Capitaline

Results 30-Apr-22

Analysis

Yes Bank

Showing improvement on various counts

Yes Bank has posted strong increase in the net profit to Rs 367.46 crore in the quarter ended March 2022 (Q4FY202) compared with net loss of Rs 3787.75 crore in Q4FY2021. Interest income has increased 24.02% to Rs 4947.53 crore. Interest expense rose 4.18% to Rs 3128.05 crore. Hence net interest income rose 84.40% to Rs 1819.48 crore. With other income showing a rise of 8.04% to Rs 881.69 crore, net total income increased 49.84% Rs 2701.17 crore. Operating expenses rose 19.11% to Rs 1926.94 crore. As a result, profit before provisions rose 318.77% to Rs 774.23 crore. Provisions & Contingencies decreased 94.83% to Rs 271.04 crore, Profit before tax reported profit of Rs 503.19 crore compared to loss of Rs 5054.71 crore.

Provision for tax was debit of Rs 135.73 crore, compared to credit of Rs 1266.96 crore. Net Profit reported profit of Rs 367.46 crore compared to loss of Rs 3787.75 crore.

The bank has continued to report improving performance. The bank has recorded 3% growth in net interest income on sequential basis, while the non-interest income has increased 20%. Bank has also recorded 6% growth on qoq basis in the operating profit. Net profit has increased 38% on sequential basis in Q4FY2022.

Asset quality improving, lower slippages

GNPA ratio declined to 13.93% from 14.65% last quarter. Fresh Slippages declined qoq at Rs 802 crore from Rs 978 crore last quarter. Slippages dipped Rs 5795 crore in FY2022 from Rs 12035 crore in FY21.

Resolution momentum continues with total recoveries and upgrades at Rs 1828 crore in Q4FY22 against Rs 1182 crore last quarter. For FY22 recoveries and upgrades were at Rs 7290 crore up from Rs 5782 crore in FY21.

Corporate slippages lower at Rs 373 crore down from Rs 435 crore last quarter. Retail slippages also declined to Rs 333 crore from Rs 388 crore last quarter.

The restructured loan book of the bank declined to Rs 6752 crore end March 2022 from Rs 6878 crore end December 2021. The bank is holding provisions of Rs 760 crore against restructured loan book.

NPA Provision Coverage Ratio has further improved to 80.9% end March 2022 from 79.3% end December 2021.

Total CRAR stood at 17.4% with CET 1 at 11.6% end March 2022.

RWA to Total Assets eased to 73.0% from 84.4% in FY21 and 75.3% last quarter.

Asset Quality Indicators: Yes Bank
	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Variation
	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	QoQ	YoY
Gross NPA (Rs Crore)	27975.98	28654.49	28740.59	28505.95	28609.53	-2	-2
Net NPA (Rs Crore)	8204.53	9323.34	9586.25	9454.94	9813.36	-12	-16
% Gross NPA	13.93	14.65	14.97	15.60	15.41	-72	-148
% Net NPA	4.53	5.29	5.55	5.78	5.88	-76	-135
% PCR	80.90	79.30	78.90	79.30	78.60	160	230
% CRAR - Basel III	17.40	17.70	17.60	17.80	17.50	-30	-10
% CRAR - Tier I - Basel III	11.60	11.60	11.50	11.60	11.20	0	40
Variation in basis points for figures given in percentages and in % for figures in Rs crore

Business highlights:

Net Advances at Rs 181052 crore, 8% up yoy & 3% qoq with sustained improvement in granularity. Retail: Corp mix at 60:40 up 300bps qoq. The strategic objective achieved one year ahead of time. Retail Advances mix at 36.0% vs. 33.7% in Q3FY22

The fresh disbursements of loans were nearly Rs 70000 crore in FY22. Gross retail assets disbursements were nearly Rs 33000 crore in FY22 (Rs 10201 crore for Q4FY22). Rural disbursements were Rs 2500 crore (INR 857 crore for Q4FY22). SME Disbursements were Rs 18000 crore (Rs 5089 crore for Q4FY22). Wholesale banking disbursements were Rs 16000 crore (Rs 3776 crore for Q4FY22).

