Views on Yes Bank 1QFY2016 Results: Angel Broking

Views of Mr. Vaibhav Agrawal (VP Research – Banking, Angel Broking) on Yes Bank 1QFY2016 Results:

"Yes Bank reported a healthy performance during the quarter with PAT growth of 27.7% yoy to INR 551.2cr, broadly in-line with our expectations. NII for the bank grew at healthy pace of 42.2% yoy, aided by 35% yoy growth in loans. Reported NIM improved to 3.3% from 3.2% in 4QFY15. Deposits grew by 25.2% yoy, with CD ratio at 83.6% as on 1QFY2016. Non Interest Income grew by 31.8%, with growth across all segments. Opex grew by 32.3% yoy, with 35% yoy growth in other operating expenses. Cost to income ratio fell to 43.4% in 1QFY2016 as compared to 45.4% in 1QFY2015, due to higher growth in operating income. As a result, pre-provision profits went up by 43.7% yoy. On the asset quality front, Gross NPA and Net NPA came in at 0.46% and 0.13% respectively in 1QFY2016 as compared to 0.41% and 0.12% in 4QFY2015. Restructured asset came in higher at INR 567cr in 1QFY2016; this represents 0.71% of loans. At the CMP, the stock is trading at 2.1x FY2017E ABV. We maintain BUY rating on the stock."

Shares of YES BANK LTD. was last trading in BSE at Rs.815.7 as compared to the previous close of Rs. 794.65. The total number of shares traded during the day was 788767 in over 18386 trades.

The stock hit an intraday high of Rs. 820 and intraday low of 796.5. The net turnover during the day was Rs. 639571436.

Source : Equity Bulls

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