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Yes Bank is scheduled to announce its 2QFY2011 results. We expect the bank to report
robust NII growth of 75.9% yoy, driven by strong growth in advances, while the noninterest
income is expected to decline by 9.3% yoy. The cost-to-income ratio is expected to
deteriorate to 39.5% compared to 38.7% in 1QFY2011 and 36.9% in 2QFY2010 on
account of higher employee additions in 1QFY2011. The pre-provision profit of the bank
is expected to register healthy growth of 32.1% yoy. Net profit is expected to increase by
23.5% on a yoy basis to `138cr. At the CMP, the stock is trading at valuations of 2.8x
FY2012E ABV. We maintain our Neutral rating on the stock.
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