Yes Bank Q4 Results Review - Commendable Turnaround But Valuation Remains Expensive: ICICI Securities
Under the current management team, the bank has staged strong turnaround despite a difficult backdrop.30-04-2024
30-04-2024
YES BANK LTD. - 532648 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
Audio recording of Earnings Call for the audited Financial Results of the Quarter (Q4) and Year ended on March 31, 202429-04-2024
Q4FY24 Quarterly & FY24 Annual Result Announced for YES Bank Ltd.
YES Bank announced Q4FY24 & FY24 results: Net Profit for Q4FY24 stands at Rs 452 crore, up 123.2% YoY and 95.2% QoQ. For FY24, Net Profit is at Rs 1,251 crore, up 74.4% YoY. Net Interest Margins (NIMs) for Q4FY24 remain steady QoQ at 2.4%. Non-Interest Income experiences strong momentum with diverse fee streams: Q4FY24 up 56.3% YoY and 31.3% QoQ. FY24 Non-Interest Income up 38.8% YoY. Negligible Priority Sector Lending (PSL) shortfall for FY24 through a combination of organic balance increases and PSL Certificate (PSLC) purchases, ensuring compliance with Small and Marginal Farmers (SMF) and Weaker Section requirements. Net Provision Costs decrease (down 23.8% YoY for Q4FY24 and 15.0% YoY for FY24). Return on Assets (RoA) for Q4FY24 at 0.5% compared to 0.2% in Q3FY24 & Q4FY23. Non-Core/One-off gains utilized for further improving Asset Quality metrics and Provision Coverage Ratio. Balance Sheet crosses Rs 4 lakh crore during the Quarter. Robust Deposit accretion (up 22.5% YoY and 10.1% QoQ) and improvement in Current Account Savings Account (CASA) Ratio to 30.9%. Net Advances Growth (excluding reverse repo) at 13.8% YoY, supported by sustained growth in Small and Medium Enterprises (SME) and Mid Corporate Advances (25%+ YoY) and resumption of growth in the Corporate segment. Asset Quality metrics continue to improve: Gross Non-Performing Assets (GNPA) at 1.7%, Net Non-Performing Assets (NNPA) at 0.6%, and Provision Coverage Ratio (PCR) at 66.6%. GNPA and NNPA Ratio each down 30 bps QoQ, while PCR up 10 percentage points. Strong Resolution momentum with recoveries and resolutions at Rs 2,092 crore in Q4FY24 and Rs 5,978 crore in FY24. 60 bps QoQ reduction in (NNPA + net carrying value of Security Receipts) % to 1.1% of Advances PayTM Partnership expands service offerings to existing and new Consumers and Merchants, as well as settlement services. Post March 31, 2024, CA Basque Investments (affiliate of the Carlyle Group) exercises its Warrants, increasing CET-I% to 12.7%. Principal sponsor - Indian Olympic Association (IOA) for Paris Olympics 2024, serving as their Official Banking Partner for Team India. Commenting on the results and financial performance, Prashant Kumar, Managing Director & CEO, YES Bank said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5%. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilized for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1% from 2.4% in FY23. Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% YoY for first time in last 8 quarters. Importantly, despite challenging environment during the course of the year, our CASA ratio has expanded 10 bps YoY to 30.9%. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap.” Result PDF29-04-2024
YES Bank Results Earnings Call for Q4FY24
Conference Call with YES Bank Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.29-04-2024
Yes Bank Shares Surge Over Two-Month High After Q4 Profit More Than Doubles
Yes Bank said it is moving towards RoA accretive products, and expects its provisioning coverage ratio to surpass 70% next year.29-04-2024
YES BANK LTD. - 532648 - Submission Of Disclosure On Related Party Transactions Pursuant To Regulation 23(9) Of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations')
Submission of disclosure on Related Party Transactions pursuant to Regulation 23(9) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("Listing Regulations")27-04-2024
Yes Bank recorded 5 mn UPI transactions per month after Paytm tie-up: CEO Prashant Kumar
Yes Bank MD and CEO Prashant Kumar said it recorded 3.3 million before the partnership.27-04-2024
YES BANK LTD. - 532648 - Outcome Of The Board Meeting - SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ("Listing Regulations")- Reg. 32 (1), (3)- Statement Of Deviation & Variation
Outcome of the Board Meeting - SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") - Reg 32 (1), (3) - Statement of Deviation & Variation27-04-2024
YES BANK LTD. - 532648 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
Press Release and Investor Presentation on the Audited Financial Results for the quarter and Financial Year ended March 31, 202427-04-2024
YES BANK LTD. - 532648 - Disclosure Made In Pursuance Of SEBI Operational Circular No. SEBI/HO/DDHS/Pod1/P/CIR/2023/119 Dated August 10, 2021 ('SEBI Circular') Pertaining To Green Infra Bonds
Disclosure made in pursuance of SEBI Operational Circular No. SEBI/HO/DDHS/PoD1/P/CIR/2023/119 dated August 10, 2021 ("SEBI Circular") pertaining to Green Infra Bonds27-04-2024