YES BANK
 |
| Dr.Rana Kapoor, CEO & MD |
RESULTS FOR Q3 FY
2012-13
Q3 FY 2013
YES BANK has turned in
another superlative performance in third quarter after an impressive
performance in Q2 FY 13. Net profits have increased by an impressive 34.7%. Net
interest income has gone up 48.1%. EPS has climbed to Rs.9.6 and Asset quality
remains one of the best in the Industry. The High lights are as below :
Ø PAT
of Rs.3,423 million in Q3PY13 compared
to Rs.2,541 million in Q3PY12
representing an increase of 34.7% .
Ø NII of
Rs.5,843 million in Q3PY13 compared to Rs.4,276 million in Q3PY12 representing
an increase of 36.7%
Ø Non Interest Income of Rs.3,132 million in Q3FY13 compared to Rs.2,114 million
in Q3FY12 representing an increase of 48.1%
Ø Total Net Income (NII
and Non Interest Income) of Rs.8,975 million in Q3FY13
compared to Rs.6,390 million in Q3FY12
representing an increase of 40.5%
Ø Operating Profit
of Rs.5,634 million in Q3FY13 compared
to Rs.3,988 million in Q3PY12
representing an increase of 41.3%
Ø Non Interest Income to Total
Net Income
ratio of 34.9% for Q3FY13
Ø Cost to Income ratio of 37.2% in Q3FY13
Ø Gross yield on advances of 12.3% in Q3FY13
Ø Cost of funds
of 8.5% in Q3FY13
Ø Net Interest Margin (NIM) of 3.0% in Q3FY13
Ø Return on Average Assets of 1.6% (annualized)
Ø Return on Equity of 24.9% (annualized)
Ø Basic EPS
of Rs.9.6 and Diluted EPS of Rs.9.4 for Q3FY13. The annualised EPS is likely to be above Rs.38. At this EPS and the current price of around Rs.520, the PE Ratio is hardly 13.67 , which leaves enough scope for price appreciation in the medium term.
Highlights
for 9 months (9MFY13)
Ø PAT
of 9,385 million in 9MFY13 compared to Rs.7,052 million in 9MFY12 representing an increase of 33.1%
Ø NII of
Rs.15,807 million in 9MFY13 compared to Rs.11,674 million in 9MFY12 representing an increase of 35.4%
Ø Non Interest Income at Rs.8,781million in 9MFY13 compared to Rs.5,908 million
in 9MFY12 representing an increase of 48.6%
Ø Total Net Income
in 9MFY13 of Rs.24,587 million compared to Rs.17,582 million in 9MFY12
representing an increase of 39.8%
Ø Operating Profit
of Rs.15,078 million in 9MFY13 compared to Rs.11,099 million in 9MFY12 representing an increase of 35.9%
Ø Non Interest Income to
Total Net Income
ratio of 35.7% in 9MFY13
Ø Cost to Income ratio of 38.7% in 9MFY13
Ø Gross yield on advances of 12.4% in 9MFY13
Ø Cost of funds
of 8.7% in 9MFY13
Ø Net Interest Margin (NIM) of 2.9% in 9MFY13
Ø Return on Average Assets of 1.6% (annualized)
Ø Return on Equity of 24.2% in 9MFY13 (annualized)
Ø Basic EPS
of Rs.26.4 and Diluted EPS of Rs. 25.8 for
9MFY13
Balance
Sheet
Highlights
as at December 31,2012
Ø Customer Assets
(advances and credit substitutes) at Rs.557.5 billion as at December 31, 2012;
growth of 27.4% y-o-y
Ø Advances
at Rs.438.6 billion as at December 31, 2012; growth of 22.3% y-o-y
Ø Deposits at
Rs.564.0 billion as at December 31, 2012; growth of 20.2% y-o-y
Ø CASA
at Rs.103.4 billion as at December 31,2012 and
CASA ratio of 18.3%; growth of 74.9% y-o-y
Ø Retail Banking Liabilities (CASA + Branch Banking
FD) has improved from 30.7% of Total Deposits as of December 31, 2011 to
