Yes Bank Limited (YESBANK)
₹17.50 -3.42% last close, 16 Oct
Q2 FY27 results
📅 Next results: 17 Oct 2026 (board meeting)Yes Bank Limited's board meets on 17 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Yes Bank's net interest income was ₹2,785 Cr (+17.5% year on year, +5.8% on the previous quarter), and net profit ₹1,072 Cr (+32.5% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹2,785 | +17.5% | +5.8% |
| Operating profit | ₹1,706 | +24.6% | — |
| Net profit | ₹1,072 | +32.5% | -0.9% |
| EPS (₹) | 0.34 | +30.8% | +0.0% |
| Gross NPA | 1.30% | — | — |
YESBANK delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.84% of the YESBANK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.5%. That is close to its usual level. It traded 3.7 times its average daily volume. In YESBANK futures, open interest fell 1.82% while the futures price fell 3.35%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 39.6% · 43.0% · 41.3% · 25.6% · 39.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Supreme Court of India has upheld the Bombay High Court's ruling setting aside the write-down of Additional Tier-1 (AT1) bonds aggregating to ₹8,415 crore undertaken in March 2020. The apex court dismissed appeals filed by Yes Bank, the RBI, and the Union of India, mandating that annual coupon payments must be made per the Information Memoranda. Yes Bank estimates the pro-forma reinstatement of the AT1 bond principal will impact its Common Equity Tier 1 (CET1) ratio by ~250 bps based on June 30, 2026 figures, while the pro-forma Tier 1 ratio will remain unchanged at 14.0%. The ₹8,415 crore bond liability represents approximately 16.5% of Yes Bank's net worth of ₹51,062 crore.
- Supreme Court dismissed appeals against Bombay HC order, invalidating the ₹8,415 crore AT1 bond write-down
- Estimated ~250 bps negative pro-forma hit to CET1 ratio (including profits) as of June 30, 2026
- Overall Tier 1 capital ratio on a pro-forma basis remains unimpacted at 14.0%
- Court ordered annual coupon payments to be maintained as per the Information Memoranda
Yes Bank issued a clarification to the stock exchange regarding a 10% fall in its share price following a Supreme Court ruling on the ₹8,415 crore AT-1 bond write-off matter. The bank stated that the Supreme Court pronounced its judgment on October 15, 2026, in appeals arising from the Bombay High Court's January 2023 order. Yes Bank is in the process of obtaining and reviewing the final order copy to assess its implications. The disputed ₹8,415 crore AT-1 bond quantum represents roughly 16.5% of Yes Bank's net worth of ₹51,062 crore, presenting substantial capital and legal exposure.
- Supreme Court pronounced judgment on October 15, 2026, regarding the ₹8,415 crore AT-1 bond write-off.
- Exchange sought clarification after Yes Bank shares fell 10% following news reports.
- The underlying write-down originated on March 14, 2020, and was previously set aside by Bombay High Court on January 20, 2023.
- Bank is awaiting the final order copy to assess the financial and operational implications.
Yes Bank announced its provisional business figures for Q2 FY27 (quarter ended September 30, 2026). Total loans and advances grew 23.8% YoY (8.6% QoQ) to ₹3,09,675 crore, while deposits rose 19.5% YoY (12.3% QoQ) to ₹3,54,084 crore. On a normalized basis (excluding FCTL/FCNR-B under the RBI forex swap facility), advances and deposits grew 17.7% YoY and 13.2% YoY, respectively. CASA ratio moderated to 30.0% from 32.7% in Q1 FY27 and 33.7% in Q2 FY26 (normalized CASA at 31.7%).
- Loans & advances rose 23.8% YoY and 8.6% QoQ to ₹3,09,675 crore (17.7% YoY normalized).
- Deposits increased 19.5% YoY and 12.3% QoQ to ₹3,54,084 crore (13.2% YoY normalized).
