Buy Yes Bank; target of Rs 410: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal ' research report on Yes Bank

YES reported robust PPoP growth of 38% YoY/5% QoQ to INR20.02b (2.5% beat), led by strong overall revenue growth of 32% YoY and controlled opex. However, higher provisions of INR4.21b – partly led by INR1b requirement toward NCLT-referred assets – led to lower 22% YoY growth in net profit.Advances growth accelerated to 46% YoY at INR1.71t, while deposits grew 30% YoY to INR1.72t. CASA deposits maintained strong traction, growing by 48% YoY, and thus, resulting in an 80bp QoQ increase in CASA mix to 38% (470bp improvement over FY18YTD).

Outlook

Net stressed assets remain stable at ~2.5% of advances and equate to half yearly operating profit. We estimate earnings CAGR of 30% over FY18-21, and revise our PT to INR410 (2.7x Mar-20E ABV). Maintain Buy.For all recommendations report, click here

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