YES Bank reported strong results for Q4 FY15 with net interest income and net profit rising 35.78% and 28.07% respectively. Total advances grew 35.8% to Rs. 755498 million and deposits grew 22.9% to Rs. 911758 million. Asset quality was maintained with gross NPAs at 0.41% and net NPAs at 0.12%. The bank is well capitalized with a CRAR of 15.6% and tier 1 capital at 11.5%. On the basis of continued growth, the report recommends buying YES Bank shares with a target price of Rs. 920.
This report seeks to provide an overview of the various sources of financing in India, looking at the trends for the last few years as well the outlook over the next year.
The Bombay Stock Exchange is an Indian stock exchange located at Dalal Street, Mumbai. Established in 1875, the BSE is Asia’s first stock exchange. More than 5000 Companies are registered under this exchange.
Total M. Cap of the company is around 4K Cr. SBI Ltd, LIC Ltd & Small Cap World Fund Inc, Bajaj Holdings & Investment Ltd are the strategic investors. CMP as on 23/03/2018 is 738.
Bajaj Finance Q1FY15: Net profit jumps to Rs2113.60 mn, up 20.27%; BuyIndiaNotes.com
During Q1FY14, Bajaj Finance's net profit jumps to Rs. 2113.60 million from Rs. 1757.40 million over the corresponding quarter last year, registered a growth of 20.27% y-o-y. Investors are recommended to buy the stock for a price target of Rs.2385.00.
This report seeks to provide an overview of the various sources of financing in India, looking at the trends for the last few years as well the outlook over the next year.
The Bombay Stock Exchange is an Indian stock exchange located at Dalal Street, Mumbai. Established in 1875, the BSE is Asia’s first stock exchange. More than 5000 Companies are registered under this exchange.
Total M. Cap of the company is around 4K Cr. SBI Ltd, LIC Ltd & Small Cap World Fund Inc, Bajaj Holdings & Investment Ltd are the strategic investors. CMP as on 23/03/2018 is 738.
Bajaj Finance Q1FY15: Net profit jumps to Rs2113.60 mn, up 20.27%; BuyIndiaNotes.com
During Q1FY14, Bajaj Finance's net profit jumps to Rs. 2113.60 million from Rs. 1757.40 million over the corresponding quarter last year, registered a growth of 20.27% y-o-y. Investors are recommended to buy the stock for a price target of Rs.2385.00.
Telecom tower operator Viom Networks is reportedly planning for an initial public offering (IPO) by the end of the year The company is planning an IPO to fund growth and acquisitions, according to reports. A report said that the
company has revived talks to sell a stake to American Tower Corp (ATC). The company is expecting a valuation of around Rs 25,000 crore in an IPO, chief executive Syed Safawi added.
Managerial finance
Bank Dhofar cost of capital
Bank Dhofar Background
Share Price movement for the year 2015
Why Bank Dhofar?
The Analysis
Beat Calculation
Comparison between risk and return in 2012 and 2013
Calculating WACC
WACC Calculation using Book Value:
WACC Calculation using Market Value:
Summary
References
SKS Microfinance Q1FY15: NII up 41% to Rs890 mn; BuyIndiaNotes.com
In Q1FY15, SKS Microfinance's Net profit jumps to Rs. 493.21 mn an increase of 892.37%. Net interest income grew by 41% to Rs. 890 mn in Q1FY15 from Rs. 630 mn in Q1FY14. Maintain buy
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Firstcall recommend this banking scrip on a strong Q4FY15
1. 4
CMP 822.00
Target Price 920.00
ISIN: INE528G01019
JUNE 18th
, 2015
YES BANK LTD.
Result Update (PARENT BASIS): Q4 FY15
BUYBUYBUYBUY
Stock Data
Sector Banking
BSE Code 532648
Face Value 10.00
52wk. High / Low (Rs.) 910.00/502.20
Volume (2wk. Avg ) 346000
Market Cap ( Rs in mn ) 343382.28
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY15A FY16E FY17E
Interest Earned 115720.00 129027.80 141930.58
Total Income 136184.60 152562.09 168288.98
Net Profit 20053.60 21376.16 25247.69
EPS 48.00 54.11 60.44
P/E 17.12 15.19 13.60
Shareholding Pattern (%)
1 Year Comparative Graph
YES BANK LTD. BSE SENSEX
Highlights
YES BANK reported strong 4th quarter results with
Net Interest Income and Net Profit rising by
35.78% and 28.07% respectively.
