YES Bank Ltd posts consolidated PAT of Rs. 34.05 crore in Q1FY21

YES BANK LTD. has reported financial results for the period ended June 30, 2020.

Financial Results (Q1 FY 2020-21) - QoQ Comparison

The company has reported total income of Rs.6122.62 crores during the period ended June 30, 2020 as compared to Rs.5842.40 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.34.05 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.2665.19 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.0.03 for the period ended June 30, 2020 as compared to Rs.6.03 for the period ended March 31, 2020.

Financials	Q1 FY2020-21	Q4 FY19-20	% Change
Total Income	₹ 6122.62 crs	₹ 5842.40 crs	4.8%
Net Profit	₹ 34.05 crs	₹ 2665.19 crs	-98.72%
EPS	₹ 0.03	₹ 6.03	-99.5%

Financial Results (Q1 FY 2020-21) - YoY Comparison

The company has reported total income of Rs.6122.62 crores during the period ended June 30, 2020 as compared to Rs.9105.79 crores during the period ended June 30, 2019.

The company has posted net profit / (loss) of Rs.34.05 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.95.56 crores for the period ended June 30, 2019.

The company has reported EPS of Rs.0.03 for the period ended June 30, 2020 as compared to Rs.0.41 for the period ended June 30, 2019.

Financials	Q1 FY2020-21	Q1 FY2019-20	% Change
Total Income	₹ 6122.62 crs	₹ 9105.79 crs	-32.76%
Net Profit	₹ 34.05 crs	₹ 95.56 crs	-64.37%
EPS	₹ 0.03	₹ 0.41	-92.68%

Financial Highlights of Q1FY21

- Net Profit at Rs. 45 Crores for Q1FY21 in comparison to a loss of Rs. 3,668 Crores (from ordinary activities) last quarter

- Operating profit at Rs. 1,147 Crores grew ~11x q-o-q, aided by higher NII and lower Operating expenses

- Net Interest Income (NII) at Rs. 1,908 Crores grew 49.8% q-o-q aided by higher NIMs at 3.0% up ~109 bps q-o-q

- Non- Interest income for Q1FY21 at Rs. 621 Crores, grew 3.9% q-o-q.

-Operating costs declined ~ 21.7% q-o-q to Rs. 1,382 Crores

- Total Provisions for Q1FY21 at Rs. 1,087 Crores, consisting of Rs. 642 Crores of Covid19 related provisioning.

-Deposits at Rs. 1,17,360 Crores grew 11.4% q-o-q aided by 26.4% q-o-q growth in CA deposits and 12.6% q-o-q growth in term deposits; CASA ratio at 25.8% in Q1FY21. During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition

- Net Advances at Rs. 1,64,510 Crores declined 4.0% q-o-q; Retail Advances at 23.4% of advances.

- PCR, NNPA ratio improves q-o-q; GNPA declines on absolute basis:

- PCR improves to 75.1% vs. 73.8% last quarter

- GNPA of 17.30% (vs. 16.80% last quarter) - Rs. 32,703 Crores (vs. Rs. 32,878 Crores last quarter)

- NNPA of 4.96% (vs. 5.03% last quarter) - Rs. 8,158 Crores (vs. Rs. 8,624 Crores last quarter)

Recent Developments

- Successfully raised Rs. 15,000 Crores, one of the largest capital raise in India, through a Further Public Offering within 4 months of lifting of the YES Bank moratorium.

- Pro-forma CET I ratio stands at 13.4% and total CRAR at 20.0%, based on June 30, 2020 position, including profits and post consideration of net proceeds from the capital raise through Further Public Offer.

- LCR improved to 114.1% as on June 30, 2020 from 37.0% on March 31, 2020.

- Repayment of Rs. 25,000 Crores (50%) till date towards the RBI special liquidity facility

- Returned to profitability during Q1FY21 after 3 quarters, with Operating Profit at Rs. 1,147 Crores and PAT at Rs. 45 Crores

- Continued Leadership in technology: UPI: #1 in P2M transactions, ~37% volume market share; transactions worth Rs. 1 Lakh Cr processed in Jun'20, IMPS: #1 Remitter Bank

- Provision Coverage Ratio (PCR) in excess of 75%. (PCR in excess of 79% including technical write-offs)

Source : Equity Bulls

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