2QFY2012 Result Update | Banking

October 20, 2011

Yes Bank
Performance Highlights

Particulars (` cr) NII Pre-prov. profit PAT 2QFY12 386 386 235 1QFY12 354 325 216 % chg (qoq) 8.9 18.7 8.8 2QFY11 313 281 176 % chg (yoy) 23.1 37.1 33.3

ACCUMULATE
CMP Target Price Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Banking 10,010 1.4 388/234 3,72,615 10 16,937 5,092 YESB.BO YES@IN

`285 `324 12 Months

Source: Company, Angel Research

For 2QFY2012, Yes Bank reported a strong performance. Net profit grew by 33.3% yoy (8.8% qoq) to `235cr, above our estimate of `216cr. Profit growth was driven by 10bp increment in NIM and strong non-interest income, which registered 63.4% yoy growth. The bank continued with its strategy of slower balance sheet growth in 2QFY2012 to manage margins and risks in the current environment. We maintain our Accumulate rating on the stock. Business growth moderates; steady NIM and strong asset quality: The bank continued with its strategy of slower balance sheet growth in 2QFY2012 to manage margins and risks in the current environment. Advances grew by 12.7% yoy (3.3% qoq) and deposits grew by 10.2% yoy (1.1% qoq). CASA deposits accretion remained healthy at 19.7% yoy (almost flat qoq). The bank managed to increase its CASA ratio marginally by 4bp qoq to 11.0% due to the relative slower deposit growth. Reported NIM rose by 10bp qoq to 2.9% as yield on advances grew by 60bp to 12.2%. Higher yield on advances was supported by the 51.3% qoq growth in credit substitutes to `6,566cr. Thus, NII posted healthy growth of 23.1% yoy. The bank witnessed some weakening in NPA ratios in 2QFY2012; however, gross NPA ratio at 0.3% (0.2% in 1QFY2012) and net NPA ratio at 0.04% (0.01% in 1QFY2012) continued to be the best in the industry. Outlook and valuation: Structurally, we believe there may be downside risks to the banks RoA as Yes Banks balance sheet continues to grow rapidly. On the liabilities side, building a savings deposit franchise involves execution risks. On the positive side, the bank has doubled its branch network over the last 18 months to 305 branches. Also, we believe we are very close to the peak of the current interest rate cycle; and as liquidity has improved compared to the extreme tightness during the last few quarters, the environment is expected to be relatively more conducive for banks such as Yes Bank. The stock is trading at 1.8x FY2013E ABV. We maintain our Accumulate recommendation on the stock with a target price of `324. Key financials
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
Source: Company, Angel Research

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 26.3 9.7 50.7 13.4

Abs. (%) Sensex Yes Bank

3m (8.5) (10.6)

1yr (14.8) (19.1)

3yr 69.8 259.1

FY2010
788 54.1 478 57.2 2.8 14.1 20.2 3.1 1.6 20.3

FY2011
1,247 58.2 727 52.2 2.7 20.9 13.6 2.6 1.5 21.1

FY2012E
1,564 25.4 924 27.1 2.4 26.6 10.7 2.2 1.4 22.0

FY2013E
1,884 20.5 1,046 13.2 2.4 30.1 9.5 1.8 1.3 20.8

Vaibhav Agrawal
022 3935 7800 Ext: 6808 [email protected]

Shrinivas Bhutda
022 3935 7800 Ext: 6845 [email protected]

Varun Varma
022 3935 7800 Ext: 6847 [email protected]

Please refer to important disclosures at the end of this report

Yes Bank | 2QFY2012 Result Update

Exhibit 1: 2QFY2012 performance summary

Particulars (` cr) Interest earned - on Advances / Bills - on investments - on balance with RBI & others - on others Interest Expended Net Interest Income Other income - Financial markets - Financial advisory - Transaction banking - Retail and others Operating income Operating expenses - Employee expenses - Other Opex Pre-provision Profit Provisions & Contingencies PBT Provision for Tax PAT Effective Tax Rate (%)
Source: Company, Angel Research