- CASA deposits reached ₹1,06,255 crore, with CASA ratio moderating to 30.0% (31.7% normalized) vs 33.7% a year ago.
- Credit-to-Deposit (C/D) ratio stood at 87.5% (83.2% normalized), down from 90.4% in the previous quarter.
- Average quarterly consolidated Liquidity Coverage Ratio (LCR) was 131.4% vs 138.2% in Q1 FY27.
Yes Bank Limited has received a consolidated Order Giving Effect (OGE) from the Jurisdictional Assessing Officer on September 30, 2026, determining an income-tax refund of approximately Rs 363 crore for AY 2017-18. The refund follows appellate orders passed in late 2025 and includes interest income under section 244A along with tax benefits on certain claimed expenses. For context, this ~Rs 363 crore inflow represents about 9.6% of the bank's TTM net profit of Rs 3,775 crore and exceeds the bank's materiality threshold of ~Rs 120 crore.
- Consolidated OGE determines an income-tax refund of ~Rs 363 Crores for AY 2017-18
- Refund includes interest income under Section 244A and tax benefit on certain expense claims
- Exceeds the bank's regulatory materiality threshold of ~Rs 120 Crores
- Represents ~9.6% of the bank's TTM PAT of Rs 3,775 Crores
Yes Bank Limited has received a consolidated Order Giving Effect (OGE) from the Jurisdictional Assessing Officer on September 30, 2026, determining an income-tax refund of approximately Rs 363 crore for AY 2017-18. The refund follows appellate orders passed in late 2025 and includes interest income under section 244A along with tax benefits on certain claimed expenses. For context, this ~Rs 363 crore inflow represents about 9.6% of the bank's TTM net profit of Rs 3,775 crore and exceeds the bank's materiality threshold of ~Rs 120 crore.
- Consolidated OGE determines an income-tax refund of ~Rs 363 Crores for AY 2017-18
- Refund includes interest income under Section 244A and tax benefit on certain expense claims
- Exceeds the bank's regulatory materiality threshold of ~Rs 120 Crores
- Represents ~9.6% of the bank's TTM PAT of Rs 3,775 Crores
Yes Bank's Nomination & Remuneration Committee approved the allotment of 6,21,788 equity shares of face value Rs. 2 each on September 21, 2026. The shares were issued pursuant to the exercise of stock options under the YBL PESOP 2020 Plan (ESOS 2020 Scheme) and YBL RSU Plan 2024. The bank realized Rs. 83,97,090.50 (Rs. ~0.84 Cr) from this exercise. Consequent to the allotment, the total paid-up equity share capital increased marginally to 31,38,90,67,719 shares.
- Allotment of 6,21,788 equity shares of face value Rs. 2 each approved on September 21, 2026
- Realized Rs. 83,97,090.50 from the exercise of stock options and RSUs
- Paid-up share capital increased from Rs. 62,77,68,91,862 to Rs. 62,77,81,35,438
- Total outstanding shares increased from 31,38,84,45,931 to 31,38,90,67,719
Yes Bank Limited reported the outcome of its participation in the Jefferies 5th India Forum held on September 18, 2026, in Gurgaon. The bank conducted physical meetings with eight institutional investors, comprising four 1-on-1 sessions and one group meeting. Participants included JP Morgan Asset Management, Schroder Investment Management, and California State Teachers' Retirement System. The bank confirmed that no unpublished price sensitive information (UPSI) was shared during these interactions.
- Conducted 5 meeting sessions with 8 institutional investor entities on September 18, 2026
- Four 1x1 physical meetings held with NS Partners, Schroder, CalSTRS, and JP Morgan Asset Management
- One group meeting held covering Dymon Asia, Polymer Capital, Tara Capital, and Jefferies India
- Bank confirmed no Unpublished Price Sensitive Information (UPSI) was shared
YES Bank has designated Mr. Harish Sehgal as its Interim Chief Vigilance Officer (CVO) and Senior Management Personnel effective September 16, 2026. This follows the resignation of former CVO Mr. Binu Soman tendered on September 15, 2026. Mr. Sehgal, who brings 15 years of experience at YES Bank, will also continue serving in his existing role as Head – AML & Principal Officer until a permanent CVO is appointed. He will report directly to the Managing Director & CEO.
