YES BANK
Q1FY13 Financial Results
Profit & Loss Statement Highlights
Ø
Net Interest Income in
Q1 FY 13 stands at Rs.472.2 Cr; compared to Rs.354.2 Cr in Q1 FY 12, a Growth
of 33.3% ; and compared to Rs.448.2 Cr in Q4 FY 12, a Growth of 5.3%.
Ø
Non Interest Income in
Q1 FY 13 stands at Rs.288.1 Cr; compared to Rs. 165.3 Cr in Q1 FY 12, a Growth
of 74.3%; and compared to Rs. 266.4 Cr in Q4 FY 12, a Growth of 8.2%. This was
on the back of continued growth
across all income streams – Financial Advisory, Transaction Banking, Financial Markets and
Retail Banking Fees & Others, that showed firm traction y-o-y.
Ø
Total Net Income in
Q1 FY 13 stands at Rs.760.3 Cr; compared to Rs. 519.5 Cr in Q1 FY 12, a Growth
of 46.4%; and compared to Rs. 714.6 Cr in Q4 FY 12, a Growth of 6.4%
Ø
Operating Profit in
Q1 FY 13 stands at Rs.459.6 Cr; compared to Rs. 325.1 Cr in Q1 FY 12, a Growth
of 41.4%; and compared to Rs. 430.4 Cr in Q4 FY 12, a Growth of 6.8%
Ø
Profit after Tax in
Q1 FY 13 stands at Rs.290.1 Cr; compared to Rs. 216.1 Cr in Q1 FY 12, a Growth
of 34.3%; and compared to Rs. 271.8 Cr in Q4 FY 12, a Growth of 6.7% - the
growth was driven primarily by sustained
and diversified revenue growth.
Ø Dividend of 40% paid for FY
2011-12; an increase of 60% y-o-y
Ø
Basic EPS in
Q1 FY 13 stands at Rs.8.20;compared to Rs.
6.21 in Q1 FY 12, a Growth of 32.0%; and compared to Rs.7.71 in Q4 FY
12, a Growth of 6.4%.
Ø
On
this basis, the annualized EPS for FY 13 should be upwards of Rs.33.At the current
Market price of around Rs.352, the PE Ratio works out to 10.66. The Bank has
been increasing its Dividend ratio also steadily – and is a VERY GOOD BUY for medium/long term
Investors.
Balance Sheet Highlights
Customer Assets
in Q1 FY 13stands at Rs.49,338.7Cr ; compared to Rs.37,267.6 Cr in Q1 FY 12, a
Growth of 32.4%; and compared to Rs.46,119.9
Cr in Q4 FY 12, a Growth of 7.0%
Advances
in Q1 FY 13stands at Rs.38,533.97Cr ; compared to Rs. 33,104.2 Cr in Q1 FY 12,
a Growth of 16.4%%; and compared to Rs.
37,988.6 Cr in Q4 FY 12, a Growth of 1.4%
Deposits
in Q1 FY 13stands at Rs.50,208.17Cr ; compared to Rs. 43,575.9 Cr in Q1 FY 12,
a Growth of 15.2%%; and compared to Rs.
49,151.7 Cr in Q4 FY 12, a Growth of 2.1%
Shareholders’ funds in Q1 FY 13stands at Rs.4,978.47Cr ; compared
to Rs. 4,021.8 Cr in Q1 FY 12, a Growth
of 23.8%%; and compared to Rs. 4,676.6 Cr in Q4 FY 12, a Growth of 6.5%
Total Capital Funds in Q1 FY 13stands at Rs.9,494.97Cr ; compared
to Rs. 7,090.3 Cr in Q1 FY 12, a Growth
of 33.9%; and compared to Rs. 9,326.1 Cr in Q4 FY 12, a Growth of 1.8%
Total Balance Sheet
size in Q1 FY 13stands at Rs.78,223.97Cr ; compared to Rs. 56,963.6 Cr in Q1 FY
12, a Growth of 37.3%; and compared to
Rs. 73,662.1 Cr in Q4 FY 12, a Growth of 6.2%
Key Financial Performance Indicators
In the 3 Quarters of
Q1FY13 :: Q1FY12 :: Q4FY12
Return on Assets
:: 1.5% ::
1.5% ::
1.5%
Return on Equity
:: 24.0% :: 22.1% :: 23.6%
NIM :: 2.8% :: 2.8% :: 2.8%
Cost to Income Ratio
:: 39.5% :: 37.4% ::
39.8%
Non Interest Income to Total Income :: 37.9% :: 31.8% ::
37.3%
Capital Adequacy
::
16.5% :: 16.2% :: 17.9%
Tier I Ratio :: 9.2%* ::
9.6% :: 9.9%
Book Value (Rs.)
