Yes Bank drops on profit taking after strong Q3 results

The bank announced the results during trading hours today, 16 January 2013.

Meanwhile, the BSE Sensex was down 172.94 points or 0.87% at 19,813.88.

On BSE, 7.71 lakh shares were traded in the counter as against average daily volume of 5.09 lakh shares in the past one quarter.

The stock dropped as much as 2.13% at the day's low of Rs 516.85. The stock rose as much as 1.29% at the day's high of Rs 535, which is a record high for the counter. The stock had hit a 52-week low of Rs 274.10 on 16 January 2012.

The stock had outperformed the market over the past one month till 15 January 2013, surging 14.53% compared with the Sensex's 3.47% rise. The scrip had also outperformed the market in past one quarter, jumping 33.81% as against Sensex's 6.8% surge.

The large-cap private sector bank has equity capital of Rs 358.07 crore. Face value per share is Rs 10.

The Yes Bank stock had witnessed a pre-result rally. The stock had surged 14.07% to settle at Rs 528.15 on Tuesday, 15 January 2013, from recent low of Rs 463 on 28 December 2012.

Yes Bank attributed growth in bottom line in Q3 December 2012 to expansion of net interest margin and robust non-interest income growth. Net interest income jumped 36.7% to Rs 584.30 crore in Q3 December 2012 over Q3 December 2011. Non-interest income jumped 48.1% to Rs 313.20 crore. Total income rose 40.5% to Rs 897.50 crore. The bank's specific provisioning cover was at 79.6% as at 31 December 2012. Total restructured advances (excluding NPAs) stood at Rs 189.10 crore as at 31 December 2012. This represents 0.43% of gross advances.

Yes Bank said that the healthy asset quality trend at the bank continues with gross NPA at 0.17% and Net NPA at 0.04% as on 31 December 2012. The bank's current and savings accounts (CASA) jumped 74.9% to Rs 10340.80 crore as on 31 December 2012 from Rs 5913.50 crore as on 31 December 2011. The CASA ratio stood at 18.3% as on 31 December 2012. The bank's Tier I Capital was steady at 9.5% as on 31 December 2012 (including Q3 December 2012 profits), with strong internal accruals, Yes Bank said in a statement. The bank's total Capital Adequacy was 18% as on 31 December 2012.

Commenting on the results and financial performance, Dr. Rana Kapoor, Managing Director & CEO, Yes Bank said: "As a result of our strong performance, continued execution of our Version 2.0 plans to deliver profitable growth, and commitment to stakeholders, we have witnessed yet another robust quarter with Net Profit crossing Rs 342 crore. The Bank posted strong growth in NII on the back of expansion in NIM to 3%. The Bank continues its momentum of accelerating traction in savings accounts with y-o-y growth of 307.8%, resulting in CASA ratio improving to 18.3%. In line with our strategy of completing the product proposition for our expanding base of retail and micro SME customers, we have partnered with American Express to offer a credit card".

Yes Bank has a total of 412 branches across the country as on 31 December 2012. The bank's total ATMs stood at 723 as on end December 2012.

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