Net interest Income, core income of the bank rose
from Rs. 7195.90 mn to Rs. 9770.70 mn in Q4
FY15.
Net Profit in Q4 FY15 Jumps to Rs. 5509.90 mn
from Rs. 4302.10 mn in corresponding quarter of
previous year.
Total Advances grew by 35.8% to Rs. 755498.00
mn as at March 31, 2015.
Non Interest Income increased by 32.5% y-o-y to
Rs. 5904.00 mn for Q4 FY15.
The Bank has recommended a final dividend @
90% i.e. Rs. 9.00/- per share on face value of Rs.
10.00/- each for the financial year 2015.
Yes Bank Ltd has approved the proposal to seek
final approval of Shareholders for increase in the
limit for the FII / FPI of upto 74% of the paid up
share capital of the Bank.
Current and Savings Account (CASA) deposits
grew by 29.0% y-o-y to Rs.210790.00 mn taking
the CASA ratio to 23.1% as at March 31, 2015.
Gross NPA as a proportion of Gross Advances was
at 0.41%, while Net NPA as a proportion of Net
advances was at 0.12% as at Mar 31, 2015.
Total Deposits grew by 22.9% to Rs.911758.00 mn
as at March 31, 2015.
The Bank’s Balance Sheet grew by 24.9% to Rs.
1361710.00 mn as at March 31, 2015.
YES BANK’s total branch and ATM network stands
at 630 branches and 1,190 ATMs as on March 31,
2015.
PEER GROUPS CMP MARKET CAP. EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
YES Bank Ltd. 822.00 343382.28 48.00 17.12 2.94 90.00
ICICI Bank Ltd. 303.05 1760471.20 19.25 15.75 2.40 300.00
Axis Bank Ltd. 549.65 1305373.40 30.98 17.74 3.41 230.00
IndusInd Bank Ltd 823.15 437568.40 33.74 24.40 4.84 40.00
2. Analysis & Recommendation - BUY
YES BANK reported strong 4th quarter results with Net Interest Income and Net Profit rising by 35.78% and
28.07% respectively. Net interest Income, core income of the bank rose from Rs. 7195.90 mn to Rs. 9770.70 mn
in Q4 FY15. Net Profit Jumps to Rs. 5509.90 mn in Q4 FY15 from Rs. 4302.10 mn in corresponding quarter of
previous year. Non Interest Income increased by 32.5% y-o-y to Rs. 5904.00 mn for Q4 FY15. Both Treasury
operation segment and retail segment have grown by 43.77% and 72.06% YOY.
Advances and deposits grew by 35.8% and 22.9% at Rs. 755498.00 mn and Rs. 911758.00 mn respectively as
at 31 March, 2015. YES Bank has delivered another steady quarter with healthy growth in Net Profit of 28.07%
driven by sustained increase in NII, expanding NIMs and stable asset quality. Further, the Bank continued its
focus on building granularity in deposits demonstrated by Retail deposit contribution of 72.06% as on March
31, 2015. YES BANK has signs up MoU with OPIC, Us Governments Development finance Institution, and Wells
Fargo for financing Small Businesses for up to US$ 220.00 mn. The bank has approved a capital raising fund of
upto US$ 1 billion by way of QIP or any other international offering such as ADR/GDR. Yes bank has approved
setting up an IBU in the GIFT City, as per regulatory approvals, which will allow the bank to establish
operations to cater to global requirements of Indian companies and also allow the bank to access international
funding competitive rates. The bank has satisfied with the trust and faith shown by the institutional and retail
shareholders on the Board of Directors, Bank’s performance, growth plans and decisions to maintain the
highest professional standards of the Bank’s management team. Further, with the enabling approvals in place,
YES BANK is fully geared up to capitalize on the renewed economic momentum and achieve its Vision of
emerging the finest large bank in India by 2020. Thus we recommend ‘BUY’ for the scrip with the target
price of Rs. 920.00 for medium and long term.
