Yes Bank
Yes Bank
Financial Services F&OKey Fundamentals
MidcapPrivate BankBanksTapetide Score
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Key Insights
Strengths
1- Company has delivered good profit growth of 24.6% CAGR over last 5 years
Weaknesses
7- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.55% over past five years.
- Company has a low return on equity of 5.33% over last 3 years.
- Contingent liabilities of Rs.12,24,826 Cr.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.7,130 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoYes Bank trades at a market cap of ₹69,739 Cr with a P/E of 18.5x and P/B of 1.33x. The bank has shown strong profit growth at 69% CAGR over 3 years and 38% TTM, but carries significant risks including massive contingent liabilities of ₹12,24,826 Cr, low ROE of 5.33% over 3 years, and zero dividend payout despite reporting profits.
- Strong profit growth trajectory with TTM profit growth of 38% and 3-year compounded profit CAGR of 69%, indicating a sharp recovery in earnings
- Last year ROE improved to 7%, up from the 3-year average of 5% and 5-year average of 4%, suggesting improving return profile
- 5-year compounded profit CAGR of 25% demonstrates sustained earnings recovery from the crisis period
- P/B ratio of 1.33x is relatively modest for a bank with improving profitability, compared to premium private bank peers trading at 2-4x book
- 10-year compounded sales growth of 8% shows the underlying franchise has maintained revenue generation through the crisis and recovery
- 5-year stock CAGR of 15% reflects market recognition of the turnaround, with the bank regaining investor confidence post-restructuring
- Good profit growth of 24.6% CAGR over the last 5 years indicates the bank's ability to scale earnings from a low base
- Contingent liabilities of ₹12,24,826 Cr are extraordinarily large relative to the market cap of ₹69,739 Cr — roughly 17.6x the market cap — posing a severe tail risk
- 3-year ROE of just 5.33% is well below the cost of equity and significantly lower than established private bank peers delivering 14-18% ROE
- Zero dividend yield despite reporting repeated profits suggests the bank needs to retain all capital, indicating balance sheet stress or regulatory constraints
- Poor sales growth of 8.55% over the past 5 years lags peer banks growing advances and revenue at 15-20%, raising questions about competitive positioning
- Low interest coverage ratio points to vulnerability in the bank's core earnings relative to its debt servicing obligations
- Other income of ₹7,130 Cr forms a notable portion of earnings, raising concerns about the sustainability and quality of reported profits
- 10-year stock CAGR of -21% reflects the massive value destruction from the 2020 crisis, and long-term shareholders remain deeply underwater
- 10-year ROE averaging 0% captures the full cycle including the near-collapse, highlighting how the bank destroyed shareholder value over a longer horizon
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Gradual ROA, sticky credit costs Sep 11
Credit cost unlikely to decline further, with SR recovery expected lower in FY27. ROA gains will be gradual rather than immediate.
- ESG rating drops to 61 Aug 28
Independent ESG rating fell to 61 for FY26 from 70 in FY25, though Core ESG rating improved significantly to 67 from 37.
- Bond market return after 6 years Aug 17
Yes Bank appointed arrangers for a benchmark 3-year dollar bond, its first since the 2020 AT1 write-off. Crisil upgraded rupee bonds to AA, Moody's upgraded to Ba1, and S&P assigned inaugural BB+ rating.
- $850M note programme cleared Aug 15
Yes Bank received no-comments letters from India INX and NSE IX for its $850M medium term note programme, paving the way for international debt issuance.
- Strong loan growth, improving assets Sep 11
Recovery momentum supported by strong loan growth and improving asset quality metrics, with SMBC's 24.9% stake and SBI's 10.8% stake providing institutional backing.
- GST penalty reduced to ₹2.33Cr Sep 8
Tamil Nadu GST appellate order cut penalty demand from ₹3.01Cr to ₹2.33Cr, with the bank planning further appeal.
- Crisil ESG upgraded to 74 Sep 3
Crisil ESG rating improved to 74 for FY25-26 from 68 prior year; Core ESG rating rose to 78 from 74.
- $2B raised via FCNR deposits Sep 9
Yes Bank raised $2B in FCNR(B) deposits under the RBI swap window, part of a broader industry drive to attract NRI capital and support the rupee.
- CIO outlines homegrown AI strategy Sep 1
CIO Mahesh Ramamoorthy highlighted use of local AI models like Sarvam and BharatGen for banking efficiency, with full AI ecosystem benefits estimated 12-18 months away.
