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Yes Bank Q1 Results FY22-2023

23 July 2022

Private sector lender Yes Bank posted its Q1 FY23 results on July 23, 2022. The bank reported a 50% YoY (Year on Year) jump in its net profit which came in at Rs 311 crore for the quarter under review from Rs 207 crore in the year ago period. However, the net profit was down sequentially by 15.5% QoQ (Quarter on Quarter) to Rs 311 crore from Rs 367 crore in the previous quarter.

However, the bank’s operating profit took a hit of 23.8% QoQ and 19.5% YoY and came in at Rs 590 crore for Q1 FY23 from Rs 774 crore and Rs 773 crore in Q4 FY22 and Q1 FY22 respectively. The Net Interest Income (NII) on the other hand was up 32% YoY at Rs 1,850 crore from Rs 1,402 crore in the year ago period. On a sequential level, the NII was up a mere 1.7%.

The total deposits in Yes Bank grew by 18.3% YoY to Rs 1.93 lakh crore from Rs 1.63 lakh crore in the corresponding quarter in the year ago period. However, the total deposits were down by 2% QoQ. This trickled down to the bank’s total assets which were up nearly 17% YoY to Rs 3.18 lakh crore from Rs 2.72 lakh crore in the year ago period, but was largely flat on a QoQ basis. Yes Bank’s CASA ratio too improved by 3.4% and came in at 30.8% from 27.4% in the year ago period. However, this was a dip from a CASA ratio of 31.1% reported in the previous quarter.

Yes Bank has also brought its NPA (Non-Performing Assets) down. Its Gross NPA came in at 13.4% in Q1 FY23 from 13.9% in Q4 FY22 and 15.6% in Q1 FY22. Meanwhile, the Net NPA was down to 4.2% in Q1 FY23 from 4.5% in Q4 FY22 and 5.8% in Q1 FY22.

Hits of Yes Bank Q1 Results 2023

  • Net profit up 50% YoY at Rs 311 crore for the quarter under review from Rs 207 crore in the year ago period
  • Net Interest Income at Rs 1,850 crore grew 32% YoY
  • New Disbursements of Rs 22,636 crore in Q1 FY23, up 87% YoY and 14% QoQ
  • Net Interest Margin came in at 2.4% up nearly 30 base points YoY
  • Operating Profit came in at Rs 590 crore in Q1 FY23
  • Retail momentum continues with gross disbursements at an all-time high of Rs 11,863 crore
  • Slippages continue to trend lower - for Q1 FY23 at Rs 1,072 crore from Rs 2,233 crore in Q1 FY21
  • Opened 12 new branches and added 812 employees in Q1 FY23

Misses of Yes Bank Results

  • Net profit was down by 15.5% QoQ to Rs 311 crore from Rs 367 crore in the previous quarter
  • Operating profit down by 3.8% QoQ and 19.5% YoY and came in at Rs 590 crore for Q1 FY23 from Rs 774 crore and Rs 773 crore in Q4 FY22 and Q1 FY22 respectively

Segment-wise revenue of Q1 Result of Yes Bank

  • Treasury: Revenue down 14% YoY to Rs 1,504 crore from Rs 1,749 crore in the year ago period
  • Corporate Banking: Revenue down 11% YoY to Rs 2,303 crore from Rs 2,592 crore in the year ago period
  • Retail Banking: Revenue up 54% YoY to Rs 2,429 crore from Rs 1,575 crore in the year ago period
  • Other Banking Operations: Revenue up 54% YoY to Rs 134 crore from Rs 87 crore in the year ago period

What the Management says about Yes Bank Quarterly Results for FY22-2023

Commenting on the results and financial performance, Prashant Kumar, MD & CEO, Yes Bank said, “Q1FY23 has been a stable quarter with progress across fresh disbursements momentum, improving granularization of assets, steady profitability and consistently improving Asset Quality metrics. The Balance Sheet is now resilient to navigate the volatile Interest Rate environment, and the Bank remains on track to achieve the FY23 as well as medium term guidance and objectives. More importantly, during the quarter, the Bank has successfully come out of the Reconstruction Scheme with formation of the alternate Board. In addition, term sheet has been signed for sale of identified pool of stressed assets to the ARC. Successful sale of stressed Assets will be the largest such deal in India and a significant milestone in the Bank’s new journey.”

Other things to know about Yes Bank

  • Bank signed a binding term sheet with partner JC Flowers to form an ARC with the objective of acquiring an identified pool of up to Rs 48,000 crores of Stressed Assets of the Bank.
  • Bank has successfully come out of Reconstruction Scheme and the RBI has withdrawn its additional directors appointed on the Board.
  • Yes Bank’s P/E ratio is at 33.67 against the industry average of 19.43
  • The bank’s P/B ratio is at 1.06 against the industry average of 2.11.

To read the RA disclaimer, please click here
Research Analyst: Bavadharini KS

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