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ICICI Securities Report
Yes Bank Ltd. has reported better-than-expected 9% QoQ growth in profit after tax to Rs 2.25 billion in Q2 FY22.
Positively, it flowed from core business stabilisation without much support from treasury profits (mere Rs 300 million versus Rs 2.6 billion in Q1 FY22).
Yes Bank's earnings were supported by:
10 basis points QoQ net interest margin improvement,
5.6% QoQ advance growth,
recoveries of Rs 5.8 billion from written-off accounts and
retail/transaction banking fee income.
What encouraged in Q2 FY22:
continued traction in cash recoveries and upgrades, more than offsetting elevated slippages (at 4%);
credit cost settled below 1% and there was sizeable decline in overdue pool;
retail/small and medium enterprise mix further improved 100 basis points QoQ to 54%;
Current accounts and savings account improved 200 bps to 29.4% and cost of funds declined 30 bps QoQ.
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