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YES Bank Q1 NII up 42%, opg profit up 43%

yesbankYes Bank announced its April-June quarter results.

Net Interest Income (NII) for Q1FY16 increased by 42.2% y-o-y to Rs 1,059.8 crore on account of strong growth in advances and expansion in NIM to 3.3%. from 3.0% in Q1FY15.

Non Interest Income increased by 31.8% y-o-y to Rs 545.2 crore in Q1FY16 on back of continued growth across all streams.

Operating profit for Q1FY16 increased by 43.7% to Rs 908.3 crore. Net Profit in Q1FY16 was up 27.7% to Rs 551.2 crore.

The Bank delivered RoA of 1.6% for Q1FY16. Bank’s RoE stood at 18.4% for Q1FY16.

Total Advances grew by 35.1% to Rs 79,665.6 crore as at June 30, 2015. Corporate Banking accounted for 67.8% of the Advances portfolio. Retail Banking (including MSME)/Business Banking accounted for 32.2% as at June 30, 2015.

Total Deposits grew by 25.2% to Rs 95,315.9 crore as at June 30, 2015.

The Bank‟s Balance Sheet grew by 26.7% to Rs 139,037.1 crore as at June 30, 2015. The Bank‟s CD ratio stood at 83.6% as at June 30, 2015.

Current and Savings Account (CASA) deposits grew by 31.2% y-o-y to Rs 22,267.7 crore taking the CASA ratio to 23.4% as at June 30, 2015 up from 22.3% as at June 30, 2014.

Further, SA deposits grew by 45.7% to Rs 13,867.4 crore from Rs. 9,521.0 crore as at June 30, 2014.

Bank’s Asset quality continued to show resilience in the quarter.

Gross Non Performing Advances as a proportion of Gross Advances was at 0.46% while Net Non Performing Advances as a proportion of Net advances was at 0.13% as at June 30, 2015. Bank’s specific loan loss Provision Coverage was at 71.0% as at June 30, 2015.

Total Restructured Advances stand at Rs 567.1 crore as at June 30, 2015. This represents 0.71% of the Gross Advances. There has been no sale to ARCs during the quarter.

Total non tax Provision for Q1FY16 was Rs 98.0 crore. The Bank continues to maintain contingent provisioning of 0.5% of advances despite robust growth.

As per Basel III, Tier I Capital stood at 10.9%, and total CRAR stood at 15.0% as at June 30, 2015. Total Capital funds are at Rs 16,910.4 crore as at June 30, 2015 (including profits, adjusted for prorated dividends).

Liquidity Coverage Ratio: During Q1FY16, the Bank maintained monthly average Liquidity Coverage ratio of 76.6% which is well above the regulatory requirement of 60%

Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK has begun its 12th year of operations and has posted another satisfactory quarter of consistent results, which is reflected in strong loan growth, NIM expansion and continued resilience in asset quality.

“Further, the RBI approval for setting up IFSC unit in GIFT city in Gujarat will significantly enhance YES BANK‟s International Banking product offerings for the BANK‟s corporate clientele while enabling long term Foreign Currency Fund raising for the Bank at competitive rates. Also, RBI‟s recent approval for the Bank to act as a Primary Dealer will further complete our product suite in becoming a complete Rupee Debt House.”

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