2QFY2016 Result Update | Banking
October 30, 2015
Yes Bank
BUY
CMP
`744
Performance Highlights
Target Price
`914
Investment Period
12 months
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
NII
1,108
1,060
4.6
856
29.4
Pre-prov. profit
1,019
908
12.2
817
24.7
Stock Info
PAT
610
551
10.7
483
26.5
Sector
Banking
Source: Company, Angel Research
Market Cap (` cr)
31,150
Yes Bank reported a healthy set of numbers for 2QFY2016 with the PAT
Beta
1.5
outperforming our estimates, growing 26.5% yoy to `610.4cr. The growth was led
52 Week High / Low
910/ 590
by surge in net interest income (NII) as well as lower than expected provisions. The
Avg. Daily Volume
4,26,724
bank registered a CASA ratio of 25.5%, for the quarter.
Face Value (`)
10
BSE Sensex
26,838
Advances growth high; consistent performance on the NIM front
Nifty
8,112
During the quarter, advances grew at a healthy pace of 29.0% yoy while deposits
Reuters Code
YESB.BO
grew 24.0% yoy, suggesting a healthy balance sheet growth. Savings deposits
Bloomberg Code
[email protected]
continued to witness robust traction, growing by 61.7% yoy, on account of the
bank’s growing retail franchise and influenced by some big ticket accounts.
Overall, CASA deposits grew by 40.5% yoy enabling the bank to register a CASA
Shareholding Pattern (%)
ratio of 25.5%. The NIM for the bank inched up 10bp yoy to 3.3% but remained
Promoters
22.0
flat sequentially; while both the cost of funds as well as the yield on advances saw
a decline of 30bp qoq each. The non interest income grew by 22.2% yoy, which
MF / Banks / Indian Fls
23.2
was predominantly led by remittances and services businesses from the branches
FII / NRIs / OCBs
41.3
and it was largely retail and SME customers, who were the main contributors. The
Indian Public / Others
13.6
cost to income ratio surged by 97bp yoy to 41.0%, due to a yoy increase in
operating expenses.
Performance on the asset quality front was modest considering the economic
Abs. (%)
3m 1yr
3yr
slowdown. The Gross NPA and Net NPA ratios were at 0.61% and 0.20% as
compared to 0.46% and 0.13% respectively in the sequential previous quarter.
Sensex
(2.6)
(1.0)
44.0
Restructured assets stand at `569.3cr, which represent 0.71% of gross advances.
Yes Bank
(8.9)
16.4
79.3
Also, the bank indicated that there has neither been any sale to ARC during the
previous four quarters nor the bank has refinanced any loan through the 5-25
route. Credit cost for the quarter was at 54 basis points while provision coverage
3-year price chart
ratio came in at 67.7%.
1,000
900
Outlook and valuation: The bank’s asset quality performance has held up well
800
700
so far. Going forward, we have factored higher provisions and slippages given the
600
bank’s corporate exposure to metal and EPC industries. Even after factoring the
500
400
higher provisions and slippages, we expect Yes Bank to deliver a CAGR of 20.2%
300
in earnings for FY2015-17E. Currently the stock trades at 1.95x FY2017E ABV. We
200
100
maintain our BUY rating on the stock.
