Yes Bank trades in green on Moody’s upgrade, board nod to raise funds

Moody’s expects that Yes Bank’s financial performance will remain stable over the next 12-18 months.

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Shares of Yes Bank edged up 1.19 percent to Rs 16.17 in morning trade on June 26 after Moody’s re-affirmed the ratings assigned to the bank’s instruments, with a ‘stable’ outlook.

In a regulatory filing on June 25, the private sector lender said Moody’s Investors Service re-affirmed its long-term foreign currency issuer rating of Ba3, long-term (local and foreign currency) deposit rating at Ba3 and baseline credit assessment (BCA) and adjusted BCA at b1.

“The rating affirmation and stable outlook is driven by the improvement in India’s Macro Profile to ‘Moderate+’ from ‘Moderate’, along with Moody’s expectation that Yes Bank’s financial performance will remain stable over the next 12-18 months,” the filing said.

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The agency expects Yes Bank’s asset quality to be stable as the bulk of its legacy problem assets have been resolved, while India’s good economic momentum will support the performance of its newly originated loans.

Yes Bank added that its gross non-performing loan (NPL) ratio declined to 2.2 percent at the end of March 2023 from 13.9 percent a year ear1ier, following its sale of non-performing loans to an asset reconstruction company (ARC) in 2022.

Its loan loss coverage declined to 62 percent at the end of March 2023 from 71 percent a year earlier following the NPL sale, but Moody’s expects it will recover as the bank rebuilds its loan loss reserves.

The bank’s return on assets declined to 0.2 percent in fiscal 2023 from 0.4 percent in fiscal 2022 as it increased provisions against its non-performing assets. Moody’s expects Yes Bank’s profitability to gradually improve over the next 12-18 months as it restarts loan growth and the burden of credit costs eases.

In another filing, Yes Bank said its board has approved raising funds up to Rs 2,500 crore through debt securities, including but not limited to non-convertible debentures, bonds and medium-term note (MTN).

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