Yes Bank Ltd. | CMP Rs. 24.8 | M Cap Rs. 77650 Cr | 52 W H/L 33/14
(Nirmal Bang Retail Research)
Result is above expectations owing to improvement in asset quality
Advances came at Rs. 229920 Cr (15% YoY, 0.9% QoQ)
Net Interest Income came at Rs. 2244 Cr vs expectation of Rs. 2225 Cr, YoY Rs. 2000 Cr, QoQ Rs. 2153 Cr
NIM came at 2.4% vs QoQ 2.4%
Non Interest Income came at Rs. 1199 Cr vs YoY Rs. 1141 Cr, QoQ Rs. 1569 Cr
PBP came at Rs. 885 Cr vs expectation of Rs. 895 Cr, YoY Rs. 818 Cr, QoQ Rs. 902 Cr
Provisions came at Rs. 212 Cr vs expectation of Rs. 472 Cr, YoY Rs. 360 Cr, QoQ Rs. 471 Cr
Credit Cost came at 0.4% vs YoY 0.7%, QoQ 0.9%
Adj. PAT came at Rs. 502 Cr vs expectation of Rs. 394 Cr, YoY Rs. 343 Cr, QoQ Rs. 452 Cr
Gross NPA came at Rs. 3845 Cr vs QoQ Rs. 3983 Cr at 1.7% vs QoQ 1.7%
Net NPA came at Rs. 1246 Cr vs QoQ Rs. 1330 Cr at 0.5% vs QoQ 0.6%
Slippages came at Rs. 1205 Cr vs QoQ Rs. 1356 Cr with slippage ratio of 2.1% vs QoQ 2.38%
Net Stressed Assets (NNPA, Net Rstd, Net SMA, Net other NPA) stood at Rs. 9859.9 Cr vs QoQ Rs. 10560.6 Cr at 4.29% vs QoQ 4.64%
Quarter EPS is Rs. 0.2
Stock is trading at P/E of 21.2x FY25E EPS & 1.7x trailing P/Adj. BV
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