37.8% as of December 31, 2012
Ø Balance Sheet size of Rs.870.2 billion as at December 31, 2012; growth of
22.4% y-o-y
Ø Gross NPA
at 0.17% of Gross Advances; Net NPA at 0.04% of Net Advances
Ø Specific loan loss coverage ratio of 79.6% as at December 31, 2012
Ø Total Capital Funds (Tier I+ Tier II) of Rs.118.1 billion as at December
31, 2012 (81.2 billion as at December 31, 2011)
Ø Capital Adequacy Ratio of 18.0% at December 31,2012 (Tier I at 9.0%; 9.5%
including Q3 FY13 PAT)
Ø Book value per share of Rs.158.8 as at December 31, 2012 (129.5 as at December
31, 2011)
Ø Total headcount
stands at 6,532 as at December 31, 2012 (5,013 as at December 31, 2011 and
5,642 as of March 31, 2012, an increase of 890 in 9M FY13)
Ø Increased branch network by 81 branches from 331 Branches as of December 31, 2011 to
412 as of December 31, 2012;
Ø 29 ATMs added in the quarter to take
the total number of ATMs to 723 (412 as of December 31, 2011)
Key
Financial Performance Highlights
Ø Sound
growth in Advances and Deposits:
Ø Customer Assets (advances
and credit substitutes) grew by 27.4%
to Rs.557.5 billion as at Dec 31, 2012 from Rs.437.5 billion as at Dec 31, 2011.
Ø Total Advances grew by 22.3% to Rs.438.6 billion as at December 31, 2012 from Rs.358.7 billion as at
December 31, 2011.
Ø Corporate & Institutional Banking
(large Corporates) accounted for 65.9% of the portfolio,
Ø Commercial Banking (Mid-sized
Corporates) accounted for 20.6% and
Retail Banking (Including MSME) -13.5% .
Ø Total Deposits
grew by 20.2% to Rs.564.0 billion as at
December 31,2012 from Rs.469.3 billion as at December 31,2011.
Ø Total Assets
grew by 22.4% to Rs.870.2 billion as at
December 31,2012 from Rs.711.1billion as at December 31, 2011.
Ø Strong growth in Net
Interest Income (NIl): NIl
increased
by 36.7% y-o-y to Rs.5,843 million in Q3FY13 from Rs.4,276 million in Q3FY12. This was primarily driven by
sustained growth in customer assets of 27.4% y-o-y and expansion in NIM to3.0%
Ø NIl for 9MFY13
was up 35.4% to Rs.15,807 million as compared to Rs.11,674 million for 9MFY12. NIM
for the Bank was 2.9% in 9MFY13.
Ø Healthy growth in
Non-interest Income:
Non Interest Income grew
at 48.1% y-o-y to Rs.3,132
million in Q3FY13 from Rs.2,114
million in Q3FY12. This
was on the
back of steady growth in Transaction Banking, Retail Banking
Fees and Financial Advisory business streams.
Ø Components of Non
Interest Income for
Q3FY13 were as
follows: Transaction Banking - Rs.805 million
(26.0% growth y-o-y), Financial
Advisory – Rs.1,624 million (101.6%
growth y-o-y), Financial Markets- Rs.392 million (18.9% decline y-o-y),
and Retail Banking Fees & Others-
Rs.311 million (66.4% growth y-o-y).
Ø Non Interest Income showed strong growth of 48.6% y-o-y at Rs.8,781million for
9MFY13 as compared to Rs.5,908 million
in 9MFY12; on account of continued traction across all business strean1s: Transaction
Banking, Financial Markets, Financial Advisory
and Retail Banking Fees.
Ø Healthy growth in Operating and
Net Profits:
Operating profit for Q3FY13 was up 41.3%
to Rs.5,634 million as compared to Rs.3,988 million for Q3FY12. The Cost to Income
ratio was flat at 37.2% in Q3FY13 compared to Q3FY12.