Company Profile
YES BANK, India’s fifth largest private sector Bank, is a state-of-the-art high quality, customer-centric, service-
driven Bank catering to the “Future Businesses of India”. The bank provides services in Corporate and
Institutional Banking, Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and
Transaction Banking, and Wealth Management business lines across the country, and is well equipped to offer a
range of products and services to corporate and retail customers.
YES BANK has adopted international best practices, the highest standards of service quality and operational
excellence, and offers comprehensive banking and financial solutions to all its valued customers. The Bank has
received numerous recognitions for its world-class IT infrastructure, and payments solutions, as well as
excellence in Human Capital. YES BANK’s total branch’s and ATM network now stands at 630 branches and 1,190
ATMs as on March 31, 2015. BSE has signed a first of its kind Memorandum of Understanding (MoU) with YES
BANK.
3. Awards & Recognitions
• YES BANK has won multiple awards at The Asian Banker Achievement Awards programmes held in Hong
Kong. YES BANK won the following awards :
Best Trade Finance Bank in India – The Asian Banker Transaction Banking Awards 2015.
Best Corporate Trade Finance Deal in India - The Asian Banker Bankers’ Choice Awards 2015.
Best Cash Management Project in India - The Asian Banker Bankers’ Choice Awards 2015.
The Enterprise Risk Technology Implementation of the Year (Asia) – The Asian Banker Risk Management
Awards
QUARTERLY HIGHLIGHTS (PARENT BASIS)
Q4 FY15
YES Bank Ltd. has achieved total interest earned of Rs. 30883.90 million for the 4th quarter of the financial year
2015 as against Rs. 25680.50 million in the corresponding quarter of the previous year. Net Interest Income, core
income of the bank rose by 35.78% at Rs. 9770.70 mn in Q4 FY15. Other income stood at Rs. 5904.40 mn against
Rs. 4455.20 mn in corresponding quarter of previous year. Operating profit for Q4 FY15 was up 37.78% to Rs.
9375.00 mn driven by strong growth in Net Interest Income and Non Interest Income.
Asset Quality
Gross Non Performing Advances as a proportion of Gross Advances was at 0.41%, while Net Non Performing
Advances as a proportion of Net advances was at 0.12% as at Mar 31, 2015. Bank’s specific loan loss Provision
Coverage was at 72.0% as at March 31, 2015. Total Restructured Advances (excluding NPAs) stand at Rs.
3819.00 mn as at 31st, Mar 2015. This represents 0.5% of the Gross Advances.
Particulars (In Rs. Mn) Mar-14 Mar-14 % Chng
Interest Earned 30883.90 25680.50 20.26
Net Interest Income 9770.70 7195.90 35.78
Net Profit 5509.90 4302.10 28.07
Other Income 5904.40 4455.20 32.53
Operating income 9375.00 6804.40 37.78
Asset Quality Q4 FY15 Q4 FY14 Change %
Gross NPAs 3134.00 1749.30 79
Net NPAs 877.20 260.70 236
Gross NPA % 0.41% 0.31% 10 BP
Net NPAs % 0.12% 0.05% 7 BP
4. Capital Funds:
As per Basel III, Tier I Capital stood at 11.5% and total CRAR stood at 15.6% as at March 31, 2015. Total Capital
funds stood at Rs. 161513.00 million as at March 31, 2015.
Segment-wise Revenue
Particulars (Rs.mn.) Q4 FY15 Q4 FY14 Chng %
Corporate 23659.60 19591.70 20.76%
Treasury 9563.50 6652.00 43.77%
Retail 2739.60 1592.20 72.06%
Other Operations 290.10 180.40 60.81%
Latest Updates
• Yes Bank Ltd has approved the proposal to seek final approval of Shareholders for increase in the limit for
the FII / FPI of upto 74% of the paid up share capital of the Bank from the existing limit of 49% of the paid up
share capital.