2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 1,439 1,032 398 4 5 1,053 386 214 25 83 42 16 600 214 110 104 386 38 348 113 235 32.5 1,400 1,026 365 8 1 1,045 354 165 24 77 65 20 519 194 110 85 325 2 324 108 216 33.2 2.8 0.5 9.1 (48.1) 691.5 0.7 8.9 29.5 2.5 7.4 (35.8) (21.9) 15.4 10.0 0.1 22.8 18.7 2,407.9 7.6 5.1 8.8 (75)bp 954 725 224 3 1 641 313 131 23 76 34 11 444 163 88 75 281 17 264 88 176 33.2 50.8 42.3 77.3 46.8 243.4 64.4 23.1 63.4 9.3 8.9 22.4 44.0 35.0 31.3 25.3 38.4 37.1 117.1 31.9 28.9 33.3 (75)bp

Exhibit 2: 2QFY2012 Actual vs. estimates

Particulars (` cr) Net interest income Other income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Company, Angel Research

Actual 386 214 600 214 386 38 348 113 235

Estimates 366 186 552 209 342 22 320 104 216

Var. (%) 5.4 15.4 8.7 2.2 12.7 70.4 8.7 8.8 8.7

October 20, 2011

Yes Bank | 2QFY2012 Result Update

Exhibit 3: 2QFY2012 performance analysis

Particulars Balance sheet Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) CASA deposits (` cr) CASA ratio (%) CAR (%) Tier 1 CAR (%) Profitability Ratios (%) Yield on advances Cost of funds Reported NIM Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%)
Source: Company, Angel Research

2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 34,194 44,076 77.6 4,839 11.0 16.0 9.4 12.2 8.6 2.9 35.6 69 0.3 14 0.0 80.2 33,104 43,576 76.0 4,764 10.9 16.2 9.6 11.6 8.5 2.8 37.4 56 0.2 3 0.0 95.2 3.3 1.1 161bp 1.6 4bp (24)bp (20)bp 60bp 10bp 10bp (177)bp 23.0 13bp 410.9 3bp (1,505)bp 30,348 40,014 75.8 4,041 10.1 19.4 11.0 9.5 6.7 3.0 36.6 68 0.2 17 0.1 74.7 12.7 10.2 174bp 19.7 88bp (345)bp (160)bp 270bp 190bp (10)bp (100)bp 1.6 8bp (20.5) (2)bp 552bp

Slower balance sheet growth in 2QFY2012

The bank continued with its strategy of slower balance sheet growth in 2QFY2012 to manage margins and risks in the current environment. Advances grew by 12.7% yoy (3.3% qoq) and deposits grew by 10.2% yoy (1.1% qoq). Branch banking continued to witness traction as its share in total advances increased by 3bp qoq to 15% during the quarter. CASA deposits accretion remained healthy at 19.7% yoy (almost flat sequentially). Due to the relative slower growth in deposits, the bank managed to increase its CASA ratio marginally by 4bp qoq to 11.0%. The share of Certificate of Deposits (CDs) decreased to ~12% of deposits from 13.4% in 1QFY2012. During the quarter, the bank opened 50 branches and recruited 329 new employees. Management has indicated loan book growth of 25% in FY2012.

October 20, 2011

Yes Bank | 2QFY2012 Result Update

Exhibit 4: Business momentum moderates further

2QFY11 120.0 100.0 80.0 60.0 40.0 3QFY11 4QFY11 1QFY12 2QFY12

Exhibit 5: Share of branch banking improving

Corp. and Insti. Banking Commercial Banking Branch Banking 100 10 11 12 12 15 80 20 22 23 24 24 60 40 70 68 65 63 61

106.6

86.3

66.3

54.8

26.1

79.0

71.4

44.1

12.7

20.0 -

10.2

20 -

Advances yoy growth (%)

Source: Company, Angel Research

Deposits yoy growth (%)

2QFY11

3QFY11

4QFY11

1QFY12

2QFY12

Source: Company, Angel Research

Exhibit 6: CASA deposits growth still at healthy levels

(%) 140.0 105.0 70.0 35.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 118.2 80.5

Exhibit 7: CASA ratio marginally up in 2QFY2012

(%) 12.0 10.1 10.2 10.3 10.9 11.0

68.6 49.8

10.0

8.0
19.7

6.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

Source: Company, Angel Research

Source: Company, Angel Research

NIM sustained on the back of higher yields

Reported NIM rose by 10bp to 2.9% as yield on advances rose by 60bp qoq to 12.2%. Higher yield on advances was supported by a 51.3% qoq increase in credit substitutes to `6,566cr. The bank also utilized more foreign currency borrowings during the quarter, leading to only a 10bp qoq increase in cost of funds to 8.6%. Consequently, NII posted healthy growth of 23.1% yoy.

