Yes Bank – A leading private sector bank fourth quarter (January-March) net profit rose more than 45% (year-on-year basis) to Rs.203.4 crore, beating the street’s estimates on the back of a strong growth in deposits and loans. The quarterly profit was found to be highest ever since its inception. Its net interest income for the three-month period was up 42.7% from a year ago to Rs.348.5 crore. As of March 31, Yes Bank’s total deposits stood at Rs.45,938.9 crore up 71.4% year-on-year(YoY), while advances were up 54.8% to Rs.34,363.6 crore. Its net non performing assets were at 0.03%. Yes Bank’s capital adequacy ratio according to Basel II norms was 16.5%.
It has added 29 new branches in the fourth quarter and now has 214 branches across India. It is on track to open 250 branches by June this year, said the management.
The bank’s current and savings account (CASA) deposits grew by 68.6% to Rs.4,750.9 crore taking the CASA ratio to 10.3% as of March 31 2011. A high CASA ratio indicates that a higher portion of a bank’s deposits are coming from low-cost current and savings accounts.
Yes Bank stock: Yes Bank has been on its track of strong growth in the private banking segment. We see strong fundamentals and continuously breaking its own growth record. We will advice investors to stay invested in this stock. Also new investors can buy this stock near 290 level for short term target 333 and 349, placing stop near 282 level.