YES Bank reported FY22 profit at INR 1,066 Crs

Key Highlights |
§ Return to full year Profitability• FY22 profit at INR 1,066 Crs against loss of INR 3,462 Crs in FY21 and loss of INR 22,715 Crs in FY201 – FY22 is the first full Year profit since FY19. Q4FY22 profit at INR 367 Crs up 38% Q-o-Q• Operating Profit at INR 2,916 Cr in FY22and at INR 774 Cr in Q4FY22; up 6% Q-o-Q• Total Provision Costs for FY22 at INR 1,480 Crs declined 84% Y-o-Y, aided by lower slippages and higher recoveries & upgrades; Q4FY22 Provision costs at INR 271 Crs declined 28% Q-o-Q§ Strong growth in Deposits and Granular Advances• Balance Sheet grew 16% Y-o-Y• C/D ratio continues to improve, at 91.8% v/s. 102.4% in FY21 and 95.6% last quarter• New Sanctions / Disbursement of INR 70k Crs in FY22across various segments• Retail & MSME: Corporate Mix improved by 300 bps Q-o-Q to 60:40 – Strategic Objective achieved one year ahead of time• CASA ratio at 31.1% vs 26.1% last year and 30.4% last quarter, up 70 bps Q-o-Q• 11.4 Lacs CASA Accounts opened in FY22 vs. 6.6 Lacs in FY21§ Improving Asset Quality• GNPA ratio at 13.9% vs. 15.4% last year and 14.7% last quarter• NNPA ratio at 4.5% vs. 5.9% in FY21 and 5.3% last quarter – led by o Lower Slippages at INR 5,795 Crs vs. INR 12,035 Crs in FY21o Slippages for Q4FY22 at INR 802 Crs (Lowest in FY22)• Resolution Momentum continues with Total Recoveries & Upgrades foro FY22 at INR 7,290 Crs vs. INR 5,782 Crs in FY21o Q4FY22 at INR 1,828 Crs vs. INR 1,182 Crs last quarter§ Capital Position – CET 1 at 11.6%; CRAR at 17.4% and RWA to Total Assets at 73.0% vs. 84.4%in FY21 and 75.3% last quarter§ Other Highlights & Achievements during Q4FY22• Nearly every 3rd digital transaction undertaken in India in FY22 was powered by YES Bank• Expanding platform reach & strength:o Opened 50 new branches taking total branch count to 1122 for FY22o Net increase of 2,000+ YES Bankers taking the total headcount to 24,346 in FY22• Adjudged Best IT Risk Management and Cyber Security Initiatives and Cloud Adoption amongst the Medium Banks category at 17th IBA Awards• The Bank’s stock was included in the FTSE All World index• CARE Ratings upgrades rating to BBB+ from BBB and maintains outlook as Positive |
1 Excludes Extraordinary Item |
Commenting on the results and financial performance, Prashant Kumar, MD & CEO, YES BANK said, “This transformation journey taking place at YES Bank has resulted into sustained improvement in balance sheet growth, accelerated granularization, improving asset quality trends, enhanced liquidity and stronger capital position over the past 2 years. While the core operating profitability of the franchise continues to improve, the drag from legacy stressed assets has significantly reduced, resulting into Net Profitability. The Bank continues to invest in its digital infrastructure in its quest to retain its dominant place in the country’s digital payments and fintech ecosystem. The Bank has built up significant momentum in new business generation, while continuing to invest in its platform and people to build a differentiated franchise that delivers sustainable and profitable growth in a responsible manner.” |
YES BANK’s Analyst conference call, scheduled on April 30, 2022 at 4:00 PM IST, can be heard at following link, post 10 PM: https://www.yesbank.in/about-us/investors-relation/financial-information/financialresults
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