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Last Updated : Feb 05, 2019 04:23 PM IST | Source: Moneycontrol.com

Accumulate Yes Bank; target of Rs 255: Arihant Capital

Arihant Capital recommended accumulate rating on Yes Bank with a target price of Rs 255 in its research report dated January 24, 2019.

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Arihant Capital's research report on Yes Bank


Yes Bank Q3FY19 performance was broadly mixed. Its profit for the quarter de-grew by 7% YoY at Rs. 1002 cr, impacted by lower non-interest income and accelerated provisioning made on account of IL&FS. Advances of the bank sharply jumped by 42% YoY at Rs. 243,885 cr, leading to higher NII growth of 41% to Rs. at 2,666 cr whereas margins for the quarter stood stable QoQ at 3.3%. Other income of the bank fell by 37.4% at Rs. 891 crpredominantly on account of loss in its treasury portfolio and lower corporate banking fees. OPEX for the the quarter grew by 20% YoY at Rs. 1567 cr, resulting into increase in its cost-income Ratio which is 44% vs 39.5% YoY. Operating profit for the quarter stood at Rs. 1990 cr, registering de-growth of 1% over corresponding quarter of previous year.


Outlook


At CMP of Rs220, the stock is trading at P/ABV(x) of 1.5x its FY20E ABV. We have an ‘Accumulate’ rating on stock.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Feb 5, 2019 04:23 pm
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