Yes Bank
Yes Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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
As of the 2026-10-01 close, Yes Bank Ltd trades at Rs 20.75, giving a market capitalisation of Rs 65,131.03 Cr, a trailing P/E of 17.44 and a P/B of 1.24. Profits are recovering quickly, with compounded profit growth of 69% over 3 years and 38% on a TTM basis. Returns remain low, though: ROE is 6.86%, the 3-year average ROE is about 5%, TTM sales growth is 0%, and the bank pays no dividend. Over 10 years the stock has delivered a -22% CAGR.
- Profit recovery is strong. Compounded profit growth is 69% over 3 years and 38% TTM, which suggests the post-2020 reconstruction is feeding through to earnings.
- Over 5 years, profit has grown at a 24.6% CAGR, much faster than the 8.55% 5-year sales CAGR. This points to falling credit costs and better operating efficiency rather than balance-sheet growth alone.
- ROE is improving. It rose to about 7% last year (6.86% currently), up from a 5-year average of about 4% and a 10-year average of about 0%, so profitability is normalising, though it remains low in absolute terms.
- At 1.24x P/B, the stock trades at a modest premium to book value. If ROE keeps moving from 6.86% toward sector-typical levels, book value growth and re-rating could both contribute.
- At Rs 20.75, the stock is about 19.5% below its 52-week high of Rs 25.78, after a -5% 1-year return. This leaves room for recovery if earnings momentum continues.
- Medium-term shareholder returns have been positive, with a 3-year stock CAGR of 7% and a 5-year CAGR of 10%. This indicates a recovery from the lows of the 10-year period.
- Sales have compounded at 10% over 3 years, faster than the 9% 5-year rate. This suggests the core franchise grew modestly after the reconstruction, before flattening at 0% TTM.
- Return on equity is weak. The 3-year average ROE is 5.33% and ROCE is 5.34%, both likely below the bank's cost of equity, which makes the 1.24x P/B premium harder to justify on current returns.
- Top-line growth has stalled. TTM compounded sales growth is 0%, and the 5-year sales CAGR of 8.55% is modest for a private bank. Further profit growth may depend heavily on cost and provisioning gains rather than balance-sheet expansion.
- The trailing P/E of 17.44 on TTM EPS of Rs 1.19 is demanding relative to an ROE of 6.86%. The implied earnings yield is about 5.7%.
- Other income is Rs 7,130 Cr, roughly 1.9x the implied TTM net profit of about Rs 3,735 Cr (EPS of Rs 1.19 times about 3,139 Cr shares). This makes earnings sensitive to fee, treasury and recovery income, which can be volatile.
- Contingent liabilities total Rs 12,24,826 Cr, about 18.8x the market capitalisation of Rs 65,131.03 Cr. Most of this is typically derivative and guarantee exposure for banks, but the scale adds off-balance-sheet risk.
- The bank pays no dividend (dividend yield of 0%) despite repeated profits, so shareholders receive no income return while capital is retained.
- Long-term shareholder outcomes have been poor. The 10-year stock CAGR is -22% and 10-year compounded profit growth is only 3%, reflecting the 2020 crisis and significant dilution.
- Screening flags show low interest coverage and possible capitalisation of interest cost. These metrics are less meaningful for banks, but they point to thin spreads between yield on assets and cost of funds.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Growth flattered by FCNR(B) support Oct 05
Excluding RBI-subsidised FCNR(B) deposits and GIFT City foreign currency loans, loan growth falls to 17.7% YoY and 3.3% QoQ, against reported figures of 23.8% and 8.6%. Normalised deposit growth is 13.2% YoY, and the RBI swap facility ended on Sep 30, 2026.
- CASA ratio slides to 30% Oct 04
The CASA ratio fell to 30.0% from 33.7% a year ago and 32.7% in Q1 FY27. CASA deposits grew only 6.6% to ₹1.06 lakh crore, well behind total deposit growth.
- Costly CD funding surges Oct 04
Certificates of Deposit rose about 72% QoQ to ₹11,382 crore from ₹6,604 crore at Jun 30, and now make up about 3.2% of deposits. This points to a rising cost of funds.
