Yes Bank

Yes Bank's price/earnings (P/E) rose 125% to 37.3 in 2018

By Helgi Analytics - November 3, 2019

Yes Bank stock traded at INR 273 per share at the end 2018 implying a market capitalization of USD 9,125 mil. Since the end of 2013, th...

Yes Bank's share price (end of period) fell 8.96% to INR 273 in 2018

By Helgi Analytics - November 3, 2019

Yes Bank stock traded at INR 273 per share at the end of 2018 implying a market capitalization of USD 9,125 mil. Since the end of 2013,...

Yes Bank's net interest income rose 26.8% to INR 98.1 bil in 2018

By Helgi Analytics - November 3, 2019

Yes Bank generated total banking revenues of INR 145 bil in 2018, up 11.2% compared to the previous year. Historically, t...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 58.0 77.4 98.1
Net Fee Income INR bil 32.0 42.1 36.4
Other Income INR bil 10.2 10.9 10.4
Total Revenues INR bil 100 130 145
Operating Profit INR bil 58.5 77.1 78.5
Provisions INR bil 8.00 15.1 55.0
Net Profit INR bil 33.4 42.3 17.1
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 126 133 162
Customer Loans INR bil 1,323 2,035 2,414
Debt Securities INR bil 500 683 893
Total Assets INR bil 2,151 3,125 3,809
Shareholders' Equity INR bil 220 258 269
Interbank Borrowing INR bil 152 222 322
Customer Deposits INR bil 1,429 2,007 2,276
Issued Debt Securities INR bil 240 536 766
Ratios 2016 2017 2018
ROE % 18.7 17.7 6.49
ROA % 1.76 1.60 0.493
Costs (As % Of Assets) % 2.19 2.02 1.91
Costs (As % Of Income) % 41.6 40.8 45.8
Capital Adequacy Ratio % 17.0 18.4 16.5
Net Interest Margin % 3.05 2.93 2.83
Loans (As % Of Deposits) % 92.6 101 106
NPLs (As % Of Loans) % 1.52 1.29 3.27
Provisions (As % Of NPLs) % 46.9 ... ...
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 10,390 11,019 9,125
Share Price (End Of Period) INR 326 300 273
Price/Earnings (P/E) 21.1 16.6 37.3
Price/Book Value (P/BV) 3.20 2.73 2.37
Dividend Yield % 0.776 0.886 0.727
Earnings Per Share (EPS) INR 15.4 18.1 7.33
Book Value Per Share INR 102 110 115
Dividend Per Share INR 2.53 2.66 1.99

