Yes Bank Limited
NSE Symbol YESBANK
YES Bank has produced one more stellar performance in Q4 FY
2012 ending Mar,2012.
ANALYSIS
Q4 FY 12 vs Q3 FY 12 & Q4FY11
ü Interest on Advances for Q4 FY
12 stands at Rs.1196.18 Cr; compared to Rs.1172.64 Cr in Q3 FY 12 (Up by 2.01%);
and compared to Rs.888.34 Cr in Q4 FY 11 (Up by 34.65%).
ü Income on Investments for Q4 FY
12 stands at Rs.578.22 Cr; compared to Rs.505.98 Cr in Q3 FY 12 (Up by 14.28%);
and compared to Rs.326.94 Cr in Q4 FY 11 (Up by 76.86%).
ü Interest Earned for Q4 FY
12 stands at Rs.1785.10 Cr; compared to Rs.1684.06 Cr in Q3 FY 12 (Up by 6%);
and compared to Rs.1222.61 Cr in Q4 FY 11 (Up by 46.01%).
ü Other Income for Q4 FY
12 stands at Rs.266.35 Cr; compared to Rs.211.43 Cr in Q3 FY 12 (Up by 25.98%);
and compared to Rs.186.76 Cr in Q4 FY 11 (Up by 42.62%).
ü Total Income for Q4 FY
12 stands at Rs.2051.45 Cr; compared to Rs.1895.49 Cr in Q3 FY 12 (Up by 8.23%); and compared to Rs.1409.37 Cr
in Q4 FY 11 (Up by 45.56%).The increase in total income is impressive.
ü Interest Expended for Q4 FY
12 stands at Rs.1336.87 Cr; compared to Rs.1256.48 Cr in Q3 FY 12 (Up by 6.4%);
and compared to Rs.874.11 Cr in Q4 FY 11 (Up by 52.94%).
ü Net Interest Income for Q4 FY
12 stands at Rs.448.23 Cr; compared to Rs.427.58 Cr in Q3 FY 12 (Up by 4.83%);
and compared to Rs.348.50 Cr in Q4 FY 11 (Up by 28.62%).
ü Total Expdr(excl.provisions) for Q4 FY
12 stands at Rs.1621.09 Cr; compared to Rs.1496.65 Cr in Q3 FY 12 (Up by 8.31%);
and compared to Rs.1060.60 Cr in Q4 FY 11 (Up by 52.85%).Expenditure has
increased MORE THAN proportionately, compared to Income.
ü Operating Profit for Q4 FY
12 stands at Rs.430.36 Cr; compared to Rs.398.84 Cr in Q3 FY 12 (Up by 7.9%);
and compared to Rs.348.77 Cr in Q4 FY 11 (Up by 23.39%).
ü Provisions (Other than tax) &
Contingencies for Q4 FY 12 stands at Rs.28.48 Cr; compared to Rs.22.35 Cr
in Q3 FY 12 (Up by 27.43%); and compared to Rs.43.26 Cr in Q4 FY 11 (Down by -34.17%).
ü Profit before tax for Q4 FY
12 stands at Rs.401.88 Cr; compared to Rs.376.49 Cr in Q3 FY 12 (Up by 6.74%);
and compared to Rs. 305.51 Cr in Q4 FY
11 (Up by 31.54%).
ü Tax Expense for Q4 FY
12 stands at Rs.130.08 Cr; compared to Rs.122.40 Cr in Q3 FY 12 (Up by 6.27%);
and compared to Rs.102.13 Cr in Q4 FY 11 (Up by 27.37%).
ü Net Profit for Q4 FY 12 stands at Rs.271.80 Cr; compared
to Rs.254.09 Cr in Q3 FY 12 (Up by 6.97%); and compared to Rs.203.38 Cr in Q4
FY 11 (Up by 33.64%). While OPT was up only 23% YoY, NPT is UP 34%,mainly due
to Lower Provisions YoY.
ü Face Value is Rs.10;
Paid-up
Equity Share Capital stands at Rs.352.99 cr.
ü Capital Adequacy Ratio for Q4 FY
12 stands at 17.94%; (with Tier I Ratio of 9.9% ) - compared to 16.13% in Q3 FY 12 and
16.5% in Q4 FY 12.
ü Basic EPS stands at Rs.7.71 in Q4 FY 12; compared to Rs.7.23(Q3);
Rs.6.73(Q2); Rs.6.21(Q1); Rs.5.86(Q4 FY 11).
ü % of Gross/Net NPA stands at 0.05%;
compared to 0.04% in Q3 FY 12 and 0.03% in Q4 FY 11.
ü Return on Assets is good at
1.5%.
