Tuesday, January 24, 2012

YES BANK - QTRLY RESULTS - Q3 FY 2012 - Q/E DEC,2011 - NPT UP33%; NII UP 32.3%; Total income up 47.19% - Excellent & Consistent performance


Yes Bank Limited
NSE Symbol        YESBANK

YES BANK has declared EXCELLENT RESULTS  - in line with other premier Private Banks – for the third quarter ending  Dec,2011.

Third Quarter ended Dec 31, 2011
(Vs Q3FY12)

                Net Profit up 33.0% to Rs. 254.1 cr (Rs.191.1 cr in Q3FY11)
                Net Interest Income up 32.3% to  Rs.427.6 cr (Rs.323.2 cr in Q3FY11)
                Non Interest Income up 30.8% to Rs.211.4 cr (Rs.161.7 cr in Q3FY11)
                Operating Profit up 28.1% to Rs.398.8 cr (Rs.311.2 cr in Q3FY11)
                Cost to Income ratio of 37.6%
                Return on Average Assets - RoA(annualized) of 1.5%; RoA has been at or above 1.5% over the past 13 quarters
                Return on Equity-RoE (annualized) of 23.0%; approximately 20% or above over past 13 quarters
                Basic EPS of  Rs.7.23 and Diluted EPS of Rs.7.08

Highlights for
9 months ended Dec 31, 2011 (9MFY12)

                Net Profit up 34.6% to Rs.705.2 cr (Rs. 523.7 cr in 9MFY11)
                Net Interest Income up 29.9% to Rs.1,167.4 cr (Rs.898.4 cr in 9MFY11)
                Non Interest Income up 35.3% to Rs. 590.8 cr ( Rs. 436.5 cr in 9MFY11)
                Operating Profit up 31.9% to Rs.1,109.9 cr (Rs. 841.6 cr in 9MFY11)
                Cost to Income ratio of 36.9%
                Net Interest Margin at 2.8%
                Return on Equity – RoE of 22.5%
                Basic EPS of Rs.20.16 and Diluted EPS of  Rs.19.66
                         
                The Total EPS for first 3 Qtrs is Rs.20.17.The annual EPS is likely to be Rs.27.4. The current Market price of Yes Bank share is Rs.318, while the 52 week high price is Rs.341.1 and the  52 week low price is Rs.230.5.

                The PE Ratio is Rs.11.61. Yes Bank is one of the most consistent performers among the new generation Banks and is growing at a very good rate, while maintaining excellent asset quality.
                         

Other Key Highlights as at Dec 31, 2011

                Customer Assets up 28.1% to ` 43,754.6 cr (` 34,151.3 cr at Dec 31, 2010)
                Advances up 15.3% to Rs.35,867.8 cr (Rs.31,112.2 cr at Dec 31, 2010)
                Deposits up 19.0% to Rs.46,929.1 cr ( Rs.39,452.8 cr at Dec 31, 2010)
                CASA Ratio increased to 12.6% with CASA growing by 46.5% y-o-y to ` 5,913.5 cr (` 4,036.9 cr at Dec 31, 2010 with CASA Ratio of 10.2%)
                Branch Banking Liabilities (CASA + Branch Banking FD) has improved from 23.7% of Total Deposits as of Dec 31, 2010 to 30.7% as of Dec 31, 2011
                Capital Adequacy Ratio of 16.1% (Tier I – 9.2%; 9.7% including Q3FY12 PAT)
                Gross NPA at 0.20% of Gross Advances
                Net NPA at 0.04% of Net Advances
                Restructured advances at 0.49% of Gross Advances
                Specific provisioning cover at 80.0%; Total Loan Loss Cover of 375%
                Book value per share of ` 129.5
                Employee strength stood at 5,013

Other High lights

·         Customer Assets (Loans & Credit Substitutes) grew by 28.1% y-o-y to  Rs.43,754.6 Cr as at December 31, 2011.

