Profit after tax for Q4-FY06 up 1,534% to Rs. 15.32 crore
Mumbai, April 28, 2006: The Board of Directors of YES BANK Ltd. took on record the unaudited results for Q4-FY06 at their meeting held in Mumbai, today.
Results for Quarter ended March 31, 2006
Rs. Crore Q4-FY2006 Q4-FY2005 QoQ % growth Net interest income 25.19 10.85 132% Non interest income 33.88 6.94 388% Total income 59.07 17.79 232% Operating expense 25.51 16.72 53% Operating profit 33.56 1.06 3,055% Provisions & contingencies 8.90 (0.62) - Provision for tax 9.34 0.75 - Profit after tax 15.32 0.94 1,534%
The total income for Q4-FY06 was up 232% to Rs. 59.07 crore as compared to Rs. 17.79 crore for Q4-FY05. Profit after tax for Q4-FY06 was up 1,534% at Rs. 15.32 crore as compared to Rs. 0.94 crore for Q4-FY05.
The quality of YES BANK's management team and effective execution of strategy has been instrumental in building the balance sheet and profitability through sustainable revenue streams. During Q4-FY06, the Bank added several new customers in the Corporate & Institutional and Business Bank and cross sold fee based products to existing customers. Q4-FY06 also saw significant investments being made into the retail branch network.
Announcing the Annual results of the Bank, Rana Kapoor, Managing Director & CEO, YES BANK said, "FY2006 has been YES BANK's first full year of commercial operations. The Bank has established significant momentum in all businesses, including Corporate & Institutional Banking, Business Banking, Financial Markets and Financial Advisory. Currently, we have 17 fully operational retail branches across 15 locations in the country. YES BANK has now materialized into a ‘full service' commercial bank, well-equipped to offer all products and services to corporate and retail customers. Knowledge Banking and our unique approach to Technology would continue to remain key pillars in all product offerings going forward."
Summary Balance Sheet as at March 31, 2006
Rs. Crore Mar 31, 2006 Mar 31, 2005 % growth Advances 2,407 761 216% Total assets 4,163 1,278 226% Shareholders' funds 573 213 169% Deposits 2,910 663 339%
The Advances portfolio as at March 31, 2006 was up 216% to Rs. 2,407 crore as compared to Rs. 761 crore as at March 31, 2005. Deposits as at March 31, 2006 were up 339% to Rs. 2,901 crore as compared to Rs. 663 crore as at March 31, 2005. The Bank achieved a balance sheet growth of 226%, from Rs. 1,278 crore as at March 31, 2005 to Rs. 4,163 crore as at March 31, 2006. During Q4-FY06, the Bank raised Tier II debt (long term-7.5 years, unsecured) of Rs. 100 crore. The total Shareholders' funds as at March 31, 2006 stood at Rs. 573 crore.
Key Ratios:
Gross NPAs at 0.0%; The Bank continues to maintain a clean portfolio with no NPAs as of March 31, 2006;
Capital Adequacy Ratio of 16.43% at March 31, 2006;
Book value per share of Rs. 21.21 as at March 31, 2006 and EPS of Rs. 2.20 for FY2006;
Return on Assets of 2.03% and Return on Equity of 14.01% in FY2006.
Key Highlights for Quarter ended March 31, 2006:
YES BANK Investment Bank ranked No.1 in M&A ‘Outbound Cross Border Transactions' and No. 5 in M&A ‘Overall' category in the Bloomberg April 18, 2006 league tables;
NASSCOM Award in April 2006 for ‘IT Innovations in Emerging India'. The award was in recognition of the Bank's adoption of innovative technologies for increased customer satisfaction and for improving process efficiencies;
Knowledge Reports titled "New Era of Economic Development - Maharashtra 2006" and "Say YES to Agribusiness" released encapsulated growth potential for Maharashtra in areas of Integrated Agribusiness and the benefits of creating world class Agri-Infrastructure respectively;
YES BANK signed an agreement with ICRA Management Consulting Services to implement BASEL II compliant Credit Risk Rating Models that will enhance the Bank's internal risk rating processes;
The total employee strength of the Bank at 627 as on March 31, 06 (207 as at March 31, 2005).
Key Highlights for Year ended March 31, 2006:
Rs. Crore FY2006 FY2005 % growth Net interest income 85.47 18.13 371% Non interest income 99.73 18.17 449% Total income 185.20 36.30 410% Operating expense 86.12 39.94 116% Operating profit 99.08 (3.64) - Provisions & contingencies 14.64 0.12 - Provision for tax 29.12 - - Profit after tax 55.32 (3.76) 1,571%
In July 2005, YES BANK raised growth capital of Rs. 315 crore through its maiden public offering becoming a publicly traded company;
YES BANK was ranked second in the ‘Best for Currency Strategy' and ‘Best for Technical Analysis' categories under the Best Domestic FX providers - Corporate. (Asiamoney 2005 Foreign Exchange Poll for India);
YES BANK was ranked the 105th most valuable private sector company and the 7th most valuable bank in India. (Business Today - November 2005);
Rana Kapoor, MD & CEO was adjudged the Start-up Entrepreneur of the Year by the Ernst & Young Entrepreneur Awards 2005.
ABOUT YES BANK:
YES BANK, India's new age private sector Bank, is the outcome of the professional commitment of its Indian promoters, Rana Kapoor and Ashok Kapur, to establish a high quality, customer centric, service driven, private Indian Bank catering to "Emerging India".
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of YES BANK is its knowledge driven approach to banking. The Bank has formed a specialized ‘Development and Knowledge Banking Division' focusing on key sunrise growth sectors.
YES BANK is steadily building corporate and institutional banking, financial markets, investment banking, business and transactional banking, retail and private banking business lines across the country. The Bank's constant endeavour is to provide a delightful banking experience expressed with simplicity, empathy and totality.
For any further information you may require on YES BANK, please feel free to contact:
Anshu Daga, YES BANK Ltd.
Ph.: + 91 22 5669 9171
Fax: +91 22 24900314
Email: anshu.daga@yesbank.in
Anusha Gavankar, Adfactors PR
Ph.: +91 22 22813565
Fax: ++91 22 22813569
Email: anusha.gavankar@adfactorspr.com
Source: AdFactors
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