ü Non Interest Income to Total Net
Income ratio of 37.3% for Q4FY12
ü Cost to Income ratio of 39.8% in
Q4FY12
ü Yield on advances of 12.5% in Q4FY12
ü Cost of funds of 9.0% in Q4FY12
ü Net Interest Margin (NIM) of 2.8% in
Q4FY12
ü Return on Equity of 23.6% (annualized)
Profit &
Loss Highlights
for Year ended Mar
31, 2012 (FY12)
ü Net Profit
of Rs.9,770 million in FY12 compared to Rs.7,271 million in FY11 - an
increase of 34.4%
ü NII of Rs.16,156 million in FY12 compared to Rs.12,469
million in FY11 - an increase of 29.6%
ü Non Interest
Income at Rs. 8,571 million in FY12 compared to Rs.6,233 million
in FY11 - an increase of 37.5%
ü Total Net
Income in FY12 of Rs.24,728 million compared to Rs.18,702 million in FY11 - an increase of 32.2%
ü Operating
Profit of Rs.15,402 million in FY12 compared to Rs.11,904 million in
FY11 - an increase of 29.4%
ü Non Interest
Income to Total Net Income ratio of 34.7% in FY12
ü Cost to
Income ratio of 37.7% in FY12
ü Yield on
advances of 12.2% in FY12
ü Cost of
funds of 8.8% in FY12
ü Net Interest
Margin (NIM) of 2.8% in FY12
ü Return on
Average Assets of 1.5%
ü Return on
Equity of 23.1% in FY12
ü Basic EPS of
Rs.27.87 and Diluted EPS of Rs.27.13 for FY12
ü Current Market Price is around
Rs.359.60; while the 52
week high price is Rs.388.70 and the 52 week low price is Rs. 230.50
ü Based on this, current Price Earnings
Ratio is 12.9. If Q4 FY 12 is annualized, annual EPS is Rs.7.71 x 4 = Rs.30.84.
Based on this the PE Ratio is even less
at 11.66.
ü Thus, there is good scope for price
appreciation, going forward. The coming quarters can be expected to be better
for Banking sector, compared to the FY 12. With the additional CRR and
reduction in Interest Rates, the performance on Advances front could improve
significantly in coming quarters.
Balance Sheet
Highlights
as at Mar 31,
2012
ü Customer
Assets (advances and credit substitutes) at Rs.461.2 billion as at Mar
31, 2012; growth of 20.3% y-o-y
ü Advances at Rs.379.9
billion as at Mar 31, 2012; growth of 10.5% y-o-y
ü Deposits at Rs.491.5
billion as at Mar 31, 2012; growth of 7.0% y-o-y
ü CASA at Rs.74.0
billion as at Mar 31, 2012 and CASA ratio of 15.0%; growth of 55.6% y-o-y
ü Retail
Banking Liabilities (CASA + Retail Banking TD) has improved from 23.5% of Total
Deposits as of Mar 31, 2011 to 32.7% as of Mar 31, 2012
ü Total Asset
Base of Rs.736.6 billion as at Mar 31, 2012; growth of 24.8% y-o-y
ü Gross NPA at
0.22% of Gross Advances; Net NPA at 0.05% of Net Advances
ü Total loan
loss coverage ratio of 341%; Specific loan loss coverage ratio of 79.2%
as at Mar 31, 2012
ü Total
Capital Funds (Tier I + Tier II) of Rs.93.3 billion as at Mar 31, 2012 (Rs.71.2
billion as at Mar 31, 2011)
ü Book value
per share of Rs.132.5 as at Mar 31, 2012 (Rs. 109.3 as at Mar
31, 2011)
ü Dividend of Rs.4
per share (40%) recommended by the Management & Board, an increase of 60%
over FY11; Three consecutive years of
rising Dividend Payouts
Expansion
Initiatives
ü YES BANK added 25 new branches
across the country during the quarter taking the Total Branch count to 356. The
Bank has added 142 branches during FY12, up 66% over FY11.
ü The Bank also added 359 ATMs in FY12 taking the total count of
ATMs to 606.
ü Employee strength stood at 5,642 as on Mar 31, 2012; an
increase of 1,713 from Mar 31, 2011.
Capital
Raising Initiatives
ü YES BANK raised USD 75 million 15
year Upper Tier II debt from IFC, a member of the World Bank Group.
ü YES BANK successfully raised Rs.150 cr of Innovative Perpetual
Debt Instrument – Tier I Capital, rated LAA-
by ICRA & CARE AA- by CARE, and Rs.300 crore of Lower Tier II Capital,
rated LAA by ICRA and CARE AA by CARE, from Banks, Insurance Companies,
Provident Funds & Financial Services Companies.
* * *
E N D * * *
No comments:
Post a Comment