Yes Bank (YESB) reported 3QFY13 PAT of Rs3.4bn (+35% yoy, +12% qoq), 7% above Bloomberg consensus.
Asset quality remained good with Gross NPLs/Net NPLs declining 26%/23% qoq to 0.2%/0.04% on recoveries. YESB made provisions of Rs567mn or 0.5% of loans (+43% above GSe, +153% yoy) including general provisions of Rs200mn and contingent provisions of Rs350mn. Provision cover ratio (PCR) was 79.6% (80.4% in 2Q);
Yes Bank is expected to Report an EPS of Rs 36 and Rs 47 for FY 13 and 14 respectively.
Analysts Maintain Buy as YESB will likely deliver 28% earnings CAGR in FY12-FY15E, on the back of improving CASA (24% by FY15 from 18.3%), branch expansion (to 725 by FY15 from 412).