Exhibit 8: Sharp uptick in yield on advances...

(%) 13.0 12.0 11.0 10.0 9.0 8.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 10.0 9.5 10.7 11.6

Exhibit 9: ...aids in improving NIM by 10bp qoq

(%) 3.2 3.0 2.8 2.6 2.4 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3.0 2.9 2.8 2.8 2.8

12.2

Source: Company, Angel Research

Source: Company, Angel Research

October 20, 2011

Yes Bank | 2QFY2012 Result Update

Non-interest income growth strong in 2QFY2012

The banks non-interest income grew strongly by 63.4% yoy to `214cr, with trading income only being ~2% of the total other income. Non-interest income stood at 1.4% (annualised) of the average total assets for 2QFY2012.

Exhibit 10: Overall fee income growth strong

Particulars (` cr) Financial markets Financial advisory Transaction banking Retail and others Other income
Source: Company, Angel Research

2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 41 98 61 14 214 25 83 42 16 165 66.0 18.0 45.0 (8.9) 29.5 14 64 38 15 131 190.8 53.5 59.0 (4.0) 63.4

Strong asset quality

On the asset quality front, the bank witnessed some weakening in NPA ratios in 2QFY2012; however, gross NPA ratio at 0.3% (0.2% in 1QFY2012) and net NPA ratio at 0.04% (0.01% in 1QFY2012) continued to be the best in the industry. Provision coverage ratio (excluding technical write-offs) declined from 95.2% in 1QFY2012 to 80.2% in 2QFY2012. Restructured advances more than doubled sequentially to `176cr (0.51% of gross advances). The entire addition of ~`90cr was attributed to the restructuring of three MFI companies during the quarter.

Exhibit 11: Asset quality still the best in industry

Gross NPA (` cr, LHS) 100 80 60 40 20 68 17 2QFY11 73 17 3QFY11 81 9 56 3 69 14 2QFY12 75 76 89 80 80 70 60 Net NPA (` cr, LHS) 95 NPA coverage % (RHS) 100 90

4QFY11

1QFY12

Source: Company, Angel Research

Operating costs under control

Cost-to-income ratio remained healthy at sub-40% levels, in spite of one-off costs related to foreign currency borrowings during the quarter. The bank recruited 329 employees in 2QFY2012; however, most additions were at lower levels, leading to a 25.3% yoy increase in staff expenses for 2QFY2012 (first time below 30% in the last seven quarters). Going forward as well, management plans to continue hiring 90-100 employees every month. Considering the robust branch expansion plans and continued recruitment of employees, we have factored in operating expenses to grow by 30.4% and 32.0% for FY2012 and FY2013, respectively.
October 20, 2011

Yes Bank | 2QFY2012 Result Update

Exhibit 12: Branch expansion gaining traction

305 300 260 220 180 140 100 60 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 171 185 214 255

Exhibit 13: Opex ratios improve on a yoy basis

Opex to avg assets (%, RHS) 40.0 37.5 35.0 32.5 30.0 1.4 1.3 1.3 1.3 1.4 36.6
37.4

Cost-to-income ratio (%) 1.5 1.4 35.6 1.4 1.3 1.3 1.2 1.2 1.1

35.8

34.8

2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

Source: Company, Angel Research

Source: Company, Angel Research

Capital adequacy continues to be strong

The banks capital adequacy ratio (CAR) continued to be strong at 16.0%, with tier-I ratio at 9.4%. The bank raised lower tier-2 bonds worth `322cr during the quarter.

Exhibit 14: Capital adequacy remains healthy

Tier-I CAR (%) 25.0 20.0 15.0 10.0 5.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 11.0 10.4 9.7 9.6 9.4 19.4 18.2 Tier-II CAR (%)

16.5 6.8

16.2 6.6

16.0 6.6

8.4

7.8

Source: Company, Angel Research

October 20, 2011

Yes Bank | 2QFY2012 Result Update

Investment arguments
A-list management and ability to raise capital
Yes Bank has an A-list top management team, which brings to the table rich experience from the best banks in India, including Bank of America, ABN AMRO, Citibank, ICICI Bank, Rabo India and HDFC Bank. The banks performance also benefits from managements ability to raise equity capital (at increasing, book-accretive premiums).

