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YES BANK: --Key takeaways
Near-term pressure on margins to ease as liquidity improves (management expects by
4QFY11E). With expenditure from government visible, overall pressure in liquidity to
gradually ease from current levels. This would result in lower borrowing costs for short
term deposits.
Loan growth to remain near 2X of industry average. No near-term concern on asset
quality including sensitive sectors like microfinance (less than 1% of loans) and telecom
(about 7% of loans).
Fee income growth to improve from current levels. Importantly, the bank is witnessing
granularity in fee income especially in segments like transaction banking.
Target remains unchanged on Version 2.0. The bank will open 750 branches by FY2015E.
Productivity of these branches would be important. With presence in important business
centers, the bank is looking at a concentrated approach in key geographies.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
YES BANK: --Key takeaways
Near-term pressure on margins to ease as liquidity improves (management expects by
4QFY11E). With expenditure from government visible, overall pressure in liquidity to
gradually ease from current levels. This would result in lower borrowing costs for short
term deposits.
Loan growth to remain near 2X of industry average. No near-term concern on asset
quality including sensitive sectors like microfinance (less than 1% of loans) and telecom
(about 7% of loans).
Fee income growth to improve from current levels. Importantly, the bank is witnessing
granularity in fee income especially in segments like transaction banking.
Target remains unchanged on Version 2.0. The bank will open 750 branches by FY2015E.
Productivity of these branches would be important. With presence in important business
centers, the bank is looking at a concentrated approach in key geographies.
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