Buy Yes Bank; target of Rs 438: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Yes Bank

Yes Bank's earnings were in-line with estimates with PAT of Rs 11.8bn (PLe: 11.7bn) on back of strong NII growth, contained opex and lower provisioning. Strong loan growth of 54% YoY led by corporate & retail was a surprise, as bank increased its share amongst large & well rated corporates, but the loan growth was at the cost of yields leading to pressure on margins. Asset quality improved on the back of sale of assets to ARC and recoveries from the AQR NPAs.

Outlook
We expect the bank to deliver earnings of 27-28% CAGR over FY19-FY20, with limited asset quality issues. We maintain BUY with revised TP of Rs 438 (up from Rs 415) based on 2.9x Mar-20 ABV (rolled from Sep-19 ABV) and remains as one of our preferred pick.

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