- Appointment of Mr. Harish Sehgal as Interim CVO effective September 16, 2026
- Comes after the cessation and resignation of former CVO Mr. Binu Soman on September 15, 2026
- Mr. Sehgal has spent 15 years with YES Bank, including nearly 11 years within Risk Intelligence & Control (RIC)
- Dual responsibility maintained as he continues to act as Head – AML & Principal Officer
Yes Bank Limited has submitted an advance intimation regarding its participation in the Citi India Financials Investor Forum scheduled between September 21 and September 25, 2026. The interactions will take place virtually through group and 1x1 meetings. The bank confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during these discussions. The list of institutional participants will be submitted post-event per SEBI Listing Regulations.
- Conference name: Citi India Financials Investor Forum
- Scheduled dates: September 21 to September 25, 2026
- Meeting format: Virtual Group and 1x1 meetings
- UPSI clause: Explicit confirmation that no Unpublished Price Sensitive Information will be shared
Yes Bank announced the resignation of its Chief Vigilance Officer, Binu Soman, to pursue career opportunities outside the bank. The resignation letter was submitted on June 17, 2026, and his last working day was September 15, 2026. This administrative change in internal oversight is part of routine executive turnover and has no direct financial impact on the bank's operations or its balance sheet. Investors should look out for the appointment of a successor to ensure continuity in compliance and vigilance functions.
- Chief Vigilance Officer Binu Soman tendered his resignation on June 17, 2026
- Effective last date of employment with the bank was September 15, 2026
- Departure stated as being for career advancement outside the bank
- Intimation filed with stock exchanges on September 16, 2026
Yes Bank has announced that its Chief Vigilance Officer (CVO), Mr. Binu Soman, has been relieved from services effective close of business hours on September 15, 2026. Mr. Soman had originally tendered his resignation on June 17, 2026, citing better career growth outside the bank. The bank has placed on record its appreciation for his services and complied with SEBI Senior Management Personnel disclosure norms.
- Chief Vigilance Officer Mr. Binu Soman relieved from duties effective September 15, 2026
- Resignation was originally tendered on June 17, 2026
- Change categorized as a routine resignation of Senior Management Personnel (SMP) for career advancement
Yes Bank Limited has allotted 1,50,182 equity shares of face value ₹2 each upon the exercise of stock options under its ESOS 2020 Scheme and RSU Plan 2024. The bank received ₹17,98,589.50 in proceeds from this exercise. Consequent to this allotment, the paid-up share capital increased marginally to ₹62,776,891,862 consisting of 31,388,445,931 equity shares. The overall dilution to the existing equity base is negligible.
- Allotment of 1,50,182 equity shares of face value ₹2 each approved on September 09, 2026
- Realised ₹17,98,589.50 from the exercise of stock options
- Paid-up capital expanded from ₹62,776,591,498 to ₹62,776,891,862
- Total outstanding shares increased from 31,388,295,749 to 31,388,445,931
Yes Bank Limited has received an Order-in-Appeal from the Principal Commissioner (Appeals-II) regarding Tamil Nadu GST matters spanning FY 2017-18 to FY 2021-22. The appellate order reduced the earlier penalty from ₹3.02 Cr to ₹2.33 Cr, alongside tax demand and interest. The bank stated it has adequate factual and legal grounds to contest the remaining demand through further appeals and expects no material impact on its operations or financials.
- Order-in-Appeal received on September 07, 2026, under Section 107(11) of the CGST Act.
- Penalty reduced from ₹3,01,50,149 to ₹2,32,68,479 in the bank's favor.
- Matter pertains to various GST issues covering FY 2017-18 to FY 2021-22.