140.7 :: 115.5 :: 132.5
Gross NPA
0.28% :: 0.17% :: 0.22%
Net NPA
:: 0.06% :: 0.01% ::
0.05%
*- Tier I Ratio at 9.7% including Q1
FY13 PAT
Commenting on the results and
financial performance, Dr. Rana Kapoor, Founder,MD & CEO, YES BANK
said, “…..The Bank has achieved healthy Net Profit growth of 34.3% on the back
of strong NII growth and robust Non Interest Income growth. The Bank has
witnessed another quarter of strong traction on CASA, with its CASA ratio
now at 16.3%. Increased productivity,
wider distribution network and better
product offerings have led to increased rate of retail customer acquisition.
The Bank has inducted key leaders in its Retail Banking businesses to further strengthen its delivery
and execution capabilities. With a comprehensive offering of Retail Asset
products, the Bank will focus on improving cross-sell with its increasing
customer base. Our main objective for FY 2012-13 is to build a strong platform
for Retail Banking Assets and build on the momentum achieved on Retail
Liabilities, this is in accordance with our Version 2.0 Vision & Strategy
of achieving scale along with improving granularity and diversity.”
Rana Kapoor further added, “YES BANK
has been recognized as the No. 1 Sustainable Bank of the Year (Asia/Pacific) by
FT/IFC Sustainable Finance Awards 2012, London, for the second consecutive year
and for the third time in five years (ONLY BANK IN INDIA), reinforcing YES BANK’s
uncompromising commitment to sustainable growth.”
Q1FY13 Performance highlights
The
Bank has adopted a cautious approach to lending given the economic environment
and hence the current loan mix stands at: Corporate & Institutional
Banking accounting for 64.0% of the loan portfolio, Commercial Banking – 20.2%
and Branch Banking – 15.8%.
Bank’s
total loan loss coverage ratio
was at 295% while specific provisioning cover was at 78.3% as at June 30, 2012.
Total
Restructured Advances
of Rs.196.5 Cr remained flat
sequentially at 0.51% of Gross Advances as of June 30, 2012.
Strong
Shareholders‟ returns: The Bank
delivered RoE of 24.0% and RoA of 1.5% for Q1FY13.
Return on Assets has been at or above 1.5% over the past 15 quarters, and
Return on Equity has been approximately 20% or above over the last 4 years.
Capital
Funds: Tier I
Capital stood at 9.2% (9.7% including Q1FY13 PAT) and total CRAR stood at 16.5%
as at June 30, 2012.
Business Highlights (Q1FY13)
Retail Products
YES
SWARN: YES BANK entered into Gold Bullion distribution, making available the yellow
metal to its customers at competitive prices and strong demand was seen among wealth
management customers.
Online
Goal-based Recurring Deposits scheme: A unique variant of the traditional Recurring
Deposits scheme was launched, based on the Systematic Investment Plan model, using
the Bank’s Net Banking services.
Expansion/ Investment Initiatives
YES BANK
added 25 branches during the quarter, taking the total branch count to 381.
YES BANK
added 387 ATMs to its network since 30 June 2011, taking the total count to 642
ATMs as on June 30, 2012.
Employee
strength stood at 6,183 as on June 30, 2012; a growth of 41% over June 30,
2011.
Awards &
Recognitions
YES BANK received the No. 1 Sustainable Bank of the Year (Asia/Pacific) award
at the FT/IFC Sustainable Finance Awards 2012, London, for the second
consecutive year and for the third time in the last 5 years
YES BANK was awarded the “Performance Excellence Trophy” (Service Category) at
the IMC Ramkrishna Bajaj National
Quality Awards 2011.
Capital Raising Initiatives
YES BANK
successfully raised Rs.140 Cr of
Innovative Perpetual Debt Instrument – Tier
I Capital & Rs.60 Cr of Upper Tier II Capital, rated ICRA AA- by ICRA &
CARE AA- by CARE.
Financial Advisory, Debt Structuring,
Debt Capital Markets & Loan Syndications
YES BANK
was the Sole Arranger of Rs.1,500 Cr
Bond issue for Hindalco Industries Ltd
YES BANK
was the Joint Arranger of Rs.1,500 Cr Bond Issue for Tata Steel Ltd
YES BANK
was the Sole Arranger of Rs.300 Cr Bond issue for United Phosphorus Ltd.
YES BANK
was the Joint Arranger of Rs.200 Cr Bond issue for Indian Hotels Ltd.
Strategic Alliances
YES BANK
and Export-Import Bank of Malaysia Berhad (EXIM Bank), entered into a Master
Facility Agreement for USD 100 Million bank-to-bank trade finance facility to facilitate
ongoing trade finance transactions between YES BANK and its importing customers.
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