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Yes Bank is a private sector bank in India with a balance sheet size of ₹ 3.4 lakh crore as on December 2022.

• The bank has a footprint of 1145 branches across India
• Retail and SME comprise ~57% of total net advances

• As a part of RBI’s Reconstruction Scheme 2020, State Bank of India initially infused capital of ₹6050 crore for a ~48% stake in Yes Bank. Under this scheme, the minimum price was ₹10 per share and it also contained a lock-in period of 3 years till March 2023 for all investors where-in no one can sell old shares in secondary market for 3 years. Additionally, under this scheme State Bank of India must hold at least 26% until March 2023.
• State Bank of India’s original ~48% stake has reduced to ~26% as of December 2022 due to fund raising dilutions over time
• We expect Yes Bank share prices to remain volatile as the lock-in period (prohibiting shares sale) ended on 13th March 2023 as cash transfer happened on 14^th March 2020.

YES Bank announced Q4FY24 & FY24 results:

• Net Profit for Q4FY24 stands at Rs 452 crore, up 123.2% YoY and 95.2% QoQ. For FY24, Net Profit is at Rs 1,251 crore, up 74.4% YoY.
  • Net Interest Margins (NIMs) for Q4FY24 remain steady QoQ at 2.4%.
  • Non-Interest Income experiences strong momentum with diverse fee streams: Q4FY24 up 56.3% YoY and 31.3% QoQ. FY24 Non-Interest Income up 38.8% YoY.
  • Negligible Priority Sector Lending (PSL) shortfall for FY24 through a combination of organic balance increases and PSL Certificate (PSLC) purchases, ensuring compliance with Small and Marginal Farmers (SMF) and Weaker Section requirements.
  • Net Provision Costs decrease (down 23.8% YoY for Q4FY24 and 15.0% YoY for FY24).
  • Return on Assets (RoA) for Q4FY24 at 0.5% compared to 0.2% in Q3FY24 & Q4FY23.
  • Non-Core/One-off gains utilized for further improving Asset Quality metrics and Provision Coverage Ratio.
• Balance Sheet crosses Rs 4 lakh crore during the Quarter.
  • Robust Deposit accretion (up 22.5% YoY and 10.1% QoQ) and improvement in Current Account Savings Account (CASA) Ratio to 30.9%.
  • Net Advances Growth (excluding reverse repo) at 13.8% YoY, supported by sustained growth in Small and Medium Enterprises (SME) and Mid Corporate Advances (25% YoY) and resumption of growth in the Corporate segment.
• Asset Quality metrics continue to improve: Gross Non-Performing Assets (GNPA) at 1.7%, Net Non-Performing Assets (NNPA) at 0.6%, and Provision Coverage Ratio (PCR) at 66.6%. GNPA and NNPA Ratio each down 30 bps QoQ, while PCR up 10 percentage points.
  • Strong Resolution momentum with recoveries and resolutions at Rs 2,092 crore in Q4FY24 and Rs 5,978 crore in FY24.
  • 60 bps QoQ reduction in (NNPA net carrying value of Security Receipts) % to 1.1% of Advances
• PayTM Partnership expands service offerings to existing and new Consumers and Merchants, as well as settlement services.
• Post March 31, 2024, CA Basque Investments (affiliate of the Carlyle Group) exercises its Warrants, increasing CET-I% to 12.7%.
• Principal sponsor - Indian Olympic Association (IOA) for Paris Olympics 2024, serving as their Official Banking Partner for Team India.

Commenting on the results and financial performance, Prashant Kumar, Managing Director & CEO, YES Bank said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5%. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilized for strengthening the Asset Quality metrics- for instance, the NNPA Net Carrying value of SRs have more than halved over the course of the year to 1.1% from 2.4% in FY23.

Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% YoY for first time in last 8 quarters. Importantly, despite challenging environment during the course of the year, our CASA ratio has expanded 10 bps YoY to 30.9%. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap.”

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