Strong asset quality

The bank has successfully maintained strong asset quality in spite of growing at a fast clip over the past few years. Proportion of stressed loans for the bank possibly remained at the lowest levels in the industry. Even in the latest results, the banks gross and net NPA ratios were stable at 0.3% and 0.04%, respectively. The banks provision coverage ratio even without inclusion of technical write-offs remained healthy at 80.2% in 2QFY2012.

Investment concerns
Medium-term downside risks to RoAs
The banks credit market share has steadily increased on the back of a robust credit CAGR of 53.9% over FY2008-11, which at 0.9% represents an increasingly meaningful market share. The bank has so far managed to source loans with relatively above-average profitability, keeping its NIM above 2.7% since FY2009, in spite of just 11% CASA ratio. Going forward though, as the size of the balance sheet increases, we believe RoA compression remains a risk to the bank.

Execution risks in retail expansion plans

The bank has expanded its network at a fairly rapid pace from 67 branches in FY2008 to 305 branches as of 2QFY2012. Management is planning to add 30-40 branches every quarter going forward, with new branches directed towards improving its retail franchise. In our view though, considering the experience of the past several quarters, the inherent challenges of building a retail franchise are substantial despite managements high pedigree.

Outlook and valuation

Yes Banks growth as well as managements track record has been excellent, so far. However, as the banks balance sheet size continues to increase (25% loan growth targeted in FY2012), it remains to be seen whether it can continue to source as profitable lending opportunities as its current loan portfolio. On the liabilities side, building a savings deposit franchise involves execution risks. On the positive side, the bank has doubled its branch network over the last 18 months to 305 branches. Also, we believe we are very close to the peak of the current interest rate cycle; and as liquidity has improved compared to the extreme tightness during the last few quarters, the environment is expected to be relatively more conducive for banks such as Yes Bank. The stock is trading at 1.8x FY2013E ABV. We maintain our Accumulate recommendation on the stock with a target price of `324.
October 20, 2011

Yes Bank | 2QFY2012 Result Update

Exhibit 15: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages
Source: Angel Research

Earlier estimates FY2012 27.0 27.0 11.5 2.4 32.3 33.8 33.8 0.3 FY2013 26.0 26.0 12.4 2.3 26.0 30.0 30.0 0.4

Revised estimates FY2012 22.0 22.0 11.3 2.4 30.4 30.4 30.4 0.3 FY2013 26.0 26.0 12.2 2.4 26.0 32.0 32.0 0.5

Exhibit 16: Change in estimates

FY2012 Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Angel Research

Earlier estimates
1,528 825 2,352 909 1,443 123 1,320 428 891

Revised Earlier Var. (%) estimates estimates

1,564 813 2,377 886 1,490 123 1,368 444 924 2.4 (1.4) 1.0 (2.5) 3.3 (0.4) 3.6 3.6 3.6 1,855 1,039 2,894 1,182 1,712 189 1,523 494 1,029

FY2013 Revised Var. (%) estimates

1,884 1,024 2,908 1,170 1,738 190 1,548 502 1,046 1.5 (1.4) 0.5 (1.0) 1.5 0.3 1.7 1.7 1.7