• YES BANK, has successfully completed ISO 14001 certification for 79 of its locations including all major
branches and 3 corporate offices. In 2014, it became the first bank in India to qualify for ISO 14001:2004
Certification. Bank reported that its international foray by launching its first International representative
office in Abu Dhabi, U.A.E.
• For Q4 FY15, Net Interest Income grew by 35.78% y-o-y to Rs. 9770.70 mn on account of robust growth in
advances.
• Current and Savings Account (CASA) deposits grew by 29.0% y-o-y to Rs.210790.00 mn taking the CASA ratio
to 23.1% as at March 31, 2015 up from 22.0% as at March 31, 2014.
• Total Deposits grew by 22.9% to Rs.911758.00 mn as at March 31, 2015. The Bank’s Balance Sheet grew by
24.9% to Rs. 1361710.00 mn as at March 31, 2015.
• YES BANK’s total branch and ATM network stands at 630 branches and 1,190 ATMs as on March 31, 2015.
• Total Advances grew by 35.8% to Rs. 755498.00 mn as at March 31, 2015.
• The Bank’s RoA expanded to 1.7% for from 1.6% in Bank’s RoE stood at 19.0% for Q4 FY15.
5. Financial Statements & Estimations (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as on March 31st, 2014 to 2017E
YES BANK LTD FY14A FY15A FY16E FY17E
CAPITAL AND LIABILITIES
Capital 3606.30 4177.40 4177.40 4177.40
Reserves and Surplus 67611.10 112622.50 133998.66 158118.42
Deposits 741920.20 911758.50 1075875.03 1242635.66
Borrowings 213142.90 262204.00 301534.60 337718.75
Other Liabilities and Provisions 63877.40 70941.70 78035.87 84278.74
Total Liabilities 1090157.90 1361704.10 1593621.56 1826928.97
ASSETS
Cash and Balances with Reserve Bank of India 45415.70 52406.50 59219.35 65733.47
Balances with Banks and Money at Call and Short notice 13501.00 23165.00 30577.80 38528.03
Investments 409503.60 466052.40 517318.16 569049.98
Advances 556329.60 755498.20 918845.03 1083146.48
Fixed Assets 2934.70 3189.70 3444.88 3686.02
Other Assets 62473.30 61392.30 64216.35 66785.00
Total Assets 1090157.90 1361704.10 1593621.56 1826928.98
Annual Profit & Loss Statement for the period from 2014 to 2017E
Value(Rs. mn) FY14A FY15A FY16E FY 17E
Description 12m 12m 12m 12m
Interest Earned 99813.50 115720.00 129027.80 141930.58
Other Income 17215.80 20464.60 23534.29 26358.40
Total income 117029.30 136184.60 152562.09 168288.98
Interest Expended -72650.90 -80841.70 -89584.00 -97932.10
Gross Interest Income 44378.40 55342.90 62978.09 70356.88
Operating Expenses -17498.70 -22847.10 -25676.53 -28528.05
Operating Profit 26879.70 32495.80 37301.56 41828.84
Provisions and Contingencies -3616.90 -3394.70 -4252.38 -4852.15
Profit Before Tax 23262.80 29101.10 33049.18 36976.69
Tax -7085.00 -9047.50 -10443.54 -11729.01
Profit After Tax 16177.80 20053.60 22605.64 25247.69
Equity Capital 3606.30 4177.40 4177.40 4177.40
Reserves 67611.10 112622.50 133998.66 158118.42
Face Value (Rs.) 10.00 10.00 10.00 10.00
EPS 44.86 48.00 54.11 60.44
6. Quarterly Profit & Loss Statement for the period from 30th Sept 2014 to 30th June 2015E
Value(Rs. mn) 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15E
Description 3m 3m 3m 3m
Interest Earned 28323.50 29716.60 30883.90 31671.44
Other Income 5056.20 5368.10 5904.40 6057.91
Total income 33379.70 35084.70 36788.30 37729.35
Interest Expended -19759.50 -20626.40 -21113.20 -22138.34
Gross Interest Income 13620.20 14458.30 15675.10 15591.02
Operating Expenses -5448.80 -5831.00 -6300.10 -6429.30
Operating Profit 8171.40 8627.30 9375.00 9161.72
Provisions and Contingencies -1195.10 -698.60 -1263.60 -907.01
Profit Before Tax 6976.30 7928.70 8111.40 8254.71
Tax -2150.90 -2525.80 -2601.50 -2616.74
Profit After Tax 4825.40 5402.90 5509.90 5637.96
Equity Capital 4161.00 4172.60 4177.40 4177.40
Face Value (Rs.) 10.00 10.00 10.00 10.00
EPS 11.60 12.95 13.19 13.50
Ratio Analysis
Particulars FY14A FY15A FY16E FY17E