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summary Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                      
Net Interest Income INR bil         22.2 27.2 34.9 45.7 58.0    
Total Revenues INR bil         34.8 43.5 56.0 72.9 100    
Operating Profit INR bil         21.5 25.8 32.8 42.9 58.5    
Net Profit INR bil         13.0 16.1 20.0 25.3 33.4    
balance sheet                      
Interbank Loans INR bil         7.27 13.5 23.2 24.4 126    
Customer Loans INR bil         470 556 755 982 1,323    
Debt Securities INR bil         430 409 466 488 500    
Total Assets INR bil         991 1,090 1,361 1,652 2,151    
Shareholders' Equity INR bil         58.1 71.2 117 138 220    
Interbank Borrowing INR bil         129 114 99.3 105 152    
Customer Deposits INR bil         670 742 912 1,117 1,429    
Issued Debt Securities INR bil         81.6 101 166 215 240    
ratios                      
ROE %         24.8 24.9 21.3 19.9 18.7    
ROA %         1.51 1.55 1.63 1.68 1.76    
Costs (As % Of Assets) %         1.54 1.70 1.89 1.99 2.19    
Costs (As % Of Income) %         38.3 40.6 41.4 41.2 41.6    
Capital Adequacy Ratio % ...       16.2 14.4 15.6 16.5 17.0    
Net Interest Margin %         2.57 2.61 2.85 3.03 3.05    
Interest Income (As % Of Revenues) %         63.8 62.4 62.4 62.6 57.9    
Fee Income (As % Of Revenues) %         30.9 29.0 35.4 33.9 32.0    
Equity (As % Of Assets) %         5.86 6.53 8.57 8.33 10.2    
Loans (As % Of Deposits) %         70.2 75.0 82.9 87.9 92.6    
Loans (As % Assets) %         47.4 51.0 55.5 59.4 61.5    
NPLs (As % Of Loans) %         0.200 0.314 0.414 0.759 1.52    
Provisions (As % Of NPLs) %         92.6 85.1 72.0 62.0 46.9 ... ...
valuation                      
Market Capitalisation (End Of Period) USD mil         2,807 2,416 5,405 5,485 10,390    
Number Of Shares (Average) mil         1,829 1,824 2,089 2,141 2,169    
Share Price (End Of Period) INR         84.1 81.9 163 170 326    
Earnings Per Share (EPS) INR         7.11 8.83 9.56 11.8 15.4    
Book Value Per Share INR         31.7 39.0 55.9 64.3 102    
Dividend Per Share INR         1.18 1.58 1.80 1.96 2.53    
Price/Earnings (P/E)         11.8 9.27 17.1 14.4 21.1    
Price/Book Value (P/BV)         2.65 2.10 2.92 2.64 3.20    
Dividend Yield %         1.40 1.93 1.10 1.16 0.776    
Earnings Per Share Growth % ...       31.0 24.2 8.26 23.6 30.3    
Book Value Per Share Growth % ...       22.2 22.9 43.2 15.1 58.1    
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                      
Interest Income INR bil         82.9 99.8 116 135 164    
Interest Cost INR bil         60.8 72.6 80.8 89.7 106    
Net Interest Income INR bil         22.2 27.2 34.9 45.7 58.0    
Net Fee Income INR bil         10.8 12.6 19.8 24.8 32.0    
Other Income INR bil         1.85 3.75 1.29 2.50 10.2    
Total Revenues INR bil         34.8 43.5 56.0 72.9 100    
Operating Cost INR bil         13.3 17.7 23.2 30.0 41.6    
Operating Profit INR bil         21.5 25.8 32.8 42.9 58.5    
Provisions INR bil         2.22 2.64 3.74 5.36 8.00    
Extra and Other Cost INR bil         0.005 < 0.001 0.002 < -0.001 < -0.001    
Pre-Tax Profit INR bil         19.3 23.2 29.0 37.6 50.5    
Tax INR bil         6.25 7.09 9.05 12.3 17.1    
Minorities INR bil         0 0 0 0 0    
Net Profit INR bil         13.0 16.1 20.0 25.3 33.4    
Dividends INR bil         2.15 2.89 3.76 4.21 5.48    
growth rates                      
Net Interest Income Growth % ...       37.3 22.4 28.4 30.9 26.9    
Net Fee Income Growth % ...       40.2 17.2 56.9 25.2 29.3    
Total Revenue Growth % ...       41.6 25.1 28.6 30.4 37.3    
Operating Cost Growth % ...       39.5 32.9 31.1 29.5 38.6    
Operating Profit Growth % ...       42.9 20.3 26.8 31.0 36.4    
Pre-Tax Profit Growth % ...       32.8 20.5 25.1 29.4 34.5    
Net Profit Growth % ...       33.1 23.9 24.0 26.6 32.0    
market share                      
Market Share in Revenues % ... ... ...   1.47 1.61 1.84 2.17 2.49   ...
Market Share in Net Profit % ... ... ...   2.20 2.99 3.66 6.15 ... ... ...
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                      
Cash INR bil         33.4 45.4 52.4 57.8 69.5    
Interbank Loans INR bil         7.27 13.5 23.2 24.4 126    
Customer Loans INR bil         470 556 755 982 1,323    
Debt Securities INR bil         430 409 466 488 500    
Fixed Assets INR bil         2.30 2.97 3.22 4.75 6.87    
Total Assets INR bil         991 1,090 1,361 1,652 2,151    
Shareholders' Equity INR bil         58.1 71.2 117 138 220    
Of Which Minority Interest INR bil         0 0 0 0 0    
Liabilities INR bil         933 1,019 1,245 1,515 1,930    
Interbank Borrowing INR bil         129 114 99.3 105 152    
Customer Deposits INR bil         670 742 912 1,117 1,429    
Sight Deposits INR bil         66.6 70.2 85.0 109 191    
Term Deposits INR bil         603 672 827 1,008 1,238    
Issued Debt Securities INR bil         81.6 101 166 215 240    
Other Liabilities INR bil         52.9 61.8 67.6 78.0 110    
asset quality                      
Non-Performing Loans INR bil         0.943 1.75 3.13 7.49 20.2    
Gross Loans INR bil         471 558 758 987 1,332    
Total Provisions INR bil         0.873 1.49 2.26 4.65 9.46 ... ...
growth rates                      
Customer Loan Growth % ...       23.7 18.4 35.8 30.0 34.7    
Total Asset Growth % ...       34.5 9.99 24.9 21.4 30.1    
Shareholders' Equity Growth % ...       24.2 22.5 64.0 18.0 60.1    
Customer Deposit Growth % ...       36.2 10.8 22.9 22.5 27.9    
market share                      
Market Share in Customer Loans %         0.851 0.866 1.06 1.23 1.60   ...
Market Share in Total Assets %         1.14 1.08 1.22 1.31 1.51   ...
Market Share in Customer Deposits %         1.06 1.03 1.12 1.22 1.34   ...
ratios Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                      
ROE %         24.8 24.9 21.3 19.9 18.7    
ROA %         1.51 1.55 1.63 1.68 1.76    
Costs (As % Of Assets) %         1.54 1.70 1.89 1.99 2.19    
Costs (As % Of Income) %         38.3 40.6 41.4 41.2 41.6    
Capital Adequacy Ratio % ...       16.2 14.4 15.6 16.5 17.0    
Tier 1 Ratio % ...       9.85 9.80 11.5 10.7 13.3    
Net Interest Margin %         2.57 2.61 2.85 3.03 3.05    
Interest Spread % ...       2.11 2.15 2.30 2.48 2.47    
Asset Yield %         9.60 9.59 9.44 8.98 8.64    
Cost Of Liabilities % ...       7.49 7.44 7.14 6.50 6.17    
Payout Ratio %         16.5 17.9 18.8 16.6 16.4    
Interest Income (As % Of Revenues) %         63.8 62.4 62.4 62.6 57.9    
Fee Income (As % Of Revenues) %         30.9 29.0 35.4 33.9 32.0    
Other Income (As % Of Revenues) %         5.31 8.61 2.30 3.43 10.2    
Equity (As % Of Assets) %         5.86 6.53 8.57 8.33 10.2    
Loans (As % Of Deposits) %         70.2 75.0 82.9 87.9 92.6    
Loans (As % Assets) %         47.4 51.0 55.5 59.4 61.5    
NPLs (As % Of Loans) %         0.200 0.314 0.414 0.759 1.52    
Provisions (As % Of NPLs) %         92.6 85.1 72.0 62.0 46.9 ... ...
Provisions (As % Of Loans) %         0.186 0.268 0.299 0.473 0.715 ... ...
Cost of Provisions (As % Of Loans) %         0.523 0.514 0.570 0.617 0.694    
other data Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                      
Employees         7,024 8,798 10,810 13,000 15,000    
Sight (As % Of Customer Deposits) %         9.95 9.46 9.32 9.78 13.4    