Exhibit 17: P/ABV band

500 400 300 200 100 0 Price (`) 1x 1.5x 2x 2.5x 3x

Dec-05

Aug-07

Mar-07

Dec-10

Apr-09

Jul-05

Jul-10

May-06

Nov-08

Source: Company, Angel Research

October 20, 2011

May-11

Mar-12

Oct-06

Sep-09

Feb-10

Oct-11

Jan-08

Jun-08

Yes Bank | 2QFY2012 Result Update

Exhibit 18: Recommendation summary

Company AxisBk FedBk HDFCBk ICICIBk* SIB YesBk AllBk AndhBk BOB BOI BOM CanBk CentBk CorpBk DenaBk IDBI# IndBk IOB J&KBk OBC PNB SBI* SynBk UcoBk UnionBk UtdBk VijBk Reco. Buy Accumulate Accumulate Buy Accumulate Accumulate Accumulate Accumulate Buy Accumulate Buy Neutral Neutral Buy Accumulate Neutral Accumulate Accumulate Neutral Accumulate Accumulate Buy Buy Neutral Accumulate Buy Neutral CMP (`) 1,131 396 490 878 23 285 151 120 749 335 47 458 102 414 75 105 207 99 831 301 984 1,934 103 67 250 72 54 Tgt. price (`) 1,426 422 519 1,146 24 324 174 126 943 371 57 489 81 220 104 325 1,129 2,335 125 286 91 Upside (%) 26.1 6.6 6.0 30.4 5.1 13.7 15.0 5.5 25.9 10.8 20.6 18.1 8.2 6.4 5.7 1.4 8.0 14.7 20.7 21.7 14.5 26.2 FY2013E P/ABV (x) 1.8 1.1 3.3 1.6 1.1 1.8 0.7 0.8 1.0 0.9 0.6 0.9 0.7 0.7 0.6 0.7 0.8 0.6 0.7 1.1 1.5 0.7 0.8 0.9 0.6 0.7 FY2013E Tgt P/ABV (x) 2.3 1.2 3.5 2.1 1.2 2.1 0.8 0.9 1.3 1.0 0.8 0.8 0.6 0.9 0.7 0.8 1.3 1.8 0.9 1.1 0.8 FY2013E P/E (x) 9.5 8.2 17.0 12.7 6.7 9.5 4.3 5.4 5.7 5.5 4.4 5.3 5.0 4.1 3.6 5.0 5.3 3.9 5.8 5.3 6.1 7.4 4.7 4.1 5.3 4.3 6.6 FY2011-13E EPS CAGR (%) 20.4 18.3 30.5 24.1 15.6 19.9 8.9 (0.9) 10.6 15.2 31.8 (2.8) (14.6) 2.3 5.8 12.3 0.2 20.3 6.7 5.4 7.2 41.4 9.1 14.0 9.6 11.7 (3.2) FY2013E RoA (%) 1.5 1.2 1.7 1.4 1.0 1.3 0.9 0.9 1.1 0.7 0.6 0.9 0.5 0.8 0.8 0.7 1.1 0.6 1.2 0.8 1.0 1.0 0.6 0.6 0.8 0.6 0.4 FY2013E RoE (%) 20.8 13.8 20.9 15.6 18.2 20.8 17.7 15.8 19.6 17.1 15.1 17.1 14.2 16.8 16.2 14.0 17.4 15.9 16.4 13.9 20.0 21.9 15.7 16.5 18.1 13.8 10.5

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF

October 20, 2011

Yes Bank | 2QFY2012 Result Update

Income statement
Y/E March (` cr) Net Interest Income - YoY Growth (%) Other Income - YoY Growth (%) Operating Income - YoY Growth (%) Operating Expenses - YoY Growth (%) Pre - Provision Profit - YoY Growth (%) Prov. & Cont. - YoY Growth (%) Profit Before Tax - YoY Growth (%) Prov. for Taxation - as a % of PBT PAT - YoY Growth (%) FY07 171 94.6 201 101.1 372 98.0 194 124.7 179 75.4 35 101.3 144 49 34.3 94 FY08 331 92.9 361 79.7 691 85.8 341 76.3 350 96.0 44 24.9 306 106 34.7 200 FY09 511 54.6 435 20.6 946 36.9 419 22.7 528 50.7 62 41.6 466 52.0 162 34.8 304 51.9 FY10 788 54.1 576 32.3 1,363 44.1 500 19.5 863 63.6 137 121.6 726 55.9 249 34.2 478 57.2 FY11 1,247 58.2 623 8.3 1,870 37.2 680 35.9 1,190 37.9 98 (28.2) 1,092 50.3 365 33.4 727 52.2 FY12E 1,564 25.4 813 30.4 2,377 27.1 886 30.4 1,490 25.2 123 25.2 1,368 25.2 444 32.4 924 27.1 FY13E 1,884 20.5 1,024 26.0 2,908 22.3 1,170 32.0 1,738 16.6 190 54.2 1,548 13.2 502 32.4 1,046 13.2

