YES BANK
RESULTS
REVIEW FOR Q4 FY 13
&
FY 2012-13
YES
BANK has announced the Financial Results for the Quarter & Year ended March
31, 2013. The Results have shown significant improvement and growth over the
comparable quarter and year.
Ø Net
Profit growth of 33.2% to Rs.362.2crore due to expansion in NIMs, healthy
growth in NII & non-interest income along with improved cost – to - income
ratio for the quarter
Ø NII
increased by 42.4% with steady growth in assets , and NIM expansion y-o-y;
Non-interest grew by 42.4% y-o-y.
Ø CASA
ratio has improved to 18.9%;growing 71.6% y-o-y with SA growth at 140.5%
Ø Healthy
Asset Quality trend continues with Gross NPA at 0.20% and Net NPA at 0.01%
Ø Tier
I Capital steady at 9.5% with strong internal accruals; Total Capital Adequacy at
18.3%
Ø Dividend
of Rs.6per share (60%) - an increase of 50% over FY12. Dividend payout ratio at
healthy 16.5%
"General
expectation is that interest rates will soften, which will reduce the cost of
funds for the bank. So, we should see further improvement in NIM by around
15-20 basis points in the current fiscal," the MD &CEO Mr. Rana Kapoor
said.
"CASA has shown sound improvement in the
last fiscal growing over 71.6 per cent over previous fiscal," Kapoor said.
"Asset
quality has been preserved...we will be able to maintain the asset quality at
the current level," Kapoor said, adding that the total provisioning cover
of the bank stood at 92.6 per cent by the end of the March quarter in order to
meet any adverse movement in this front. The bank, which witnessed a slippage
of Rs 18-20 crore in the fourth quarter, had a total restructuring of Rs 144.2
crore by the end of last fiscal.
"We
hope to grow our loan book by 24-25 per cent in this fiscal and it can go upto
30 per cent with credit substitutes," Mr. Kapoor said, adding that the bank
plans to derisk its business in some segments like power and select
infrastructure sectors. In terms of capital adequacy ratio, the bank has a CAR
of 18.3 per cent by the end of this fiscal with a tier-I capital of 9.5 per
cent.
"We
have got the board approval to raise upto USD 500 million. We may take GDR or
QIP route to raise this money," Kapoor said.
Some High
Lights :
Healthy growth in Advances and Deposits : Total Advances grew by 23.7% to Rs.46,999.6 crore as at March 31,
2013 from Rs.37,988.6 crore as at March
31, 2012.
Total Customer Assets (Loans +
Credit Substitutes) grew by 30.9% to Rs.60,356.3
crore as at March 31, 2013 from Rs. 46,119.9
crore as at March 31, 2012.
Current and Savings Account (CASA) deposits grew by 71.6% y-o-y to Rs.12,687.5 crore taking the CASA ratio to 18.9% as at March 31, 2013 up from 15.0 % as
of March 31, 2012.
Savings Account deposits grew by
140.5% y-o-y to Rs.6,022.7crore as of March 31, 2013 and the Current Account
deposits grew by 36.3% to Rs.6,664.9crore as of March 31, 2013.
Retail Banking Liabilities (CASA + Retail Banking term deposits) improved from 32.7% of Total deposits as of March 31, 2012 to 35.5 % as
of March 31, 2013.
Total
Deposits grew by 36.2% to Rs.66,955.6 crore as at March 31, 2013 from Rs.49,151.7
crore as at March 31, 2012.
Total
Assets grew by 34.6% to Rs.99,104.1crore as at March 31, 2013 from Rs.73,625.7crore
as at March 31, 2012.
Corporate
& Institutional Banking (Large Corporates)
accounted for 64.7% of the Customer Assets portfolio, Commercial Banking (Mid-sized
Corporates) accounted for 17.1% and Retail Banking (including MSME) –18.2%
Robust Net
Interest Income (NII) Growth : NII for Q4FY13 increased by 42.4%
y-o-y to Rs.638.1crore from Rs.448.2 crore in Q4FY12. This was on account of healthy
growth in Customer Assets and expansion in NIM to 3.0% in 4FY13 from 2.8% in
Q4FY12.
NII for FY13
was up 37.3% to Rs.2,218.8 crore as compared to Rs.1,615.6crore for FY12.
NIM for the
Bank was 2.9% in FY13 compared to 2.8% in FY12.
Non
Interest Income grew by 42.4% y-o-y to Rs.379.4 crore for Q4FY13 from
Rs.266.4crore in Q4FY12.
Non
Interest Income demonstrated robust growth of 46.7% to Rs.1,257.4crore
in FY13 as compared to Rs.857.1crore in FY12.
Steady growth
in Operating & Net profit: Operating profit for Q4FY13 was
up 47.3% to Rs.633.9 crore as compared to Rs.430.4 crore for Q4FY12.
The Cost
to Income ratio was 37.7% in Q4FY13.
Net Profit in Q4FY13
was up 33.2% at Rs.362.2 crore from Rs.271.8 crore for Q4FY12.
Operating
profit for FY13 was up 39.1% to Rs.2,141.7 crore as compared to Rs.1,540.2 crore
for FY12.
The Cost
to income ratio was 38.4% in FY13.
Net
Profit for FY13 was up 33.1% to Rs.1,300.7crore from Rs.977.0 crore in FY12.
Consistently
healthy Asset Quality :Gross Non Performing Advances as a proportion of Gross
Advances was at 0.20% while Net Non Performing Advances as a proportion of Net Advances
was at 0.01% as at March 31, 2013 as compared to 0.22% and 0.05% respectively as
at March 31, 2012.
The Bank has increased its specific provisioning cover to 92.6% as at March 31, 2013.
Total
Restructured Advances (excluding NPA) stand at Rs.144.2 crore as at
March 31, 2013. This represents 0.31% of Gross Advances down from 0.53% as of
March 31, 2012.
Strong
Shareholders’ returns : The Bank delivered RoE of 25.2% and RoA of 1.6%
for Q4FY13. RoE was 24.8% and RoA was 1.5% for FY13.
Return on
Assets has been at or above 1.5% for the past 5 years , and Return on Equity
has been 20% or above over the same period.
Capital
Funds : Tier I Capital stood at 9.5% and total CRAR stood at 18.3% as at March
31,2013 .
Total
Capital funds grew by 31.8% to Rs.12,295.2 crore as at March 31,
2013 compared to Rs.9,326.1 crore as at March 31, 2012
YES BANK added 18
branches during the quarter, taking the total branch count to 430 as on March 31, 2013.
Basic EPS for the Quarter was Rs.10.1 (Rs.9.7 in Q4
FY 12) and Rs. 36.5 for FY 13 ( Rs.27.9 for FY 12).
At current price of Rs.479, the PE Ratio works out
to 13.12 on FY 13 EPS.If Q4 EPS is annualized, then PE Ratio further falls to
11.86. Considering the Growth curve of the bank, it seems a Safe bet for good
returns in the medium to long term.
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