·         Total Assets grew by 36.1% to  Rs. 71,109.1 Cr as at December 31, 2011 from  Rs.52,244.7 Cr as at December 31, 2010.

·         CASA deposits grew by 46.5% to  Rs.5,913.5 Cr taking the CASA ratio to 12.6% as at December 31, 2011 up from CASA Ratio of 11.0% as of September 30, 2011.

·         Savings Account Deposits grew by 99.2% y-o-y & 40.0% q-o-q to  Rs.1,202.6 Cr as of December 31, 2011.

·         Branch Banking Liabilities (CASA + Branch Banking term deposits) improved from 23.7% of Total Deposits as of December 31, 2010 to 30.7% as of December 31, 2011.

·         Corporate & Institutional Banking (Large Corporates) accounted for 63.4% of the Advances portfolio, Commercial Banking (Mid-sized Corporates) accounted for 21.4% and Branch Banking (SME & Retail) – 15.2%.
                         
·         The Cost to Income ratio was 37.6% in Q3FY12. Net Profit in Q3FY12 was up 33.0% at ` 254.1 Cr from ` 191.1 Cr for Q3FY11 (highest ever for the Bank since its inception).

·         Operating profit for 9MFY12 was up 31.9% to Rs.1,109.9 Cr as compared to Rs.841.6 Cr for 9MFY11. The Cost to income ratio was flat at 36.9% in 9MFY12. Net Profit for 9MFY12 was up 34.6% to ` 705.2 Cr from ` 523.7 Cr in 9MFY11.

·         Bank’s total loan loss coverage ratio was at 375% while specific provisioning cover was at 80.0% as at December 31, 2011. Total Restructured Advances (excluding NPAs) is at 0.49% of Gross Advances as at December 31, 2011.

·         The Bank delivered RoE of 23.0% and RoA of 1.5% for Q3FY12. RoE is 22.5% and ROA was 1.5% for 9MFY12. Return on Assets has been at or above 1.5% over the past 13 quarters, and Return on Equity has been approximately 20% or above over the same period.

·         Capital Funds: Tier I Capital stood at 9.2% (9.7% including Q3 FY12 PAT) and total CRAR stood at 16.1% as at December 31, 2011. Total Capital funds grew by 18.8% to Rs. 8,118.6 Cr as at Dec 31, 2011 compared to  Rs. 6,832.0 Cr as at Dec 31, 2010. The Bank has improved its Tier I Ratio over September 30, 2011, despite growth in the Balance Sheet by increasing percentage of Rated Advances.

Attractive Rates for Retail Liabilities
                        § The Bank raised Interest rates for Resident Savings accounts, with balances over Rs.1 Lakh, by 100 bps, to 7.0%. This is in addition to the existing 6% interest offered to customers for balances below Rs. 1 Lakh
                        § YES BANK has also increased interest rates on Non-Resident Indians fixed deposits to 9.6% per annum. This interest rate, effective December 23, 2011, is applicable on deposits for a tenor of 15 Months 15 Days to 16 Months.


Awards & Recognitions :

                        § Adjudged the Fastest Growing & Strongest Large Bank (balance sheet > 50,000 cr) in the Business Today-KPMG Survey of Best Banks 2011
                        § Received the Silver Shield for Excellence in Financial Reporting from The Institute of Chartered Accountants of India (ICAI) in the category of Private Banks (including Cooperative Banks).
                        § Received the Power Brand 2011 award in London, December 2011
                        § Ranked as the Greenest Financial Sector Company in the Carbon Disclosure Leadership Index, for the Carbon Disclosure Project in India 2011
                        § Dr.Kapoor was ranked the 2nd Most Valuable Indian CEO (LARGE size companies’ category) by BUSINESS WORLD, December 2011
                        § Dr. Rana Kapoor was Ranked as the Business Standard – Indian Banker of the Year, 2010 - 2011
                        § Dr. Rana Kapoor won the ‘CEO of the Year Award’ at the Global Awards for Excellence, 2011
                        § Dr. Rana Kapoor was conferred the ‘Indian Entrepreneur of the Year’ award at the Asia Pacific - Entrepreneur of the Year Awards from Enterprise Asia in November 2011

Capital Raising Initiative
                        § YES BANK successfully raised  Rs. 2,430 million of Lower Tier II Capital, rated LAA by ICRA and CARE AA by CARE, from Banks, Insurance Companies, Provident Funds & Corporates.
                         