0
Key financials
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
NII
2,716
3,488
4,616
5,826
Source: Company
% chg
22.4
28.4
32.3
26.2
Net profit
1,618
2,005
2,412
2,898
% chg
24.4
24.0
20.3
20.2
Vaibhav Agrawal
NIM (%)
2.8
3.0
3.2
3.3
022 - 3935 7800 Ext: 6808
EPS (`)
44.9
48.0
57.7
69.4
[email protected]
P/E (x)
16.3
15.2
12.6
10.5
P/ABV (x)
3.7
2.6
2.2
1.9
Chintan Shah
RoA (%)
1.6
1.6
1.6
1.6
022 - 4000 3600 Ext: 6828
RoE (%)
25.0
21.3
19.1
19.6
[email protected]
Source: Company, Angel Research; Note: CMP as of October 29, 2015
Please refer to important disclosures at the end of this report
1
Yes Bank | 2QFY2016 Result Update
Exhibit 1: 2QFY2016 performance summary (standalone)
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq)
2QFY15
% chg (yoy)
FY2015
FY2014
% chg
Interest earned
3,377
3,252
3.9
2,832
19.2
11,572
9,981
15.9
- on Advances / Bills
2,415
2,328
3.7
1,969
22.7
8,016
6,540
22.6
- on investments
856
856
0.1
856
0.0
3,511
3,414
2.8
- on balance with RBI & others
52
17
210.3
8
554.3
43
24
79.5
- on others
54
51
6.4
0
67,925.0
2
3
(20.9)
Interest Expended
2,269
2,192
3.5
1,976
14.8
8,084
7,265
11.3
Net Interest Income
1,108
1,060
4.6
856
29.4
3,488
2,716
28.4
Other income
618
545
13.4
506
22.2
2,046
1,722
18.9
- Financial markets
117
100
17.3
54
116.3
356
478
(25.6)
- Financial advisory
209
233
(10.4)
176
18.4
850
607
40.1
- Transaction banking
156
132
18.6
134
16.6
548
423
29.5
- Retail and others
109
73
49.4
82
33.6
293
214
36.9
Operating income
1,727
1,605
7.6
1,362
26.8
5,534
4,438
24.7
Operating expenses
707
697
1.5
545
29.8
2,285
1,750
30.6
- Employee expenses
313
289
8.4
239
30.9
980
784
24.9
- Other Opex
395
408
(3.3)
306
29.0
1,305
965
35.2
Pre-provision Profit
1,019
908
12.2
817
24.7
3,250
2,688
20.9
Provisions & Contingencies
104
98
6.1
120
(13.0)
339
362
(6.1)
PBT
915
810
12.9
698
31.2
2,910
2,326
25.1
Provision for Tax
305
259
17.6
215
41.7
905
709
27.7
PAT
610
551
10.7
483
26.5
2,005
1,618
24.0
Effective Tax Rate (%)
33.3
32.0
133bp
30.8
247bp
31.1
30.5
2.1
Source: Company, Angel Research
October 30, 2015
2
Yes Bank | 2QFY2016 Result Update
Exhibit 2: 2QFY2016 performance analysis (standalone)
Particulars
2QFY16 1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
Balance sheet
Advances (` cr)
80,015
79,666
0.4
62,030
29.0
Deposits (` cr)
99,344
95,316
4.2
80,131
24.0
Credit-to-Deposit Ratio (%)
80.5
83.6
(304)bp
77.4
313bp
Current deposits (` cr)
8,554
8,400
1.8
7,648
11.9
Savings deposits (` cr)
16,764
13,867
20.9
10,367
61.7
CASA deposits (` cr)
25,318
22,268
13.7
18,015
40.5
CASA ratio (%)
25.5
23.4
212bp
22.5
300bp
CAR (%)*
14.9
15.0
(10)bp
17.4
(250)bp
CET 1 CAR (%)*
10.9
10.9
0bp
12.2
(130)bp
Profitability Ratios (%)
Yield on advances
11.6
11.9
(30)bp
12.2
(60)bp
Cost of funds
7.3
7.6
(30)bp
8.3
(100)bp
Reported NIM
3.3
3.3
0bp
3.2
10bp
Cost-to-income ratio
41.0
43.4
(244)bp
40.0
97bp
Asset quality
Gross NPAs (` cr)
491
368
33.4
222
120.9
Gross NPAs (%)
0.61
0.46
15bp
0.36
25bp
Net NPAs (` cr)
159
107
48.6
54
194.3
Net NPAs (%)
0.20
0.13
7bp
0.09
11bp
Provision Coverage Ratio (%)
67.7
71.0
(331)bp
75.8
(805)bp
Provisions to avg. assets (%)
0.3
0.3
0bp
0.4
(13)bp
Source: Company, Angel Research, Note: *Basel III including profits
Healthy growth in loans and deposits
During the quarter, advances grew at a healthy pace of 29.0% yoy while deposits
surged 24.0% yoy, suggesting a healthy balance sheet growth. Savings deposits
continued to witness robust traction, growing by 61.7% yoy, on account of the
bank’s growing retail franchise and influenced by some big ticket accounts.
Overall, CASA deposits grew by 40.5% yoy, enabling the bank to register a CASA
ratio of 25.5%.
The bank added about 1.25 lakh savings accounts during the quarter, taking the
total number of savings account to about 1.3 million as of September 30, 2015.
October 30, 2015
3
Yes Bank | 2QFY2016 Result Update
Exhibit 3: Healthy loan book growth
Exhibit 4: Business Segment breakup as of 2QFY2016
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
40.0
32.2
30.0
20.0
67.8
10.0
-
Advances yoy growth (%)
Deposits yoy growth (%)
Corp. and Insti. Banking
Branch Banking
Source: Company, Angel Research
Source: Company, Angel Research
NIM flat qoq
The NIM for the bank inched up 10bp yoy to 3.3% but remained flat sequentially;
while both the cost of funds as well as the yield on advances saw a decline of 30bp
qoq each.