70.1 113.3

70.4 111.9

Balance sheet
Y/E March (` cr) Share Capital Reserves & Surplus Deposits - Growth (%) Borrowings Tier 2 Capital Other Liab. & Prov. Total Liabilities Cash Balances Bank Balances Investments Advances - Growth (%) Fixed Assets Other Assets Total Assets - Growth (%) FY07 280 507 8,220 182.5 867 479 750 11,103 390 903 3,073 6,290 161.3 71 377 11,103 166.7 FY08 296 1,023 13,273 61.5 986 728 677 16,982 959 668 5,094 9,430 49.9 101 730 16,982 52.9 FY09 297 1,327 16,169 21.8 2,189 1,513 1,405 22,901 1,278 645 7,117 12,403 31.5 131 1,327 22,901 34.8 FY10 340 2,750 26,799 65.7 2,564 2,185 1,745 36,383 1,995 678 10,210 22,193 78.9 115 1,191 36,383 58.9 FY11 347 3,447 45,939 71.4 3,333 3,358 2,583 59,007 3,076 420 18,829 34,364 54.8 132 2,186 59,007 62.2 FY12E 347 4,250 56,045 22.0 6,021 4,097 3,127 73,887 3,643 1,478 23,944 41,924 22.0 161 2,737 73,887 25.2 FY13E 347 5,134 70,617 26.0 6,568 5,162 4,057 91,886 4,590 1,838 29,036 52,824 26.0 194 3,404 91,886 24.4

October 20, 2011

10

Yes Bank | 2QFY2012 Result Update

Ratio analysis
Y/E March Profitability ratios (%) NIMs Cost to Income Ratio RoA RoE B/S ratios (%) CASA Ratio Credit/Deposit Ratio CAR - Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages Loan Loss Prov. /Avg. Assets Provision Coverage Per Share Data (`) EPS ABVPS (75% cover.) DPS Valuation Ratios PER (x) P/ABVPS (x) Dividend Yield DuPont Analysis NII (-) Prov. Exp. Adj. NII Treasury Int. Sens. Inc. Other Inc. Op. Inc. Opex PBT Taxes RoA Leverage RoE 2.2 0.5 1.8 0.1 1.9 2.5 4.4 2.5 1.9 0.6 1.2 11.2 13.9 2.4 0.3 2.0 0.4 2.5 2.1 4.6 2.4 2.2 0.8 1.4 13.3 19.0 2.6 0.3 2.3 0.7 3.0 1.4 4.4 2.1 2.3 0.8 1.5 13.6 20.6 2.7 0.5 2.2 0.3 2.5 1.6 4.1 1.7 2.5 0.8 1.6 12.6 20.3 2.6 0.2 2.4 (0.1) 2.3 1.4 3.7 1.4 2.3 0.8 1.5 13.9 21.1 2.4 0.2 2.2 0.0 2.2 1.2 3.4 1.3 2.1 0.7 1.4 15.8 22.0 2.3 0.2 2.0 0.0 2.1 1.2 3.3 1.4 1.9 0.6 1.3 16.4 20.8 84.5 10.1 42.1 6.4 27.8 5.3 20.2 3.1 0.5 13.6 2.6 0.9 10.7 2.2 1.1 9.5 1.8 1.4 3.4 28.1 6.8 44.6 10.2 53.9 14.1 1.5 20.9 2.5 26.6 3.0 30.1 4.0 91.0 109.3 132.4 157.9 0.1 0.0 0.2 0.0 80.0 0.7 0.4 0.9 0.3 48.5 0.3 0.1 0.9 0.3 78.4 0.2 0.0 0.2 0.1 88.6 0.2 0.0 0.3 0.1 88.6 0.2 0.0 0.5 0.2 88.5 5.8 76.5 13.6 8.2 8.5 71.0 13.6 8.5 8.7 76.7 15.7 9.0 10.5 82.8 19.3 12.1 10.3 74.8 15.7 9.2 11.3 74.8 15.2 8.9 12.2 74.8 15.0 8.5 2.3 52.0 1.2 13.9 2.5 49.4 1.4 19.0 2.7 44.2 1.5 20.6 2.8 36.7 1.6 20.3 2.7 36.3 1.5 21.1 2.4 37.3 1.4 22.0 2.4 40.2 1.3 20.8 FY07 FY08 FY09 FY10 FY11 FY12E FY13E

October 20, 2011

11

Yes Bank | 2QFY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Yes Bank No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

October 20, 2011

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