Yes Bank Q4FY11 Result Update; Asset repricing helps NIMs; Accumulate; Target: Rs 390: Emkay

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Yes Bank

Asset repricing helps NIMs

ACCUMULATE

CMP: Rs 331                                       Target Price: Rs 390

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n     Yes Bank’s Q4FY11 results were inline with expectations with NII at Rs3.5bn (up 7.8% qoq) and PAT at Rs2.0bn (up 6.4% qoq)

n     NIMs maintained qoq at 2.8% - 70bps helped by repricing of advances. Further repricing expected in Q1FY12. Alongwith little easing of wholesale rates, NIMs can be maintained

n     NPAs up marginally to Rs805mn. Aggressive provisioning still helps keep provision cover at 88.6%

n     Introducing FY13E estimates with Rs23bn of capital raising. Maintain ACCUMULATE rating with revised target price of Rs390