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Research
Yes Bank - 3QFY2013 Result Preview - Angel Broking
Posted On : 2013-01-15 22:40:26( TIMEZONE : IST )
Yes Bank (CMP: Rs.528 / TP: Rs.559 / Upside: 5%)
Yes Bank is slated to announce its 3QFY2013 results today. We expect the bank to report a healthy NII growth of 29.2% yoy to Rs.553cr. Non-interest income is also expected to grow strongly by 31.9% yoy to Rs.279cr. Operating expenses are expected to increase by 38.6% yoy to Rs.333cr. Provisioning expenses are expected to increase to Rs.43cr as compared to low base of Rs.22cr in 3QFY2012.
Consequently the PAT is expected to go up by 21.1% yoy to Rs.308cr. At the CMP, the stock is trading at 2.7x FY2014E ABV. We recommend an Accumulate rating on the stock with a target price of Rs.559.
