Religare's research report on Yes BankYES’s Q3 PAT grew 25% YoY to Rs 6.8bn on strong NII growth (+27% YoY) and higher other income (+40% YoY). Asset quality remained best-in-class as no loans were sold to ARCs or refinanced under 5:25/SDR schemes during the quarter. The bank has lowered its FY16 credit cost guidance and carries 40bps of floating provisions. Loan growth was strong at 27% YoY and NIMs improved by 10bps QoQ to 3.4%. Reiterate BUY with a Mar’17 TP of Rs 900 (Sep’16 TP: 870).YES has demonstrated 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. We retain BUY on the stock with a Mar’17 TP of Rs 900 (rolled over from a Sep’16 TP of 870).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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