core sector communique

YES BANK announces Q2FY11 and H1FY11 Financial Results

§         Net Profit of ` 176.3  crore in Q2FY11; y-o-y growth of 57.8%

§         Net Profit of ` 332.6 crore in H1 FY10 ; y-o-y growth of 57.1 %

§         Loan growth of 86.3%, Deposit growth of 106.6% y-o-y

§         Total Assets at ` 51,796.3 crores; y-o-y  growth of 96.4%

Highlights for Second Quarter ended Sept 30, 2010 (Q2FY11)

 

• Net Profit up 57.8% to ` 176.3 cr (` 111.7 cr in Q2FY10)
• Net Interest Income up 77.9% to ` 313.2 cr (` 176.0 cr in Q2FY10)
• Non Interest Income at ` 131.0 cr (` 135.5 Cr in Q2FY10) 
• Operating Profit up 46.7% to ` 281.4 cr (` 191.8 cr in Q2FY10)
• Net Interest Margin at 3.0% (3.1% in Q2FY10)
• Cost to Income ratio of 36.6% (38.4% in Q2FY10)
• Return on Average Assets -RoA(annualized) of 1.52%; at or above 1.5% over past 8 quarters
• Return on Equity-RoE (annualized) of 20.9%; approximately 20% or above over past 8 quarters
• Basic EPS of ` 5.13 and Diluted EPS of ` 4.92

 

Highlights for Half Year ended Sept 30, 2010 (H1FY11)

 

• Net Profit up 57.1% to ` 332.6 cr (` 211.8 cr in H1FY10)
• Net Interest Income up 72.8% to ` 575.3 cr (` 332.9 cr in H1FY10)
• Non Interest income at ` 274.8 cr (` 287.6 Cr in H1FY10) 
• Operating Profit up 36.1% to ` 530.4 cr (` 389.6 cr in H1FY10)
• Net Interest Margin at 3.0% (3.1% in H1FY10)
• Cost to Income ratio of 37.6% (37.2% in H1FY10)
• Return on Average Assets – RoA  of 1.51%
• Return on Equity – RoE of 20.2%
• Basic EPS of ` 9.73 and Diluted EPS of ` 9.34

 

    Other Key Highlights as at Sept 30, 2010

 

• Advances up 86.3% to ` 30,348.1 cr (` 16,294.3 cr at Sept 30, 2009)
• Deposits up 106.6% to ` 40,013.7 cr (` 19,365.1 cr at Sept 30, 2009) 
• Basel II Capital Adequacy Ratio of 19.4% (Tier I – 11.0%)
• Gross NPA at 0.22% of Gross Advances (0.31% as at Sept 30, 2009)
• Net NPA at 0.06% of Net Advances (0.08% as at Sept 30, 2009)
• Specific provisioning cover at 74.7% (74.9% as at Sept 30, 2009)  
• Book value per share of ` 100.87 (` 61.85 as at Sept 30, 2009)

 

Mumbai, October 20, 2010: The Board of Directors of YES BANK Ltd. took on record the un-audited Q2FY11 and audited H1FY11 results at its meeting held in Mumbai today.

 

Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK has once again delivered robust financial performance with record profit of ` 176.3 crores. This has been achieved on the back of sustainable net interest income growth of 77.9% and growth in advances of 86.3%        y-o-y. We continue to maintain high productivity and have managed to maintain RoAs at or above of 1.5% over the past 8 quarters. YES BANK has successfully raised over      ` 1,170 crore through Upper (` 640 cr.) as well as Lower Tier II (` 306 cr.), and Tier I Perpetual Bonds (` 225 cr.) in Q2FY11, which truly demonstrates market appetite for YES BANK’s long term debt, and also allows the Bank to maintain comfortable levels of capital to fund growth plans. This capital raising initiative is in line with our Version 2.0 objective to further propel our Retail/SME/ Commercial Banking initiatives, and provide further acceleration in building our CASA and fixed deposits granularity.”