- Penalty of ₹2.33 Cr is immaterial relative to Yes Bank's TTM Net Profit of ₹3,775 Cr (<0.1%).
Crisil ESG Ratings & Analytics Ltd has assigned YES Bank an ESG Rating of 'Crisil ESG 74' based on FY 2025-26 disclosures, up from 'Crisil ESG 68' in FY 2024-25. Additionally, the bank's Core ESG Rating improved to 'Crisil Core ESG 78' from 'Crisil Core ESG 74'. The rating was independently assigned by the ESG Rating Provider without direct engagement by the bank.
- CRISIL ESG Rating upgraded to 'Crisil ESG 74' from 'Crisil ESG 68' in FY 2024-25
- CRISIL Core ESG Rating improved to 'Crisil Core ESG 78' compared to 'Crisil Core ESG 74' previously
- Rating assessed independently by CRISIL based on FY 2025-26 disclosures and publicly available data
- Intimation submitted under Regulation 30 following receipt of communication on September 01, 2026
YES Bank disclosed the outcome of the 'ASHWAMEDH - ELARA INDIA DIALOGUE 2026' investor conference held on September 1, 2026, in Mumbai. The bank participated in 5 one-on-one meetings with institutions including Axis AMC, Goldman Sachs Asset Management, and HDFC Life, alongside 1 group meeting with 15 institutional investors. The bank confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during these interactions.
- Conducted 5 one-on-one institutional investor meetings in Mumbai on September 1, 2026
- Held 1 group meeting with 15 institutional investors including SBI Pension Funds and Kotak Mahindra AMC
- Confirmed no Unpublished Price Sensitive Information (UPSI) was shared
Financial Performance
Revenue Growth by Segment
Advances grew 6.4% YoY to INR 250,212 Cr in Q2FY26. The book is dominated by Retail and Commercial segments which form 74% of gross advances, while Corporate Banking accounts for the remaining 26%. Retail disbursements grew 19.8% QoQ in Q2FY26.
Geographic Revenue Split
100% of revenue is derived from India, where the bank operates a network of 1,253 branches as of June 30, 2025.
Profitability Margins
Net Interest Margin (NIM) improved to 2.5% in Q2FY26 from 2.4% in Q2FY25. Return on Assets (RoA) stood at 0.6% (annualized) and Return on Equity (RoE) at 5.4% (annualized) for Q2FY26.
EBITDA Margin
Operating Profit grew 32.9% YoY to INR 1,296 Cr in Q2FY26, though it declined 4.5% QoQ. The Cost-to-Income (C/I) ratio improved significantly to 67.1% in Q2FY26 from 73.0% in Q2FY25.
Capital Expenditure
Total Capital Funds stood at INR 47,941 Cr as of September 30, 2025. The bank maintains a CET 1 Ratio of 13.9%, up from 13.2% YoY, supporting future growth without immediate capital dilution.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook. ICRA upgraded ratings citing steady increase in scale and declining stressed assets. Borrowings reduced 20.9% YoY to INR 61,955 Cr as of Q2FY26.
Operational Drivers
Raw Materials
The primary 'raw material' for the bank is its deposit base, specifically CASA (Current Account Savings Account) which grew 12.5% YoY to INR 99,708 Cr, and Term Deposits.
Import Sources
100% of deposits are sourced domestically from the Indian market through its branch network and digital channels.
Key Suppliers
Key institutional 'suppliers' of capital and stability include State Bank of India (SBI) and Sumitomo Mitsui Banking Corporation (SMBC), which is acquiring a significant stake.
Capacity Expansion
Current capacity includes 1,253 branches as of June 2025. Expansion is focused on digital 'capacity' through rapid digitalization and merchant acquiring platforms.
Raw Material Costs
Cost of funds is managed through the CASA ratio, which improved to 33.7% in Q2FY26 from 32.0% in Q2FY25, reducing reliance on high-cost wholesale borrowings.
