January 23, 2017 / 12:07 IST
Arihant Capital's research report on Yes Bank Total Advances grew by 39% to Rs 1,17,087 crore as at Q3 FY17. Corporate banking accounted for 69% of the Advances portfolio while Retail & Business Banking constituted 31.1% dropping from 32.8% YoY due to drop in consumer banking and business banking. Total Deposits grew by 31% to Rs 1,32,376 crore. The CASA deposits grew by 63% y-o-y to Rs 44,126 crore taking up the CASA ratio to 33.3% up from 26.6% in the corresponding quarter on account of demonetization. Savings account deposits grew by 64.3% Y-o-Y. The Bank’s C-D ratio stood at 88.5%.
Outlook
YES Bank has delivered another quarter of satisfactory performance across key financial parameters of growth and profitability driven by expansion in NIMs to 3.5%, while maintaining healthy asset quality. Bank’s comprehensive product offerings continue to enable a healthy and granular credit growth. We have valued the bank at 3.25(x) its FY18E adj. book value and have arrived at fair value of Rs 1,476 per share. At CMP of Rs 1,347, the stock is trading at P/ABV(x) of 3.0x its FY18 ABV. We have HOLD rating on stock.
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