Total Balance Sheet grew 16% yoy, 5% up qoq. CD Ratio further improves to 91.8% vs. 102.4% in FY21 and 95.6% last quarter.

Total Deposits at Rs 197192 crore, 21% up yoy & up 7.0% qoq. CASA ratio improved to 31.1% from 26.1% in FY21 and 30.4% last quarter. CASA continues to grow at 2x rate of overall deposits growth. With sustained granularization, CASA + Retail TDs ratio improved to 61.6% from 57.7% in FY21 and 61.3% last quarter.

C/D ratio continued to moderate and improve for the bank at 91.8% from 102.4% in FY21 and 95.6% last quarter

NIM for Q4FY22 at 2.5% up nearly 5bps qoq. FY22 NIM at 2.3%.

Non-Interest Income improved 20% qoq to Rs 882 crore. Non-Interest Income for FY22 at Rs 3263 crore grew 8% yoy.

Total Provision Costs for FY22 at Rs 1480 crore declined 84% yoy, aided by lower slippages and higher recoveries & upgrades. Q4FY22 Provision costs at Rs 271 crore declined 28% qoq.

Expanding platform reach & strength, the bank has opened 50 new branches taking total branch count to 1122 for FY22. Net increase of 2000+ staff led to increase in total headcount to 24346 in FY22.

Book Value per share stood at Rs 13.50, while the adjusted book value net of NNPA and 10% of restructured loans stood at Rs 9.9 end March 2022.

Financial Performance FY2022

Yes Bank Interest income has declined 5.08% to Rs 19023.51 crore in FY2022. Interest expense fell 0.69% to Rs 12525.66 crore. Hence net interest income fell 12.53% to Rs 6497.85 crore.

With other income showing a rise of 8.33% to Rs 3262.47 crore, net total income decreased 6.51% Rs 9760.32 crore. Operating expenses rose 18.17% to Rs 6844.39 crore. As a result, profit before provisions fell 37.27% to Rs 2915.93 crore. Provisions & Contingencies decreased 84.23% to Rs 1480.08 crore, Profit before tax reported profit of Rs 1435.85 crore compared to loss of Rs 4735.07 crore.

There were no extraordinary items. PBT after EO reported profit of Rs 1435.85 crore compared to loss of Rs 4735.07 crore. Provision for tax was debit of Rs 369.64 crore, compared to credit of Rs 1272.84 crore. Net Profit reported profit of Rs 1066.21 crore compared to loss of Rs 3462.23 crore.

Yes bank: Results
Particulars	2203 (3)	2103 (3)	Var %	2203 (12)	2103 (12)	Var %
Interest Earned	4947.53	3989.26	24	19023.51	20041.84	-5
Interest Expended	3128.05	3002.58	4	12525.66	12613.23	-1
Net Interest Income	1819.48	986.68	84	6497.85	7428.61	-13
Other Income	881.69	816.04	8	3262.47	3011.69	8
Net Total Income	2701.17	1802.72	50	9760.32	10440.30	-7
Operating Expenses	1926.94	1617.84	19	6844.39	5792.01	18
Operating Profits	774.23	184.88	319	2915.93	4648.29	-37
Provisions & Contingencies	271.04	5239.59	-95	1480.08	9383.36	-84
PBT Before EO	503.19	-5054.71	LP	1435.85	-4735.07	LP
EO	0.00	0.00	-	0.00	0.00	-
PBT after EO	503.19	-5054.71	LP	1435.85	-4735.07	LP
Provision for tax	135.73	-1266.96	PL	369.64	-1272.84	PL
PAT	367.46	-3787.75	LP	1066.21	-3462.23	LP
EPS*(Rs)	0.6	-6.0		0.4	-1.4
Adj BV (Rs)	9.9	9.3		9.9	9.3
* Annualized on current equity of Rs 5010.99 crore. Face Value: Rs 2 per share, Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit
Source: Capitaline Corporate Database

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