Ø PAT
in Q3FY13 was up 34.7% to Rs.3,423
million from Rs.2,541million for Q3FY12.
Ø Operating profit for
9MFY13
was up 35.9 % to Rs.15,078 million as compared to Rs.11,099 million for 9MFY12.
Ø The Cost to income ratio was stable
at 38.7% in 9MFY13.
Ø PAT for 9MFY13 was
up 33.1% to Rs.9,385 million from
Rs.7,052 million in 9MFY12.
Ø Consistently healthy Asset Quality:
Ø Gross NPAs and Net NPAs were at 0.17% & 0.04%, respectively as of
December 31, 2012 compared to 0.20% Gross NPA
and 0.04% Net NPA as
of December 31, 2011. Restructured advances (excluding NPAs) stand at Rs.1,891million
(0.43% of Gross Advances) as at December 31,2012.
Ø Bank's specific
provisioning cover was at 79.6% as at December 31,2012.
Ø Superior Shareholders' returns:
Ø The Bank delivered Return on
Equity (RoE) of 24.9% (annualized) and Return on Assets (RoA) of 1.6% (rumualized)
for Q3FY13.
Ø RoE is 24.2% and RoA is 1.6% for 9M FY13.
Ø RoA has been at or above 1.5% for
the last 17 quarters, and RoE has been
approximately 20% or above over the same
period.
Ø Capital Funds:
Ø Tier
I Capital Ratio of 9.0% (9.5%
including Q3FY13 PAT) and Total Capital Adequacy of 18.0% as at
December 31, 2012.
Ø The Tier I ratio continues to remain
stable at 9.5% on the back of strong internal accruals.
Ø Total Capital funds grew by 45.4% to
Rs.118.1billion as at December 31, 2012 compared to Rs.81.2 billion as at
December 31,2011.
Ø Transaction Banking:
Ø Income from Transaction banking grew
26.0% y-o-y to Rs.805 million in Q3FY13 from Rs.639 million in Q3FY12.
This income was up 37.5% to Rs.2,295
million in 9MFY13 from Rs.1,669 million
in 9MFY12. The Bank continues to deepen
relationships through cross-sell and establish new ones across business
segments and is establishing itself as a
significant player in the product domain of cash management and trade finance
services.
Ø Financial Advisory:
Ø Investment Banking, Corporate Finance advisory and other
advisory income increased to Rs.1,624 million in Q3FY13 from Rs.806
million in Q3FY12. This income was up 47.2% to Rs.3,846 million in 9MFY13.
Ø Financial Markets:
Ø Income from FX sales, Debt Capital Markets and h•ading was at 392
million in Q3FY13. This income
contributed a total of1,807 million in 9MFY13, up 58.6% y-o-y.
Ø Retail Banking Fees and Others: This
was up 66.4% to Rs.311 million in Q3FY13 from Rs.187 million in Q3FY12. Retail
Banking has seen steady traction on the
back of improving distribution through
branch network. Strong growth in fee from insurance, retail gold product, small remittances &
debit cards has resulted in this growth which is in
line with the Revenue and Risk
diversification objectives of Version 2.0.
Ø Healthy Asset Book with minimal Net NPAs
Ø Gross
NPA at
Rs.762 million (0.17% of Gross Advances) and
Net
NPA at Rs.156 million (0.04% of Net Advances) as at Dec 31, 2012
(0.20% and 0.04% respectively as at Dec 31, 2011 )
Ø Specific provision at 79.6% as at Dec 31, 2012 (80.0%
as at Dec 31,2011)
Ø Total Restructured
Advances (excluding NPAs) is Rs.1,891million as at Dec 31, 2012.
This represents 0.43% of the Gross Advances.
Ø Capital Raising Initiative : YES BANK successfully raised Rs.4,441 million of Upper
Tier II Capital. In addition, the Bank
also raised Rs.4,597 million of Lower
Tier II Capital.
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