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Yes Bank: Growth filtering into margins - Views on News from Equitymaster

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Yes Bank: Growth filtering into margins
Oct 20, 2010

Yes Bank declared its 2QFY11 results. The bank has reported a 78% YoY and 58% YoY growth in net interest income and net profits respectively. Here is our analysis of the results.

Performance summary
  • Net interest income grows 73% YoY in 1HFY11 on the back of 86% YoY growth in advances.
  • Other income falls by 5% YoY in 1HFY11 due to lower treasury gains.
  • Net interest margin drops marginally to 3.0% at the end of 2QFY11 from 3.1% in 2QFY10.
  • Bottomline grows 57% YoY in 1HFY11 due to lower provisioning and higher operating leverage.
  • Capital adequacy ratio (CAR) comfortable at 19.4%, gross NPA at 0.22% (NPA coverage 75%).
Rs (m) 2QFY10 2QFY11 Change 1HFY10 1HFY11 Change
Interest income 5,429 9,538 75.7% 10,788 16,930 56.9%
Interest expenses 3,670 6,406 74.6% 7,459 11,177 49.8%
Net Interest Income 1,759 3,132 78.1% 3,329 5,753 72.8%
Net interest margin       3.1% 3.0%  
Other Income 1,355 1,310 -3.3% 2,876 2,748 -4.5%
Other Expense 1,197 1,628 36.0% 2,308 3,197 38.5%
Provisions and contingencies 234 174 -25.6% 689 300 -56.5%
Profit before tax 1,683 2,640 56.9% 3,208 5,004 56.0%
Tax 567 877 54.7% 1,089 1,677 54.0%
Profit after tax/ (loss) 1,116 1,763 58.0% 2,119 3,327 57.0%
Net profit margin (%) 20.6% 18.5%   19.6% 19.7%  
No. of shares (m)         345.2  
Book value per share (Rs)*         100.8  
P/BV (x)         3.5  

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