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Stock Report
India Ratings Upgrades Yes Bank to 'IND A', Outlook Stable
Posted On : 2023-08-25 00:18:23( TIMEZONE : IST )
India Ratings and Research (Ind-Ra) has upgraded Yes Bank Ltd's Long-Term Issuer Rating to 'IND A' from 'IND A-'. The Outlook is Stable.
The rating upgrade factors in the bank's improved asset quality, negligible requirement of provisioning on legacy stressed assets, a continued improvement in deposit profile and retail assets in a competitive environment, a better post-Covid-19 environment and the enhanced business proposition of the bank. The bank's Tier 2 instruments are now equated with its long-term rating, in line with the criteria as there is more certainty about the bank's performance. The rating is constrained by the fact that the bank is developing its franchise; it aims to also grow mainstream retail products over the near-to-mid-term and to continue to see a significant improvement in its deposit profile, somewhat better than that of other banks. The impending legal proceedings on the additional tier 1 bonds would limit the growth capital of Yes Bank if the outcome of the same is adverse for the bank.
Ind-Ra's criteria 'Rating Bank Subordinated and Hybrid Securities' states that 'for banks with unsupported ratings, typically in the lower end of 'IND A' category or lower, have historically shown greater volatility in capital levels, profits, which could stem from regional and sector concentrations, together with relatively limited funding and equity franchises. The ratings of Tier II instruments of these banks may therefore be rated one notch lower than the Long-Term Issuer Ratings for their incremental non-performance risk relative to those of higher-rated banks'.
Shares of Yes Bank Limited was last trading in BSE at Rs. 16.94 as compared to the previous close of Rs. 17.01. The total number of shares traded during the day was 13872675 in over 14859 trades.
The stock hit an intraday high of Rs. 17.19 and intraday low of 16.91. The net turnover during the day was Rs. 235833698.00.
