| Key Highlights |
| § Net Profit for Q3 FY24 at INR 231 Cr grows 349.2% Y-o-Y and 2.8% Q-o-Q
• NIMs expand Q-o-Q driven by efficient Balance Sheet Management, despite headwinds on Deposits and Funding Costs • Core Non-Interest Income momentum sustains across diverse and granular fee streams • Continued Cost Efficiencies: 2nd successive quarter of <1% Q-o-Q rise in Operating Expenses • Provision Costs at 0.6%1 of Assets, flattish Q-o-Q despite 0.5%1 ageing related provisions on Security Receipts during the quarter § Sustained Balance Sheet growth momentum with continued enhancement in Granularity • Robust Deposit accretion and Q-o-Q improvement in CASA Ratio despite industry wide headwinds • Acceleration in SME Advances growth and sustained momentum in Mid Corporate segment • Focus on Mix calibration within Retail Advances segment § Stability and Sustained improvement in Asset Quality parameters • 30 bps Q-o-Q reduction in (NNPA + net carrying value of SR)% to 1.7% • Slippages, GNPA, NNPA and Provision Coverage Ratio flattish Q-o-Q • Resolution Momentum strong with Total Recoveries & Upgrades for Q3 FY24 at INR 1,316 Cr. YTD FY24 cumulative recoveries and upgrades at INR 3,869 Cr § Stock included in BSE Next 50 and BSE 100 Indices § Top Indian Bank with highest S&P Global ESG Score in 2023 |
| Expressed as % of Avg. Assets |
| Commenting on the results and financial performance, Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, “Over the last few quarters, we have remained focussed on executing our profitability improvement roadmap by leveraging our core and key business levers of 1) retail asset mix optimisation, 2) our SME and Mid-Market strong value proposition, 3) fully exploiting our Branches as the key fulcrum of our Business, and 4) leveraging our Digital and Transaction Banking capabilities and partnerships and, lastly 5) fully sweating our Branches as the fulcrum of the business to drive higher cross sell and lower our costs going forward. This is driven alongside a focused Priority Sector Lending (PSL) strategy.
The early progress of the above has started to reflect through a number of underlying business vectors which we have reported this quarter. Aside that, Q3FY24 overall was a good quarter for us with deposit growth outpacing advances growth, sequential improvement in CASA ratio and Net Interest Margins. We continued to maintain a healthy Liquidity Coverage Ration (LCR) ratio. The value of Net NPA and net carrying value of Security Receipts (SR) reduced by 30 bps point and our profits saw a ~3.5x fold increase compared to Q3FY23.” |
| Financial Highlights | |||||
| Profit and Loss | |||||
| § Q3 FY24 NII at INR 2,017 Cr up 2.3% Y-o-Y and 4.8% Q-o-Q
§ NIM for Q3 FY24 at 2.4% up 10 bps Q-o-Q § Q3 FY24 Non-Interest Income at INR 1,195 Cr, up 12.1% Y-o-Y. Adjusted for Realised/ Unrealised Gain on Investments, Core Non-Interest Income up 23.4% YoY § Q3 FY24 Operating Expenses at INR 2,347 Cr, up 10.6% Y-o-Y and only 0.6% Q-o-Q. Adjusted for PSLC costs, Operating Expenses up 7.2% Y-o-Y and decline of 0.8% Q-o-Q § Operating profit for Q3 FY24 stands at INR 864 Cr, down 5.4% Y-o-Y and up 7.8% Q-o-Q § Q3 FY24 Provision costs (non-tax) at INR 555 Cr down 34.3% Y-o-Y § Q3 FY24 Net Profit at INR 231 Cr, up 349.2% Y-o-Y |
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| Balance Sheet | |||||
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§ Net Advances at INR 2,17,523 Cr, registered growth of 11.8% Y-o-Y
• Sustained improvement in Granularity – Retail & SME: Mid Corp.: Corp. mix at 63:14:23 vs. 58:13:29 last year and 63:14:23 last quarter • Retail Advances mix at 47.4% vs. 44.0% in Q3 FY23 and 48.0% last quarter • New Sanctions / Disbursements of INR 28,498 Cr in Q3 FY24 o Gross Retail Assets Disbursements of INR 9,769 Cr in Q3 FY24 o Rural Disbursements of INR 1,126 Cr o SME Disbursements1 of INR 8,265 Cr o Mid Corporate Disbursements of INR 1,108 Cr § Total Balance Sheet grew 10.7% Y-o-Y § CD Ratio at 89.9% vs. 89.7% in Q3 FY23 and 89.2% last quarter § Total Deposits at INR 2,41,831 Cr, up 13.2% Y-o-Y and 3.2% Q-o-Q • CASA ratio at 29.7% vs. 29.9% in Q3 FY23 and 29.4% Q-o-Q • 3.98 lakh new CASA Accounts opened in Q3 FY24 • Retail and Small Business Deposits (Gross LCR Definition) grew 16.8% Y-o-Y § Average Quarterly LCR during the quarter remains healthy at 118.4%; LCR as on December 31, 2023 at 117.8% § CET 1 ratio at 12.6%2: Total CRAR at 16.3%2 • RWA to Total Assets at 71.1% vs. 71.0% in Q3 FY23 and 70.7% in Q2 FY24 § Investments at INR 79,333 Cr up 16.0% Y-o-Y § Borrowings at INR 79,381 Cr up 15.2% Y-o-Y |
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| 1 Includes limit set-ups
2 Includes Profits for Q3 FY24
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| Asset Quality | |||||
| § (NNPA + net carrying value of SR) as % of Advances at 1.7% in Q3 FY24 v/s. 2.0% in Q2 FY24
• GNPA ratio at 2.0% flattish in Q3 FY23 and Q2 FY24 • NNPA ratio at 0.9% vs. 1.0% in Q3 FY23 and 0.9% in Q2 FY24 § Gross Slippages for Q3 FY24 at INR 1,233 Cr v/s. INR 1,610 Cr in Q3 FY23 and INR 1,199 Cr in Q2 FY24 • Slippages Net of Recoveries and Upgrades, at INR 574 Cr vs. INR 543 Cr last quarter § Overdue Book of 31-90 days Q-o-Q at: INR 4,378 Cr vs INR 3,898 Cr last quarter • 31-60 days book at INR 2,327 Cr vs INR 1,477 Cr last quarter • 61-90 days book at INR 2,051 Cr vs INR 2,421 Cr last quarter § Resolution Momentum continues to be strong with Recoveries & Upgrades for Q3 FY24 at INR 1,316 Cr. YTDFY24 cumulative recoveries and upgrades at INR 3,869 Cr |
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| Digital & Other Highlights/ Achievements | |||||
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§ One of the four Banks live as both Acquirer and Issuer for ICCW Services (Interoperable Cardless Cash Withdrawal) – facilitates withdrawal of cash from ATMs through UPI without using their Card § YES BANK tops Indian Banks with highest S&P Global ESG Score in 2023 § Senior Management Appointments during quarter: Mr. Tushar Patankar as Chief Risk Officer and Mr. Rajat Chhalani as Chief Compliance Officer § Included in BSE Next 50 and BSE 100 Indices |
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