Expansion Initiatives

                        § YES BANK added 26 new branches across the country during the quarter. The Bank has more than doubled its branch count over the past 18 months to 331 branches pan India.
                        § Employee strength stood at 5,013 as on December 31, 2011, representing an increase of 1,084 employees till date in FY 2012.

Financial Advisory

                        § YES BANK was the Sole Underwriter and Lead Arranger of Senior Debt of ` 876 Crs for L&T Infrastructure Development Projects Ltd for four laning of 131 km road stretch from Rajkot to Vadinar in the state of Gujarat

Equity & Debt Capital Markets

                        § YES BANK was the Sole Arranger of a 3 Year Bond Issue of ` 150 cr for Housing Development Finance Corporation Ltd.
                        § YES BANK was the Sole Arranger of a 3 Year Bond Issue of ` 100 cr for LIC Housing Finance Ltd.
                        § YES BANK was the Sole Arranger of a 10 Year Subordinate Bond Issue of ` 100 cr for Mahindra & Mahindra Financial Services Ltd.

The Detailed comparison of the results between Q3 FY 12 and Q2 FY12, Q1 FY 12 and Q3 FY 11 is given below:

YES BANK
31-Dec-11
30-Sep-11
%dif1
30-Jun-11
%dif2
31-Dec-10
%dif3
Interest on Advances
117264
103177
13.65
102620
14.27
81775
43.4
Income on Investments
50598
39807
27.11
36477
38.71
29933
69.04
Income on Balances With RBI
487
414
17.63
798
-38.97
702
-30.63
Others
57
467
-87.8
59
-3.39
205
-72.2
Interest Earned
168406
143865
17.06
139954
20.33
112615
49.54
Other Income
21143
21405
-1.22
16529
27.91
16167
30.78
Total Income
189549
165270
14.69
156483
21.13
128782
47.19
Interest Expended
125648
105302
19.32
104535
20.2
80299
56.48
Employees Cost
12170
10995
10.69
10981
10.83
9033
34.73
Other Oprtng Expenses
11847
10381
14.12
8457
40.09
8325
42.31
Oprting Expenses
24017
21376
12.35
19438
23.56
17358
38.36
Total Expdr.excl.prov.
149665
126678
18.15
123973
20.72
97657
53.26
Operating Profit
39884
38592
3.35
32510
22.68
31125
28.14
Provisions
2235
3787
-41
151
1380.1
2495
-10.42
Profit  before tax
37649
34805
8.17
32359
16.35
28630
31.5
Tax Expense
12240
11303
8.29
10751
13.85
9518
28.6
Net Profit
25409
23502
8.11
21608
17.59
19112
32.95
Face Value(Rs.)
10
10
0
10
0
10
0
Paid-up Equity
35193
35105
0.25
34814
1.09
34678
1.49
Capital Adequacy Ratio
16.13
15.98
0.94
16.22
-0.55
18.22
-11.47
Basic EPS
7.23
6.73
7.43
6.21
16.43
5.52
30.98
Diluted EPS
7.08
6.56
7.93
6.04
17.22
5.28
34.09
Gross/Net NPA
1441
1364
5.65
267
439.7
1738
-17.09
 % of Gross/Net NPA
0.04
0.04
0
0.01
300
0.06
-33.33
Return on Assets
1.5
1.57
-4.46
1.49
0.67
1.47
2.04
Public holding (%)
73.79
73.72
0.09
73.5
0.39
73.4
0.53

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