of YES’ ALM and its pricing power. As rates decline and liquidity
improves, YES (being a wholesale borrower) would be a key beneficiary and its margins
should expand. We factor in NIM improvement of 15bp+ for FY13.
6
3 May 2012

Yes Bank
CASA traction in FY12 remained strong, with CASA ratio improving to 15% as against
10.4% in FY11. Continuous improvement in CASA ratio would provide cushion to
margins. We expect fee income to grow (~22%) largely in line with balance sheet
growth. Rapid increase in branch network (added 142 branches in FY12) augurs well
for CASA growth and fee income. While operating parameters remain strong, any
negative surprise on asset quality remains a key risk. We factor in credit cost of 35-
45bp over FY13-14 as against ~15bp in FY12. We expect EPS CAGR of ~24% over FY12-14
(without assuming dilution) on the back of 42% EPS CAGR over FY08-12. We expect
YES to report EPS of INR34 in FY13 and INR42 in FY14. BV would be INR162 in FY13 and
INR198 in FY14. We expect RoA of ~1.5%; however, due to higher leverage, RoE would
be 23%+. Maintain
Buy,
with a target price of INR450 (2.25x FY14E BV).
Yes Bank: P/BV
Yes Bank: P/E
Return ratios to remain healthy (%)
Y/E March
Net Interest Income
Non Interest income
Fee income
Fee/Net Income Ratio
Core Operating Income
Operating Expenses
Cost/core Income ratio
Employee cost
Emp/Total Exp Ratio
Other operating expenses
Core Operating Profits
Trading Profits
Operating Profits
Provisions
NPA provisions
Other Provisions
PBT
Tax
Tax Rate %
RoA
Leverage
RoE
FY08
2.4
2.6
2.1
43.6
4.5
2.4
54.0
1.4
59.3
1.0
2.1
0.4
2.5
0.3
0.0
0.3
2.2
0.8
34.7
1.4
13.3
19.0
FY09
2.6
2.2
1.4
30.5
4.0
2.1
52.5
1.1
52.1
1.0
1.9
0.7
2.6
0.3
0.3
0.0
2.3
0.8
34.8
1.5
13.6
20.6
FY10
2.7
1.9
1.6
35.0
4.3
1.7
39.5
0.9
51.4
0.8
2.6
0.3
2.9
0.5
0.3
0.2
2.5
0.8
34.2
1.6
12.6
20.3
FY11
2.6
1.3
1.3
33.3
3.9
1.4
36.3
0.8
53.3
0.7
2.5
0.0
2.5
0.2
0.1
0.1
2.3
0.8
33.4
1.5
13.9
21.1
FY12
2.4
1.3
1.2
32.6
3.7
1.4
38.5
0.7
51.0
0.7
2.2
0.1
2.3
0.1
0.1
0.0
2.2
0.7
32.6
1.5
15.7
23.1
FY13E
2.6
1.3
1.2
32.0
3.8
1.5
38.3
0.8
51.6
0.7
2.3
0.1
2.4
0.2
0.2
0.0
2.2
0.7
32.5
1.5
15.9
23.4
FY14E
2.6
1.3
1.2
31.0
3.8
1.4
37.6
0.7
52.1
0.7
2.4
0.1
2.4
0.3
0.2
0.0
2.2
0.7
32.5
1.5
16.1
23.6
Average
(FY08-12) (FY13-14)
2.5
2.6
1.9
1.3
1.5
1.2
35.0
31.5
4.1
3.8
1.8
1.4
44.2
37.9
1.0
0.7
53.4
51.8
0.8
0.7
2.3
2.4
0.3
0.1
2.6
2.4
0.3
0.2
0.2
0.2
0.1
0.0
2.3
2.2
0.8
0.7
34.0
32.5
1.5
1.5
13.8
16.0
20.8
23.5
Source: Company/MOSL
7
3 May 2012

