Yes Bank Results
Thursday, April 10, 2008Yes Bank's FY08 results did not disappoint, with net profit growing 112% YoY to Rs2bn (vs our forecast of Rs1.96bn). Recent concerns on forex derivative losses were unfounded and did not hurt 4QFY08 profits. Profit growth was driven by a strong increase in net interest and non-interest income, lower cost/income ratio and partly offset by rising provision charges. Key profitability ratios remain healthy, with ROA of 1.4% and ROE of 19%. After last month's earnings downgrade, we still forecast 38% earnings CAGR over FY08-10ii.
Recent Corporate Earnings / Breaking News
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- Tata Communications lose case to Reliance
- Ashok Leyland march Sales up 27%
- Pyramid Saimira Group to launch 10 films
- Nitin Fire acquires 40% stake in Dubai's New Age C...
- No Assurance by Steel Industry to Hold or Cut HRC ...
- BHEL - The Best is Behind us
- Ranbaxy launches worlds first Bio-generic recombin...
- Wipro to implement iflex's products
- CII + NIIT to Educate Africans