- Multiple investor meets scheduled Sep 1
Yes Bank held and scheduled investor engagements including Elara India Dialogue (Aug 31-Sep 3), Ashwamedh conference (Sep 1), and Anand Rathi G-200 Summit (Sep 21-22) in Mumbai.
- Nipun Kaushal becomes CSO Aug 24
Yes Bank re-designated Nipun Kaushal as Chief Strategy and Marketing Officer effective August 24, 2026, adding strategy responsibilities to his existing role.
TL;DR: Yes Bank's turnaround is gaining credibility with a landmark return to international bond markets after 6 years, backed by multiple ratings upgrades (AA domestic, Ba1/BB+ international) and strong institutional support from SMBC (24.9%) and SBI (10.8%). Loan growth and asset quality are improving, but credit costs remain sticky and ROA recovery will be gradual. The $2B FCNR raise and $850M note programme signal strengthening market access. The trajectory is clearly improving, though investors should temper expectations on profitability metrics in the near term.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,445 | 6,714 | 6,989 | 7,458 | 7,725 | 7,737 | 7,833 | 7,623 | 7,605 | 7,389 | 7,553 | 7,662 | 8,054 |
| Expenses | 2,726 | 2,883 | 2,948 | 3,340 | 2,820 | 2,984 | 2,969 | 3,080 | 3,110 | 3,129 | 2,961 | 2,999 | 3,345 |
| Financing Profit | -730 | -962 | -934 | -1,191 | -580 | -791 | -753 | -809 | -740 | -833 | -501 | -366 | -559 |
| Fin. Margin % | -11% | -14% | -13% | -16% | -8% | -10% | -10% | -11% | -10% | -11% | -7% | -5% | -7% |
| Other Income | 1,192 | 1,267 | 1,255 | 1,642 | 1,271 | 1,488 | 1,583 | 1,815 | 1,825 | 1,724 | 1,720 | 1,816 | 1,870 |
| Interest | 4,449 | 4,794 | 4,975 | 5,309 | 5,486 | 5,544 | 5,617 | 5,352 | 5,235 | 5,093 | 5,093 | 5,030 | 5,269 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 462 | 304 | 320 | 451 | 691 | 697 | 830 | 1,006 | 1,085 | 891 | 1,218 | 1,449 | 1,311 |
| Tax % | 25% | 25% | 24% | -4% | 25% | 19% | 25% | 26% | 25% | 25% | 21% | 25% | 18% |
| Net Profit | 347 | 229 | 243 | 467 | 516 | 567 | 619 | 745 | 809 | 664 | 957 | 1,082 | 1,072 |
| EPS in Rs | 0.12 | 0.08 | 0.08 | 0.16 | 0.16 | 0.18 | 0.2 | 0.24 | 0.26 | 0.21 | 0.3 | 0.34 | 0.34 |
| Gross NPA % | 2% | 2% | 2% | 1.7% | 1.7% | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.5% | 1.3% | 1.3% |
| Net NPA % | 1% | 0.9% | 0.9% | 0.6% | 0.5% | 0.5% | 0.5% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,572 | 13,533 | 16,425 | 20,269 | 29,624 | 26,052 | 20,039 | 19,019 | 22,702 | 27,606 | 30,919 | 30,208 | 30,658 |
| Expenses | 2,548 | 3,429 | 4,790 | 6,595 | 11,834 | 39,246 | 14,937 | 8,058 | 10,371 | 11,350 | 11,360 | 11,621 | 12,434 |
| Financing Profit | 940 | 1,139 | 1,008 | 1,144 | -2,021 | -32,452 | -7,509 | -1,568 | -2,468 | -3,272 | -2,439 | -1,863 | -2,260 |
| Fin. Margin % | 8% | 8% | 6% | 6% | -7% | -125% | -37% | -8% | -11% | -12% | -8% | -6% | -7% |
| Other Income | 2,048 | 2,729 | 4,218 | 5,293 | 4,675 | 11,956 | 3,107 | 3,405 | 3,883 | 5,355 | 6,157 | 7,084 | 7,130 |
| Interest | 8,083 | 8,965 | 10,627 | 12,529 | 19,811 | 19,258 | 12,611 | 12,528 | 14,800 | 19,527 | 21,998 | 20,450 | 20,484 |