Average cost of savings account deposits was around 6.9% for the quarter. The
Management has indicated that it is looking at 10 to 15 basis point improvement
in margins over the next two, three quarters, due to the savings account rates
which will be dropped effective November 1, 2015 and also expects growth in
CASA deposits pointing that the second half of the year is usually stronger for
CASA growth.
Exhibit 5: Cost of funds fell 30bp qoq & 100bp yoy
Exhibit 6: NIM stable at 3.30%
9
3.4
(%)
(%)
3.3
3.3
8.3
3.3
3.2
3.2
3.2
8.1
3.2
8
7.8
7.6
3.1
7.3
3.0
7
2.9
2.8
2.7
6
2.6
2.5
5
2.4
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Source: Company, Angel Research
Moderate Non-interest income growth
The non-interest income on the other hand grew at a relatively lower rate than the
NII, at 22.2% yoy to `618.1cr. It was predominantly led by remittances and
services businesses from the branches and it was largely retail and SME customers,
who were the main contributors.
October 30, 2015
4
Yes Bank | 2QFY2016 Result Update
Exhibit 7: Non-int. Inc. performance
Particulars (` cr)
2QFY16 1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
Financial markets
101
107
(5.8)
116
(12.9)
Financial advisory
152
97
56.8
87
75.3
Transaction banking
220
207
6.2
211
3.9
Retail and others
145
134
8.2
92
58.6
Total income
618
545
13.4
506
22.2
Source: Company, Angel Research
Asset quality remains fairly stable
Performance on the Asset quality front was modest considering the economic
slowdown. The Gross NPA ratio and Net NPA ratio were at 0.61% and 0.20% as
compared to 0.46% and 0.13% respectively in the sequential previous quarter.
Restructured assets stand at `569.3cr, which represent 0.71% of gross assets. Also
the bank indicated that there has neither been any sale to ARC during the previous
four quarters nor the bank has refinanced any loan through the 5-25 route. Credit
cost for the quarter was at 54 basis points while provision coverage ratio came in
at 67.7%. The Management reiterates its credit cost guidance of 50-70bp for the
financial year 2015-16.
Exhibit 8: Asset quality amongst the top in the industry
Gross NPA
Net NPA
NPA coverage % (RHS)
550
77
80
76
500
450
72
71
400
68
70
350
300
250
200
60
150
159
100
107
50
222 54
279 65
313
88
368
491
-
50
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Steady network expansion continues
The bank added
38 branches since 1QFY2016 and
119 branches since
2QFY2015, taking the total number of branches to 700. This aided the bank to
increase the CASA ratio from 23.4% in 1QFY2016 to 25.5% in 2QFY2016. The
cost to income ratio surged by 97bp yoy to 41.0% due to yoy increase in operating
expenses.
October 30, 2015
5
Yes Bank | 2QFY2016 Result Update
Exhibit 9: Steady branch network expansion continues
Exhibit 10: Cost to Income ratio declines qoq to 41%
750
Opex to avg assets (%, RHS)
Cost-to-income ratio (%)
700
45.0
2.2
700
662
630
650
42.5
2.0
600
43.4
581
600
40.0
1.8
41.0
550
40.3
40.0
40.2
500
37.5
1.6
450
35.0
1.4
400
32.5
1.2
350
1.9
1.9
1.9
2.0
2.0
300
30.0
1.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Source: Company, Angel Research
October 30, 2015
6
Yes Bank | 2QFY2016 Result Update
Outlook and valuation
The bank’s asset quality performance has held up well so far. Going forward, we
have factored higher provisions and slippages given the bank’s corporate
exposure to metals and EPC industries. Even after factoring the higher provisions
and slippages, we expect Yes Bank to deliver a CAGR of 20.2% in earnings for
FY2015-17E. Currently the stock trades at 1.95x FY2017E ABV. We maintain our
BUY rating on the stock.
Exhibit 11: Recommendation summary
CMP
Tgt. Price
Upside
FY2017E
FY2017E
FY2017E
FY15-17E
FY2017E
FY2017E
Company
Reco.
