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Yes Bank delivered a strong Q4 FY26 with net profit of ₹1,068 crore (+44.7% YoY), driven by NII growth of 15.9% YoY to ₹2,638 crore and NIM expansion of 20bps YoY to 2.7%. Asset quality improved to best-in-class levels: GNPA 1.3% and NNPA 0.2%, with retail slippages at a nine-quarter low. The bank achieved 1% ROA, in line with guidance, supported by lower credit costs (0.17% in Q4) and a 63% cost-to-income ratio. Management guided for loan growth of 13-15% in FY27, sustained margin improvement via RIDF rundown (target below 5% of assets by FY27), and core ROA improvement of 25-50bps. Key risk: potential adverse Supreme Court ruling on AT1 bonds could impact capital adequacy.
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Guidance to track
- Management expects advances growth in line with industry, targeting 13-15% for FY27, driven by secular momentum across retail, commercial, and corporate segments.
- RIDF and other mandated deposits expected to decline by at least ₹6,500 crore, potentially up to ₹9,000 crore, by March 2027, supporting margin expansion.
- Excluding JC Flower ARC recoveries, management aims to improve core ROA by 25-50bps through higher NIM, cost discipline, and lower credit costs.
- Structural margin target of 3.25-3.5% over a 2-3 year horizon, driven by RIDF rundown, lower cost of deposits, and improving loan mix.
Risks flagged
- Supreme Court has reserved judgment on the AT1 bonds write-down; an adverse ruling could impact capital adequacy and investor confidence.
- West Asia war could have second-order effects on inflation and client stress in the infrastructure segment, a key growth driver.
- While retail slippages improved to 2.8% exit rate, unsecured portfolios (credit cards, personal loans) remain elevated; any deterioration could pressure credit costs.
Key quotes
- Execution, discipline, and stakeholder trust will remain central to how we operate.
- We do believe that we're a franchise that indeed should be delivering growth in line with industry, if not targeting more.
- The provisioning that we've done on certain product in no way reflect an underlying credit issue or an impairment.
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