| Depreciation | 86 | 112 | 173 | 232 | 305 | 342 | 360 | 403 | 433 | 546 | 493 | 578 | 0 |
| PBT | 2,902 | 3,756 | 5,053 | 6,205 | 2,349 | -20,838 | -4,762 | 1,434 | 981 | 1,538 | 3,224 | 4,643 | 4,870 |
| Tax % | 31% | 33% | 34% | 32% | 27% | -21% | -27% | 26% | 25% | 16% | 24% | 24% | — |
| Net Profit | 1,997 | 2,530 | 3,340 | 4,233 | 1,709 | -16,433 | -3,489 | 1,064 | 736 | 1,285 | 2,447 | 3,512 | 3,775 |
| EPS in Rs | 9.56 | 12.03 | 14.63 | 18.38 | 7.38 | -13.09 | -1.39 | 0.42 | 0.26 | 0.45 | 0.78 | 1.12 | 1.19 |
| Div. Payout % | 19% | 17% | 16% | 15% | 27% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 418 | 421 | 456 | 461 | 463 | 2,510 | 5,011 | 5,011 | 5,751 | 5,754 | 6,271 | 6,276 |
| Reserves | 11,248 | 13,342 | 21,583 | 25,292 | 26,424 | 19,185 | 28,127 | 28,688 | 34,967 | 36,402 | 41,562 | 44,882 |
| Borrowing | 26,220 | 31,659 | 38,607 | 74,894 | 1,08,424 | 1,13,790 | 63,949 | 72,340 | 77,754 | 80,508 | 71,971 | 65,451 |
| Deposits | 91,159 | 1,11,704 | 1,42,857 | 2,00,689 | 2,27,558 | 1,05,311 | 1,62,846 | 1,97,063 | 2,17,382 | 2,66,230 | 2,84,420 | 3,18,969 |
| Other Liabilities | 7,098 | 8,117 | 11,556 | 11,115 | 17,990 | 17,036 | 13,660 | 15,476 | 19,350 | 17,469 | 19,892 | 34,626 |
| Total Liabilities | 1,36,143 | 1,65,243 | 2,15,060 | 3,12,450 | 3,80,860 | 2,57,832 | 2,73,593 | 3,18,578 | 3,55,204 | 4,06,362 | 4,24,116 | 4,70,204 |
| Fixed Assets | 296 | 414 | 612 | 765 | 778 | 730 | 2,096 | 2,016 | 2,156 | 2,509 | 2,872 | 3,097 |
| CWIP | 26 | 60 | 75 | 72 | 51 | 294 | 63 | 125 | 296 | 357 | 206 | 101 |
| Investments | 43,193 | 48,788 | 49,982 | 68,293 | 89,329 | 43,748 | 43,115 | 51,754 | 76,749 | 89,997 | 84,725 | 87,755 |
| Other Assets | 92,628 | 1,15,980 | 1,64,391 | 2,43,319 | 2,90,701 | 2,13,061 | 2,28,320 | 2,64,683 | 2,76,003 | 3,13,499 | 3,36,313 | 3,79,251 |
| Total Assets | 1,36,143 | 1,65,243 | 2,15,060 | 3,12,450 | 3,80,860 | 2,57,832 | 2,73,593 | 3,18,578 | 3,55,204 | 4,06,362 | 4,24,116 | 4,70,204 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -2,317 | -304 | 4,384 | -21,810 | -24,573 | -57,721 | 55,396 | 23,598 | -25,816 | 9,645 | 6,386 | 21,217 |
| Investing | -3,591 | -4,023 | -4,478 | -8,738 | -6,235 | 14,128 | 441 | -14,566 | -13,026 | -12,453 | 8,514 | -4,952 |
| Financing | 7,574 | 4,989 | 11,429 | 35,748 | 33,039 | 25,038 | -34,942 | 8,391 | 11,450 | 2,771 | -5,651 | -6,485 |
| Net Cash Flow | 1,666 | 662 | 11,336 | 5,199 | 2,231 | -18,555 | 20,895 | 17,423 | -27,392 | -38 | 9,249 | 9,780 |
| Free Cash Flow | -2,428 | -569 | 3,999 | -22,195 | -24,871 | -58,256 | 55,137 | 23,199 | -26,555 | 8,683 | 5,665 | 20,515 |
| CFO/OP | -14 | 10 | 54 | -143 | -123 | 433 | 1,101 | 216 | -209 | 62 | 33 | 109 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 21% | 20% | 19% | 18% | 6% | -68% | -13% | 3% | 2% | 3% | 5% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY14–FY27.
Documents
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Company Information
Incorporated in 2003, Yes Bank Ltd is engaged in providing a wide range of banking and financial services[1]
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