BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
The revamped leadership (leveraging on the backing of leading shareholder banks, changed governance and underwriting framework) is stabilising and turning around Yes Bank Ltd. from its downcycle.
This is evident from Yes Bank's better-than-expected operating performance since past three quarters. It not only achieved but overshot (on a few parameters) the guidance articulated for FY22:
exit quarter slippage run-rate managed at less than 2% (FY22 at 3.5%), credit cost contained below 1%, net labelled exposure bought down to 5.3%,
net interest margin profile gradually improved to 2.5% (from lows of 1.6%),
retail plus small and medium enterprise advances grew 26% taking mix towards target level of 60%, and
deposit growth of 21% supported contraction in credit-deposit ratio to 92% (from peak of 163%) with current account and savings account ratio at 31%.
Incremental trigger will be formation of accounts receivable conversion and transfer of bulk of its stress pool (anticipated to conclude in H1 FY23).
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