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Why an emphatic 'no' to Yes Bank?

The task of expanding the RoA for Yes Bank will be arduous because of subdued growth, modest margin, and sticky costs

January 23, 2023 / 11:43 AM IST
Why an emphatic 'no' to Yes Bank?

Despite a change in the asset mix away from low-yielding corporate lending, Yes Bank has struggled to improve interest margin, which is still one of the lowest in the industry

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights We had recommended a trading call in Yes Bank, riding on toxic asset transfer and capital infusion Post these events, the legacy NPA pain may be largely behind Business mix changing, but no significant positive impact on yield Deposit franchise still uncompetitive relative to peers Margin uninspiring, RoA improvement to be an arduous tax Lock-in for 2020 shareholders expiring in March; AT1 bond verdict a near-term factor to be watched Stock too costly for the weak fundamentals Our trading call on Yes Bank (CMP: Rs 19.75,...

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