- Citi keeps Sell, ₹22 target Sep 24
Citi kept its Sell rating with a ₹22 target, based on 1.2x Sep-2027 adjusted book value. It expects excess FCNR liquidity and IBU leverage to weigh on margins for the next two quarters.
- Liquidity buffers tightening Oct 05
LCR fell to 131.4% from 138.2% in Q1. The credit-deposit ratio is 87.5%, against 84.5% a year ago, and 83.2% on a normalised basis.
- ROA gains to be gradual Sep 11
Credit cost is unlikely to fall further because security receipt (SR) recoveries are expected to be lower in FY27. This keeps ROA improvement gradual.
- Loans up 24%, deposits up 20% Oct 04
Q2 FY27 loans rose 23.8% YoY to ₹3,09,675 crore and deposits rose 19.5% to ₹3,54,084 crore. Shares gained 1.64% to ₹21.09 on the update.
- Key UPI MDR beneficiary Sep 16
From Oct 15, UPI merchant payments above ₹2,000 carry an MDR of up to 0.4%, capped at ₹300. Citi estimates a 6-12% PBT boost for Yes Bank given its 40%+ share of UPI beneficiary volume, and shares rose as much as 5% to ₹24.10.
- ₹621 crore one-off inflows Sep 30
The bank received a ₹363 crore income-tax refund order for AY 2017-18 and ₹258 crore from a JC Flower ARC security receipt trust. The trust receipt exceeded its carrying value.
- Asset quality holds steady Oct 05
Gross NPA was 1.3% (2.0% a year ago) and net NPA 0.2%. Slippages eased to ₹964 crore from ₹1,102 crore in Q1 and ₹1,458 crore a year ago, with PCR at 81.7%.
- Q1 profit up 34% Oct 04
Q1 FY27 net profit rose 34% YoY to ₹1,071 crore, NII grew 17% to ₹2,786 crore and operating profit rose 25% to ₹1,704 crore. Provisions rose 39% to ₹394 crore.
- Retail disbursements re-accelerate Sep 24
Retail disbursements grew 27.5% YoY, though the retail book grew only 6.9%. Citi expects credit costs to stay at or below 50 bps.
- Q2 results on Oct 17 Oct 08
The board meets on Oct 17, 2026 to approve Q2 FY27 results. The analyst call is at 3:00 pm IST with MD & CEO Vinay M. Tonse.
- $2B raised via FCNR(B) Sep 09
Yes Bank raised $2B in FCNR(B) deposits under the RBI swap window. The window ended Sep 30, 2026, which caps this funding source going forward.
- Supreme Court plea on Fortis audit Sep 16
Yes Bank challenged a Delhi High Court order for a forensic audit of 2018 Fortis Healthcare share sales involving it and 16 other lenders.
- Interim Chief Vigilance Officer named Sep 16
Harish Sehgal, the bank's AML head, became interim Chief Vigilance Officer from Sep 16, 2026. He replaces Binu Soman, who was relieved on Sep 15.
- Series of investor meetings Sep 23
The bank met investors at the Jefferies India Forum (Sep 18), in Mumbai (Sep 22) and at the Citi Financials Forum (Sep 21-25). No price-sensitive information was shared.
TL;DR: Yes Bank is growing fast, with loans up 23.8% and deposits up 19.5%. Asset quality is clean (gross NPA 1.3%, net NPA 0.2%), and it gets a structural fee boost from UPI MDR plus about ₹621 crore in one-off inflows. Underneath, about 600 bps of growth came from a temporary RBI FCNR(B) facility that has now ended, while CASA fell to 30% and CD funding jumped 72% QoQ, raising the risk of NIM pressure, a concern Citi's Sell rating reflects. Fundamentals are improving but the funding mix is getting worse, and the stock at about ₹21 sits well below its ₹25.78 high. The Oct 17 Q2 results and the first MDR-driven fee data are the next tests of whether organic deposit growth can support margins.
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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91 extracted metrics + investor summaries across FY08–FY27.
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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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