EPS (Rs.) 44.86 48.00 54.11 60.44
Operating Profit Margin (%) 26.93% 28.08% 28.91% 29.47%
PAT Margin (%) 16.21% 17.33% 16.57% 17.79%
P/E Ratio (x) 18.32 17.12 15.19 13.60
ROE (%) 22.72% 17.17% 15.47% 15.56%
ROCE (%) 2.62% 2.52% 2.46% 2.40%
Debt-Equity Ratio 13.41 10.05 9.97 9.74
Book Value (Rs.) 197.48 279.60 330.77 388.51
P/BV (x) 4.16 2.94 2.49 2.12
8. Industry Overview
According to the Reserve Bank of India (RBI), the banking sector in India is sound, adequately capitalised and
well-regulated. Indian financial and economic conditions are much better than in many other countries of the
world. Credit, market and liquidity risk studies show that Indian banks are generally resilient and have
withstood the global downturn well.
With a sense of optimism slowly creeping in, the banking industry expects that 2015 will bring better growth
prospects. This optimism stems from factors such as the Government working hard to revitalise the industrial
growth in the country and the RBI initiating a number of measures that would go a long way in helping the banks
to restructure. The recent announcements of RBI, it is felt, are a clear pointer to the future of the restructured
domestic banking industry.
Market Size
The Indian banking sector is fragmented, with 46 commercial banks jostling for business with dozens of foreign
banks as well as rural and co-operative lenders. State banks control 80 percent of the market, leaving relatively
small shares for private rivals.
At the end of February, 13.7 crore accounts had been opened under Pradhanmantri Jan Dhan Yojna (PMJDY) and
12.2 crore RuPay debit cards were issued. These new accounts have mobilised deposits of Rs 12,694 crore (US$
2.01 billion).
Standard & Poor’s estimates that credit growth in India’s banking sector would improve to 12-13 per cent in
FY16 from less than 10% in the second half of CY14.
Investments/developments
There have been many investments and developments in the Indian banking sector in the past few months.
• The United Economic Forum (UEF), an organisation that works to improve socio-economic status of the
minority community in India has signed a memorandum of understanding (MoU) with Indian Overseas Bank
(IOB) for financing entrepreneurs from backward communities to set up businesses in Tamil Nadu.
• The RBI has allowed third-party white label automated teller machines (ATM) to accept international cards,
including international prepaid cards, and said white label ATMs can now tie up with any commercial bank
for cash supply.
• In a major boost for the infrastructure sector, as well as for banks financing long gestation projects, the RBI
has extended its flexible refinancing and repayment option for long-term infrastructure projects to existing
ones where the total exposure of lenders is more than Rs 5000.00 mn (US$ 78.98 million).
9. • With the objective of increasing investment opportunities for Indian alternative investment funds (AIFs), the
RBI has allowed these funds to invest overseas.
• Syndicate Bank is planning to open 300-500 branches in the next financial year
• RBI governor and European Central Bank President has signed an MoU on cooperation in central banking.
“The memorandum of understanding provides a framework for regular exchange of information, policy
dialogue and technical cooperation between the two institutions.
• RBL Bank has announced that it would be the anchor investor in Trifecta Capital’s Venture Debt Fund, the
first alternative investment fund (AIF) of its kind in India with a commitment of Rs 500.00 mn (US$ 7.89
million). This move provides RBL Bank the opportunity to support the emerging venture debt market in
India.
• The RBI has allowed banks to become insurance brokers, permitting them to sell policies of different
insurance firms subject to certain conditions.