Manufacturing Efficiency
Credit-to-Deposit (C/D) ratio stood at 84.5% in Q2FY26, compared to 84.8% in Q2FY25, indicating stable utilization of the deposit base for lending.
Logistics & Distribution
Distribution is handled through 1,253 physical branches and a 'Rapid Digitalization' strategy including YES Tax Pay and mobile banking.
Strategic Growth
Expected Growth Rate
6.40%
Growth Strategy
Growth will be driven by the acquisition of a stake by Sumitomo Mitsui Banking Corporation (SMBC), a shift toward granular Retail/SME loans (now 74% of book), and digital scaling through products like YES Tax Pay and merchant acquiring.
Products & Services
Retail loans, corporate banking, credit cards, merchant acquiring, transaction banking, and digital tax payment suites (YES Tax Pay).
Brand Portfolio
YES BANK, YES Securities, YES Tax Pay.
New Products/Services
YES Tax Pay (integrated tax collection suite) and expanded digital merchant acquiring services are expected to drive non-interest income, which grew 16.9% YoY to INR 1,644 Cr.
Market Expansion
Focus on rural India through employment initiatives targeting 100,000 individuals by 2026 and scaling the Commercial Banking segment which shows sustained traction.
Market Share & Ranking
Total assets of INR 4,29,035 Cr as of September 2025, positioning it as a significant new-age private sector bank in India.
Strategic Alliances
Strategic partnership and stake acquisition by Sumitomo Mitsui Banking Corporation (SMBC) from SBI and other banks announced in May 2025.
External Factors
Industry Trends
The industry is shifting toward granular, retail-led lending and digital-first banking. Yes Bank is positioned with a 74% granular book and a dedicated Chief Digital Officer.
Competitive Landscape
Competes with other private sector banks for CASA deposits and high-quality retail assets in a tightening liquidity environment.
Competitive Moat
Moat is built on a unique turnaround story, a strong digital ecosystem (YES Tax Pay), and the backing of major financial institutions (SBI/SMBC), which is sustainable due to high capital buffers (CET 1 13.9%).
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth as the 'fastest growing major economy' and interest rate cycles which impact NIM and deposit costs.
Consumer Behavior
Increasing shift toward digital banking and e-governance payments, which the bank is capturing via SNA and GeM strategic projects.
Geopolitical Risks
Japanese investment via SMBC introduces international regulatory and geopolitical alignment risks, though it strengthens capital access.
Regulatory & Governance
Industry Regulations
Operates under the Banking Regulation Act 1949 and RBI reconstruction schemes. Adheres to Basel III capital regulations with a 13.9% CET 1 ratio.
Environmental Compliance
Sanctioned INR 7,357 Cr for renewable energy projects in FY25. Achieved 39% reduction in emission intensity of electricity generation portfolio since FY22.
Taxation Policy Impact
Provision for taxation was INR 223 Cr in Q2FY26, an 18.3% decrease QoQ but a 78.3% increase YoY.
Legal Contingencies
The bank faced a significant historical write-down of Basel III Tier I bonds totaling INR 8,415 Cr as part of its 2020 restructuring, which remains a key credit profile factor.
Risk Analysis
Key Uncertainties
Asset quality deterioration in the retail segment and the continued drag from low-yield RIDF investments (30 bps RoA impact) are primary risks.
Geographic Concentration Risk
High concentration in the Indian market (100% of operations), making it vulnerable to domestic regulatory shifts.
Third Party Dependencies
Heavy reliance on the State Bank of India (SBI) and the successful transition of the stake to SMBC for long-term capital stability.
Technology Obsolescence Risk
Mitigated by 'Rapid Digitalization' and mandatory e-learning to reinforce a risk and compliance culture among 29,221 employees.
Credit & Counterparty Risk
Gross NPA (GNPA) is stable at 1.6%, and Net NPA (NNPA) improved to 0.3% in Q2FY26 from 0.5% YoY, indicating high receivables quality.