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Yes Bank's net profit fell 59.6% to INR 17.1 bil in 2018

By Helgi Analytics - November 3, 2019

Yes Bank made a net profit of INR 17.1 bil in 2018, down 59.6% compared to the previous year. This implies a return on equity of 6.49%. Historically, the bank’s net profit reached an all time high of INR 42.3 bil in 2017 and an all time low of INR 3.04 bil ...

Yes Bank's net interest margin fell 3.53% to 2.83% in 2018

By Helgi Analytics - November 3, 2019

Yes Bank's net interest margin amounted to 2.83% in 2018, down from 2.93% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.05% in 2016 and an all time low of 2.44% in 2011. The average margin in t...

Yes Bank's capital adequacy ratio fell 10.3% to 16.5% in 2018

By Helgi Analytics - November 3, 2019

Yes Bank's capital adequacy ratio reached 16.5% at the end of 2018, down from 18.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 20.6% in 2009 and an all time low of 14.4% in 2013. The Tier 1 ratio amounted to ...

Yes Bank's customer loan growth fell 65.5% to 18.6% in 2018

By Helgi Analytics - November 3, 2019

Yes Bank's customer loan growth reached 18.6% in 2018, down from 53.9% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 78.9% in 2009 and an all time low of 10.5% in 2011. In the last decade, the average ann...

Yes Bank's customer loans rose 18.6% to INR 2,035 bil in 2018

By Helgi Analytics - November 3, 2019

Yes Bank's customer loans reached INR 2,035 bil in 2017, up 53.9% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Yes Bank accounted for 2.30% of all customer...

Yes Bank's customer deposits rose 13.4% to INR 2,007 bil in 2018

By Helgi Analytics - November 3, 2019

Yes Bank's customer deposits reached INR 2,007 bil in 2017, up 40.5% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Yes Bank accounted for 1.82% of all c...

Yes Bank's total revenues rose 11.2% to INR 130 bil in 2018

By Helgi Analytics - November 3, 2019

Yes Bank generated total banking revenues of INR 130 bil in 2017, up 30.1% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. As a r...

Yes Bank's npls (as % of loans) rose 153% to 1.52% in 2018

By Helgi Analytics - November 4, 2019

Yes Bank's non-performing loans reached 1.52% of total loans at the end of 2016, up from 0.759% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.52% in 2016 and an all time low of 0.200% in 2012. Provision coverage amount...

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Finance

Yes Bank has been growing its revenues and asset by 27.2% and 28.4% a year on average in the last 5 years. Its loans and deposits have grown by 34.1% and 25.1% a year during that time and loans to deposits ratio reached 106% at the end of 2018. The company achieved an average return on equity of 16.8% in the last five years with net profit growing 1.19% a year on average. In terms of operating efficiency, its cost to income ratio reached 45.8% in 2018, compared to 42.2% average in the last five years.

Equity represented 7.06% of total assets or 11.1% of loans at the end of 2018. Yes Bank's non-performing loans were 3.27% of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Yes Bank stock traded at INR 273 per share at the end of 2018 resulting in a market capitalization of USD 9,125 mil. Over the previous five years, stock price rose by 234% or 27.3% a year on average. That’s compared to an average ROE of 16.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 37.3x and price to book value (PBV) of 2.37x in 2018.