Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, "YES BANK has delivered another steady quarter with impressive financial performance driven by sustained execution across all parameters. The Bank has achieved robust growth in profits with healthy NII and Non-Interest Income growth while maintaining Asset Quality despite a challenging economic environment. With another satisfactory year behind us, the Bank is on track to achieve Version 2.0 objectives. We are well positioned for FY 2014 as we continue our balanced growth trajectory, supported by our differentiated product and services proposition, and expanding retail footprint"
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He also added, "The Bank has incorporated a Retail Broking subsidiary and has hired key Top Management to roll out a retail broking platform. The Retail Brokerage will complement our current retail offerings and enable cross-selling of 3 in 1 accounts to our expanding base of Retail customers."
Q4FY13 and FY13 Performance highlights:
? Healthy growth in Advances and Deposits: Total Advances grew by 23.7% to ` 46,999.6 crore as at March 31, 2013 from ` 37,988.6 crore as at March 31, 2012. Total Customer Assets (Loans + Credit Substitutes) grew by 30.9% to ` 60,356.3 crore as at March 31, 2013 from ` 46,119.9 crore as at March 31, 2012.
Current and Savings Account (CASA) deposits grew by 71.6% y-o-y to ` 12,687.5 crore taking the CASA ratio to 18.9% as at March 31, 2013 up from 15.0% as of March 31, 2012. The Bank continues to demonstrate increased traction in CASA on the back of enhanced Savings Product offerings and improvements in productivity. The Savings Account deposits grew by 140.5% y-o-y to ` 6,022.7 crore as of March 31, 2013 and the Current Account deposits grew by 36.3% to ` 6,664.9 crore as of March 31, 2013. Retail Banking Liabilities (CASA + Retail Banking term deposits) improved from 32.7% of Total Deposits as of March 31, 2012 to 35.5% as of March 31, 2013.
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By GlobalDataTotal Deposits grew by 36.2% to ` 66,955.6 crore as at March 31, 2013 from ` 49,151.7 crore as at March 31, 2012. Total Assets grew by 34.6% to ` 99,104.1 crore as at March 31, 2013 from ` 73,625.7 crore as at March 31, 2012. Corporate & Institutional Banking (Large Corporates) accounted for 64.7% of the Customer Assets portfolio, Commercial Banking (Mid-sized Corporates) accounted for 17.1% and Retail Banking (including MSME) – 18.2%.
? Robust Net Interest Income (NII) Growth: NII for Q4FY13 increased by 42.4% y-o-y to ` 638.1 crore from ` 448.2 crore in Q4FY12. This was on account of healthy growth in Customer Assets and expansion in NIM to 3.0% in Q4FY13 from 2.8% in Q4FY12 . NII for FY13 was up 37.3% to ` 2,218.8 crore as compared to ` 1,615.6 crore for FY12. NIM for the Bank was 2.9% in FY13 compared to 2.8% in FY12.
? Diversified Non Interest Income streams display strong growth: Non Interest Income grew by 42.4% y-o-y to ` 379.4 crore for Q4FY13 from ` 266.4 crore in Q4FY12. This was on the back of continued growth in customer flows and enhanced cross selling of products in Transaction Banking, Retail Banking Fees and Financial Advisory. Non Interest Income demonstrated robust growth of 46.7% to ` 1,257.4 crore in FY13 as compared to ` 857.1 crore in FY12, underlining the continued stability and diversity across all non-interest income streams.
? Steady growth in Operating & Net profit: Operating profit for Q4FY13 was up 47.3% to ` 633.9 crore as compared to ` 430.4 crore for Q4FY12 driven by healthy growth in Total Net Income and controlled growth in costs. The Cost to Income ratio was 37.7% in Q4FY13. Net Profit in Q4FY13 was up 33.2% at ` 362.2 crore from ` 271.8 crore for Q4FY12. Operating profit for FY13 was up 39.1% to ` 2,141.7 crore as compared to ` 1,540.2 crore for FY12. The Cost to income ratio was 38.4% in FY13. Net Profit for FY13 was up 33.1% to ` 1,300.7 crore from ` 977.0 crore in FY12.
? Consistently healthy Asset Quality: Gross Non Performing Advances as a proportion of Gross Advances was at 0.20% while Net Non Performing Advances as a proportion of Net Advances was at 0.01% as at March 31, 2013 as compared to 0.22% and 0.05% respectively as at March 31, 2012. The Bank has increased its specific provisioning cover to 92.6% as at March 31, 2013 and has further added to the counter cyclical provisions during the quarter. Total Restructured Advances (excluding NPA) stand at ` 144.2 crore as at March 31, 2013. This represents 0.31% of Gross Advances down from 0.53% as of March 31, 2012.
? Strong Shareholders’ returns: The Bank delivered RoE of 25.2% and RoA of 1.6% for Q4FY13. RoE was 24.8% and RoA was 1.5% for FY13. Return on Assets has been at or above 1.5% for the past 5 years, and Return on Equity has been 20% or above over the same period.
? Capital Funds: Tier I Capital stood at 9.5% and total CRAR stood at 18.3% as at March 31, 2013. Total Capital funds grew by 31.8% to ` 12,295.2 crore as at March 31, 2013 compared to ` 9,326.1 crore as at March 31, 2012.