• Bandhan Financial Services Pvt. Ltd has raised Rs 16000.00 mn (US$ 252.69 million) from two international
institutional investors to help convert its microfinance business into a full service bank. Bandhan was one of
the two entities to get a banking licence in April 2014 along with infrastructure finance company IDFC Ltd.
• Yes Bank Ltd has signed an MoU with the US government’s development finance institution Overseas Private
Investment Corp (OPIC) to explore US$ 220 million of financing to lend to micro, small and medium
enterprises (MSMEs) in India.
• Reliance Industries Limited (RIL) has said that it has applied for a Payments Bank licence, where the
company will be the promoter and State Bank of India will be its joint venture partner with an equity
investment of up to 30 per cent.
• The RBI has allowed bonds issued by multilateral financial institutions like World Bank Group, the Asian
Development Bank and the African Development Bank in India as eligible securities for interbank borrowing.
The move will further develop the corporate bonds market, RBI said in a notification.
• The Competition Commission of India (CCI) has cleared the merger of ING Vysya Bank with Kotak Mahindra
Bank, which would create the country's fourth largest private sector lender. The proposed Rs 150000.00 mn
(US$ 2.36 billion) deal is not likely to have any appreciable adverse effect on competition in India.
• Tata Consultancy Services Ltd (TCS), India’s largest software services exporter, has announced that it has
expanded its presence in Singapore with the opening of a new 1,000-seat TCS Singapore banking and
10. financial services (BFS) centre. The new centre replaces a 500-seat centre opened in 2011 and will offer a
broader range of services to global banks in the Asia-Pacific region, with a major focus on digital offerings.
Government Initiatives
There have been a lot of developments in the Indian banking sector.
The Government has announced a capital infusion of Rs 69900.00 mn (US$ 1.1 billion) in nine state run
banks, including State Bank of India (SBI) and Punjab National Bank (PNB), but based on new efficiency
parameters such as return on assets and return on equity. In a statement, the finance ministry said, “This
year, the Government of India has adopted new criteria in which the banks which are more efficient would
only be rewarded with extra capital for their equity so that they can further strengthen their position."
The Union cabinet has approved the establishment of the US$ 100 billion New Development Bank (NDB)
envisaged by the five-member BRICS group as well as the BRICS “contingent reserve arrangement” (CRA).
The RBI has decided to allow nominated banks to import gold, including coins, on a consignment basis,
extending its clarification issued in November 2014, which had eased certain categories of gold imports.
To help Micro Small and Medium Enterprises (MSME), RBI has permitted setting up of an exchange-based
trading platform to facilitate financing of bills raised by such small entities to corporate and other buyers,
including government departments and PSUs.
Road Ahead
The Indian economy is now on the threshold of a major transformation, with expectations of policy initiatives
being implemented. Positive business sentiments, improved consumer confidence and more controlled inflation
should help boost the economic growth. Higher spending on infrastructure, speedy implementation of projects
and continuation of reforms will provide further impetus to growth. All this translates into a strong growth for
the banking sector too, as rapidly growing business turn to banks for their credit needs, thus helping them grow.
Also, with the advancements in technology, mobile and internet banking services have come to the fore. Banks in
India are focusing more and more to provide better services to their clients and have also started upgrading their
technology infrastructure, which can help improve customer experience as well as give banks a competitive edge.
Many banks, including HDFC, ICICI and AXIS are exploring the option to launch contact-less credit and debit
cards in the market soon. The cards, which use near field communication (NFC) mechanism, will allow customers
to transact without having to insert or swipe.
11. Outlook and Conclusion
At the current market price of Rs. 822.00 the stock P/E ratio is at 15.19 x FY16E and 13.60 x FY17E
respectively.
Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs. 54.11 and
Rs.60.44 respectively.
Net Income and PAT of the company is expected to grow at a CAGR of 12% & 16% over 2014 to 2017E
respectively.
Price to Book Value of the stock is expected to be at 2.49 x and 2.12 x for FY16E and FY17E respectively.
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 920.00 for Medium to Long term
investment.
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it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be
in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for
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