Yes Bank is like that filmi hero who once ruled the box office, crashed spectacularly, and is now doing small-budget sequels hoping for a comeback. Once the darling of Dalal Street, it now sits at a humble ₹19.6 per share, with a market cap of ₹61,327 Cr. Profits are back, NPAs have been detoxed, but with ₹3.56 lakh Cr debt, it still feels like watching a patient in ICU doing Zumba.
2. Introduction
Founded in 2003, Yes Bank was India’s fastest-growing private bank until its aggressive lending turned into a bad-loan buffet. By 2020, RBI had to intervene, impose a moratorium, and summon SBI and friends to rescue it. Imagine Ambani calling neighbours to help fix Jio’s Wi-Fi—that’s how desperate it was.
Today, the bank claims stability:
GNPA down to 1.6% from a terrifying 13.9% in FY22.
NNPA at 0.5%, which is healthier than many mid-sized banks.
PCR up to 81.5%, meaning they’re actually provisioning instead of praying.
Retail & SME now form 51% of advances vs 41% in FY22, while corporate exposure has been trimmed from 43% to 29%. In simple words—less loans to flashy tycoons, more loans to shopkeepers, Uber drivers, and your neighbourhood mithaiwala.
But here’s the kicker—despite all the repairs, ROE is still 5.5% and NIM at 2.4%, which makes it less profitable than a paan shop outside a metro station.
Question for you: Can Yes Bank truly reinvent itself, or will it forever remain the “restructured struggler” of Indian banking?
3. Business Model – WTF Do They Even Do?
Yes Bank runs a full-service banking shop:
Retail/SME Banking (51%) – Housing loans, personal loans, SME credit.
Corporate Banking (29%) – Reduced exposure to avoid past sins.
Treasury/Head Office (21%) – Investments, trading, and money markets.
Branch network: 1,237 branches, 221 BC outlets, 1,325 ATMs, plus one fancy rep office in Abu Dhabi and a unit in GIFT City, Gujarat. Translation: operational reach is wide, but brand trust is still recovering from its “2020 ICU moment.”
Digital play: 90% of transactions are digital, thanks to UPI dominance (1 in 3 UPI transactions is processed via Yes Bank). Their new app iris by YES BANK has 230+ features—basically a Swiss army knife of banking. But let’s be honest: most people still open it only to check if salary got credited.
4. Financials Overview
Metric
Latest Qtr (Jun ’25)
YoY Qtr (Jun ’24)
Prev Qtr (Mar ’25)
YoY %
QoQ %
Revenue
7,605
7,725
7,623
-1.6%
-0.2%
EBITDA (Fin. Profit)
-740
-580
-809
-27.6%
-8.5%
PAT
809
516
745
56.7%
8.6%
EPS (₹)
0.26
0.16
0.24
62.5%
8.3%
Commentary: Revenue stagnant, financial margins still negative, but PAT improved thanks to other income and lower provisions. EPS crawling up, but still at less than one rupee—basically, chillar returns for now.
5. Valuation – Fair Value Range Only
P/E Method: EPS ₹0.87, Industry P/E ~12. Reasonable band 15–25x. Fair Value = ₹13 – ₹22.
P/B Method: Book Value ₹15.3, historic private bank P/B range 1–2x. Fair Value = ₹15 – ₹30.
