Yes Bank jumped around 9 per cent on robust Q3 result
Chirag Gothi / 29 Jan 2016
Yes Bank, private sector lender, has reported 25 per cent growth at net profit for the quarter ended December 31, 2015. Stock price jumped around 6 per cent after declaring the result. The bank post net profit at Rs 675.7 crore in Q3FY16 as against net profit of Rs 540.3 crore in the corresponding quarter a year ago.
Yes Bank, private sector lender, has reported 25 per cent growth at net profit for the quarter ended December 31, 2015. Stock price jumped around 6 per cent after declaring the result.
The bank posted 25.1 per cent Y-o-Y rise in its net profit at Rs 675.7 crore in Q3FY16 as against net profit of Rs 540.3 crore in the corresponding quarter a year ago.
Net Interest Income (NII), difference between interest earned and interest paid, also grew 27.3 per cent quoting Rs 1,157.0 crore in Q3FY16 against Rs 909 crore in the corresponding quarter last fiscal on account of strong growth in advances and expansion in NIM to 3.4 per cent from 3.2 per cent in Q3FY15.
Current and Savings Account (CASA) deposits jumped by 45.1 per cent Y-o-Y to Rs 27,019.4 crore along with the CASA ratio, which expanded by 400 bps to 26.6 per cent as on December 31, 2015, up from 22.6 per cent as on December 31, 2014. Further, SA deposits grew by 64.1 per cent to Rs 17,867.5 crore from Rs 10,888.2 crore as on December 31, 2014.
Total advances grew by 26.7 per cent to Rs 84,396.2 crore as on December 31, 2015. Corporate Banking accounted for 67.2 per cent of the Advances portfolio, while Retail & Business Banking constituted 32.2 per cent.
Non Interest Income increased by 39 per cent Y-o-Y to Rs 746 crore in Q3FY16 owing to continued growth across all streams.
The Bank’s Asset quality continued to show resilience in the quarter. Gross Non Performing Advances as a proportion of Gross Advances was at 0.66 per cent while Net Non Performing Advances as a proportion of Net advances was at 0.22 per cent as on September 30, 2015. The Bank’s specific loan loss Provision Coverage was at 66.5 per cent as on December 31, 2015.
For nine months ended December 31, 2015, the company’s net profit grew by 26.33 per cent to Rs 1,837.34 core. The company's Net Interest Income (NII) stands at Rs 3,325.28 crore registering growth of 32.44 per cent Y-o-Y.
On valuation front, the stock traded at 2.3 times of the adjusted book value of Rs 318.8 per share as on December 31, 2015. The stock is currently trading at Rs 733, up by 8.9 per cent.
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