(`)
(`)
(%)
P/ABV (x)
Tgt. P/ABV (x)
P/E (x)
EPS CAGR (%)
RoA (%)
RoE (%)
HDFCBk
Accumulate
1,102
1,262
14.5
3.3
3.8
18.1
22.4
1.9
19.7
ICICIBk*
Buy
271
345
27.0
1.8
2.1
10.8
15.3
1.6
15.2
YesBk
Buy
744
914
22.9
2.0
2.4
10.7
20.2
1.6
19.6
AxisBk
Buy
469
630
34.1
1.9
2.6
10.8
18.4
1.8
18.9
SBI*
Buy
237
295
24.3
1.1
1.2
9.7
17.8
0.7
12.8
FedBk
Neutral
55
-
-
1.0
1.1
8.8
3.1
1.0
11.9
SIB
Neutral
21
-
-
0.7
0.8
6.2
21.6
0.7
11.6
BOB
Neutral
162
-
-
0.8
0.8
6.6
27.1
0.7
12.1
PNB
Neutral
129
-
-
0.6
0.6
4.7
28.5
0.7
12.0
BOI
Neutral
134
-
-
0.3
1.0
4.0
14.0
0.3
7.6
IndBk
Neutral
129
-
-
0.4
0.4
4.3
19.4
0.7
9.3
Vijaya Bank
Neutral
37
-
-
0.5
0.5
5.5
14.1
0.4
8.8
OBC
Neutral
137
-
-
0.3
0.5
3.0
65.5
0.5
9.4
Allahabad Bank Neutral
75
-
-
0.3
0.3
2.9
53.5
0.6
10.9
UnionBk
Neutral
160
-
-
0.5
0.4
4.1
18.1
0.6
11.4
CanBk
Neutral
281
-
-
0.5
0.3
4.1
9.8
0.5
10.7
AllBk
Neutral
75
-
-
0.3
0.4
2.9
53.5
0.6
10.9
IDBI#
Neutral
89
-
-
0.6
0.6
6.3
61.6
0.6
9.3
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
October 30, 2015
7
Yes Bank | 2QFY2016 Result Update
Company Background
Yes Bank is the youngest private sector bank in the country, promoted by
professional bankers. The bank started its operations in CY2004 and has been
growing at a scorching pace, focusing on niche assets to maintain profitable
margins and asset quality. The bank's thrust so far has been primarily on
wholesale banking operations for mid-sized corporates. Now aiming for a higher
share of retail deposits, the bank has increased its network to 700 branches which
is approximately 75% growth in the past three years (targeting the urban affluent
segment).
October 30, 2015
8
Yes Bank | 2QFY2016 Result Update
Income statement
Y/E March (` cr)
FY11
FY12
FY13
FY14 FY15P FY16E FY17E
Net Interest Income
1,247
1,616
2,219
2,716
3,488
4,616
5,826
- YoY Growth (%)
58.2
29.6
37.3
22.4
28.4
32.3
26.2
Other Income
623
857
1,258
1,722
2,046
2,612
3,217
- YoY Growth (%)
8.3
37.5
46.7
36.9
18.9
27.6
23.2
Operating Income
1,870
2,473
3,476
4,438
5,534
7,228
9,043
- YoY Growth (%)
37.2
32.2
40.6
27.7
24.7
30.6
25.1
Operating Expenses
680
933
1,335
1,750
2,285
2,978
3,766
- YoY Growth (%)
35.9
37.2
43.1
31.1
30.6
30.4
26.5
Pre - Provision Profit
1,190
1,540
2,142
2,688
3,250
4,250
5,277
- YoY Growth (%)
37.9
29.4
39.1
25.5
20.9
30.8
24.2
Prov. & Cont.
98
90
216
362
339
703
845
- YoY Growth (%)
(28.2)
(8.1)
139.3
67.5
(6.1)
107.1
20.2
Profit Before Tax
1,092
1,450
1,926
2,326
2,910
3,547
4,432
- YoY Growth (%)
50.3
32.8
32.8
20.8
25.1
21.9
25.0
Prov. for Taxation
365
473
625
709
905
1,135
1,534
- as a % of PBT
33.4
32.6
32.5
30.5
31.1
32.0
34.6
PAT
727
977
1,301
1,618
2,005
2,412
2,898
- YoY Growth (%)
52.2
34.4
33.1
24.4
24.0
20.3
20.2
Balance sheet
Y/E March (` cr)
FY11
FY12
FY13
FY14
FY15P
FY16E
FY17E
Share Capital
347
353
359
361
418
418
418
Reserves & Surplus
3,447
4,324
5,449
6,761
11,262
13,213
15,577
Deposits
45,939
49,152
66,956
74,192
91,176
1,14,882
1,45,900
- Growth (%)
71.4
7.0
36.2
10.8
22.9
26.0
27.0
Borrowings
3,333
9,343
14,148
14,543
19,788
21,870
26,053
Tier 2 Capital
3,358
4,813
6,774
6,771
6,433
6,111
5,806
Other Liab. & Prov.
