Whalesbook
Toh hua kya ki, Yes Bank ne bataya ki unhone ₹210 crore cash recover kiya hai security receipts se. Ye paisa un non-performing assets (NPAs) se aaya hai jo December 2022 mein JC Flowers ARC ko beche the. Is khabar se share price mein lagbhag 4% ka jump aaya aur ₹18.02 tak pahunch gaya. Ye ek positive sign hai, kyunki saal bhar mein stock already lagbhag 16% gira hua hai. Haalanki, ye recovery March 2025 mein JC Flowers ARC se aaye ₹429 crore se kam hai, toh matlab resolution ka pace dheema hai. Bank ka market cap lagbhag ₹54,000 Cr hai aur trailing P/E ratio 17-18.5 ke aas paas hai, jise analysts thoda check kar rahe hain.
Ab ek aur update - Yes Bank ne ek naye Chief Risk Officer (CRO) bhi appoint kiye hain, Mr. S. Anantharaman. Ye April 1, 2026 se join karenge. Inke paas Jio Financial Services aur Bank of Baroda mein risk management ka kaafi experience hai, toh ye bank ke risks ko manage karne mein important role play karenge. Lekin, brokers abhi bhi Yes Bank ko lekar thode cautious hain. Sabka combined rating abhi bhi "Sell" hai aur average 12-month price target ₹20.18 ke aas paas hai, matlab zyada upside expected nahi hai. Nomura ne bhi apna target ₹21 kiya hai, par neutral stance rakha hai.
Indian banking sector overall toh strong dikh raha hai. Gross NPAs kam hokar 2.2% tak aa sakte hain aur credit growth 10% se upar rehne ka anuman hai. Lekin Yes Bank ki situation alag hai. Inke khud ke Gross NPAs 1.5-1.6% aur Net NPAs 0.3-0.5% hain, jo manageable lagte hain. Par bank ka ROA (Return on Assets) FY25 mein ~0.60% ke aas paas hi raha hai, jo thoda kam hai. Sector mein deposit rates aur loan rates ke chalte NIMs par pressure hai, jo Yes Bank ke 2.4-2.7% NIMs par bhi asar daal sakta hai. Competition bhi kaafi tough hai – HDFC Bank, ICICI Bank, Kotak Mahindra Bank jaise bade banks financialy zyada strong hain. IDFC First Bank ka P/E ratio 33.75 hai, jo Yes Bank ke 17-18.5 se lagbhag double hai.
Toh jitni bhi recovery ho rahi hai aur naye CRO aa gaye hain, analysts abhi bhi chintit hain. Kai analysts jaise JPMorgan aur Morgan Stanley ne bhi "Sell" rating di hai. Bank ka past volatility bhi ek concern hai. Mr. Anantharaman ka experience achha hai, par Yes Bank mein risk management sudharna ek bada kaam hoga, khas kar jab unsecured lending aur margin compression jaise sector challenges bhi aane wale hain. Ye ₹210 crore ki recovery bank ki balance sheet ke hisaab se choti hai, aur pehle bhi aise recovery news par gains zyada der tikte nahi the. Analysts ne FY27 tak 1% ROA ka target rakha hai, jo ki kaafi ambitious lag raha hai, matlab abhi financial strength gain karne mein time lagega.