Religare's research report on Yes BankYES’s Q4FY16 PAT grew 27% YoY to Rs 7bn on strong NII growth (+27% YoY) and higher other income (+36% YoY). Loan growth was robust at 30% YoY and NIMs healthy at 3.4%. Gross NPA increased marginally on account of higher slippages but with a reduction in the restructured book and security receipts, YES has one of the lowest levels of impaired assets in the system. The bank has factored the full impact of the RBI’s AQR and expects credit costs of 50-70bps for FY17. Reiterate BUY with a Mar’17 TP of Rs 900.YES has demonstrated a strong asset quality performance each quarter. The bank is likely to grow at a much faster rate than the system and we see potential for margin expansion ahead. BUY. For all recommendations, 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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