2,583
5,677
5,419
6,388
7,094
8,566
10,588
Total Liabilities
59,007
73,662
99,104
1,09,016
1,36,170
1,65,060
2,04,341
Cash Balances
3,076
2,333
3,339
4,542
5,241
5,744
7,295
Bank Balances
420
1,253
727
1,350
2,317
2,476
3,065
Investments
18,829
27,757
42,976
40,950
46,605
52,319
61,504
Advances
34,364
37,989
47,000
55,633
75,550
96,704
1,22,814
- Growth (%)
54.8
10.5
23.7
18.4
35.8
28.0
27.0
Fixed Assets
132
177
230
293
319
375
450
Other Assets
2,186
4,153
4,833
6,247
6,139
7,442
9,213
Total Assets
59,007
73,662
99,104
1,09,016
1,36,170
1,65,060
2,04,341
- Growth (%)
62.2
24.8
34.5
10.0
24.9
21.2
23.8
October 30, 2015
9
Yes Bank | 2QFY2016 Result Update
Ratio analysis
Y/E March
FY11
FY12
FY13
FY14
FY15P
FY16E
FY17E
Profitability ratios (%)
NIMs
2.7
2.6
2.7
2.8
3.0
3.2
3.3
Cost to Income Ratio
36.3
37.7
38.4
39.4
41.3
41.2
41.6
RoA
1.5
1.5
1.5
1.6
1.6
1.6
1.6
RoE
21.1
23.1
24.8
25.0
21.3
19.1
19.6
B/S ratios (%)
CASA Ratio
10.3
15.0
18.9
22.0
23.1
24.7
26.3
Credit/Deposit Ratio
74.8
77.3
70.2
75.0
82.9
84.2
84.2
CAR
16.5
17.9
18.3
14.4
15.8
14.5
13.1
- Tier I
9.7
9.9
9.5
9.8
12.3
11.7
11.0
Asset Quality (%)
Gross NPAs
0.2
0.2
0.2
0.3
0.4
1.0
1.4
Net NPAs
0.0
0.0
0.0
0.0
0.1
0.3
0.4
Slippages
0.2
0.2
0.6
0.8
0.8
1.3
1.2
Loan Loss Prov. /Avg. Assets
0.1
0.0
0.2
0.1
0.1
0.3
0.3
Provision Coverage
88.6
79.2
92.6
85.1
72.0
66.7
69.6
Per Share Data (`)
EPS
20.9
27.7
36.3
44.9
48.0
57.7
69.4
ABVPS (75% cover.)
109.3
132.5
162.0
197.5
279.4
324.4
380.7
DPS
2.5
4.0
6.0
8.0
8.1
9.5
11.0
Valuation Ratios
PER (x)
35.5
26.9
20.5
16.6
15.5
12.9
10.7
P/ABVPS (x)
6.8
5.6
4.6
3.8
2.7
2.3
2.0
Dividend Yield
0.3
0.5
0.8
1.1
1.1
1.3
1.5
DuPont Analysis
NII
2.6
2.4
2.6
2.6
2.8
3.1
3.2
(-) Prov. Exp.
0.2
0.1
0.2
0.3
0.3
0.5
0.5
Adj. NII
2.4
2.3
2.3
2.3
2.6
2.6
2.7
Treasury
(0.1)
0.1
0.2
0.2
0.1
0.2
0.2
Int. Sens. Inc.
2.3
2.4
2.5
2.4
2.7
2.8
2.9
Other Inc.
1.4
1.2
1.3
1.5
1.5
1.5
1.5
Op. Inc.
3.7
3.6
3.8
3.9
4.2
4.3
4.4
Opex
1.4
1.4
1.5
1.7
1.9
2.0
2.0
PBT
2.3
2.2
2.2
2.2
2.4
2.4
2.4
Taxes
0.8
0.7
0.7
0.7
0.7
0.8
0.8
RoA
1.5
1.5
1.5
1.6
1.6
1.6
1.6
Leverage
13.9
15.7
16.5
16.1
13.0
11.9
12.5
RoE
21.1
23.1
24.8
25.0
21.3
19.1
19.6
October 30, 2015
10
Yes Bank | 2QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel has received in-principal
approval from SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, 2014. Angel or its associates
has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its
associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company
covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of
securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director or
employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Yes Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
October 30, 2015
11