Yes Bank
Financials and Valuation
Income Statement
Y/E March
2009
Interest Income
20,014
Interest Expense
14,921
Net Interest Income
5,093
Change (%)
54.1
Non Interest Income
4,369
Net Income
9,462
Change (%)
36.9
Operating Expenses
4,185
Pre Provision Profits
5,277
Change (%)
50.7
Provisions (excl tax)
617
PBT
4,659
Tax
1,621
Tax Rate (%)
34.8
PAT
3,038
Change (%)
51.9
Equity Dividend (Incl tax)
0
Core PPP*
3,790
Change (%)
30.3
*Core PPP is (NII+Fee income-Opex)
2010
23,697
15,818
7,880
54.7
5,755
13,635
44.1
5,002
8,633
63.6
1,368
7,265
2,487
34.2
4,777
57.2
596
7,647
101.8
2011
40,417
27,948
12,469
58.2
6,233
18,702
37.2
6,798
11,904
37.9
982
10,922
3,650
33.4
7,271
52.2
1,012
11,904
55.7
2012
63,074
46,917
16,156
29.6
8,571
24,728
32.2
9,325
15,402
29.4
902
14,500
4,730
32.6
9,770
34.4
1,652
14,902
25.2
(INR Million)
2013E
71,741
50,637
21,104
30.6
10,657
31,762
28.4
11,979
19,783
28.4
1,766
18,016
5,855
32.5
12,161
24.5
1,850
19,033
27.7
2014E
85,124
58,692
26,432
25.2
12,983
39,415
24.1
14,530
24,886
25.8
2,678
22,208
7,217
32.5
14,990
23.3
1,949
23,986
26.0
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Deposits
Change (%)
of which CASA Dep
Change (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Change (%)
Loans
Change (%)
Fixed Assets
Other Assets
Total Assets
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ratio
NNPA Ratio
PCR (Excl Tech. write off)
E: MOSL Estimates
2009
2,970
13,272
16,242
161,694
21.8
14,118
25.1
37,017
14,055
229,008
19,227
71,170
39.7
124,031
31.5
1,311
13,269
229,008
2010
3,397
27,499
30,896
267,986
65.7
28,182
99.6
47,491
17,453
363,825
26,732
102,099
43.5
221,931
78.9
1,155
11,907
363,825
2011
3,471
34,469
37,941
459,389
71.4
47,509
68.6
66,909
25,831
590,070
34,960
188,288
84.4
343,636
54.8
1,324
21,861
590,070
2012
3,530
43,237
46,766
491,517
7.0
73,921
55.6
141,565
56,773
736,621
35,856
277,574
47.4
379,886
10.5
1,771
41,535
736,621
(INR Million)
2013E
2014E
3,530
3,530
53,548
66,258
57,078
69,788
589,821
731,377
20.0
24.0
108,736
150,513
47.1
38.4
181,441
223,499
81,794
110,070
910,133 1,134,735
42,863
55,274
346,967
433,709
25.0
25.0
455,864
556,154
20.0
22.0
2,137
2,376
62,302
87,223
910,133 1,134,735
(%)
3,842
938
0.69
0.17
75.6
849
412
0.68
0.33
51.5
602
130
0.27
0.06
78.4
805
92
0.23
0.03
88.6
839
175
0.22
0.05
79.2
1,844
217
0.40
0.05
88.2
3 May 2012
8

Yes Bank
Financials and Valuation
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Investments
Avg. Cost-Int. Bear. Liab.
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
Int. Expense/Int.Income
Fee Income/Net Income
Non Int. Inc./Net Income
Efficiency Ratios (%)
Cost/Income
Empl. Cost/Op. Exps.
Busi. per Empl. (INR m)
NP per Empl. (INR lac)
Asset-Liability Profile (%)
Loans/Deposit Ratio
CASA Ratio
Investment/Deposit Ratio
G-Sec/Investment Ratio
CAR
Tier 1
Valuation
Book Value (INR)
Change (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Change (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
2009
10.7
13.6
8.2
8.6
8.3
2.1
2.7
2010
8.4
10.2
6.8
6.2
5.8
2.2
2.8
2011
8.8
10.6
7.1
6.6
6.3
2.2
2.7
2012
10.0
12.2
7.9
8.1
7.9
1.9
2.6
2013E
9.3
11.4
7.6
7.2
7.3
2.1
2.7
2014E
9.0
11.1
7.3
6.8
6.8
2.2
2.8
20.6
1.5
74.6
30.5
46.2
20.3
1.6
66.7
35.0
42.2
21.1
1.5
69.1
33.3
33.3
23.1
1.5
74.4
32.6
34.7
23.4
1.5
70.6
31.2
33.6
23.6
1.5
68.9
32.9
32.9
44.2
52.1
96.0
11.4
36.7
51.4
127.8
15.7
36.3
53.3
164.5
18.5
37.7
51.0
153.3
17.9
37.7
51.6
145.6
18.5
36.9
52.1
151.3
19.4
76.7
8.7
44.0
65.8
16.6
9.5
82.8
10.5
38.1
66.5
20.6
12.8
74.8
10.3
41.0
57.1
16.5
9.7
77.3
15.0
56.5
44.3
18.1
9.9
77.3
18.4
58.8
42.5
16.7
9.5
76.0
20.6
59.3
42.2
15.2
9.0
54.7
22.7
6.2
53.8
6.3
10.2
51.3
33.0
-
-
91.0
66.3
3.7
90.7
3.7
14.1
37.5
24.0
1.5
0.4
109.3
20.2
3.1
109.1
3.1
20.9
48.9
16.1
2.5
0.7
132.5
21.2
2.6
132.2
2.6
27.7
32.1
12.2
4.0
1.2
161.7
22.0
2.1
161.3
2.1
34.5
24.5
9.8
4.5
1.3
197.7
22.3
1.7
196.0
1.7
42.5
23.3
8.0
5.5
1.6
3 May 2012
9

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