The Board of Directors of YES BANK Ltd. took on record the un-audited Q1- FY2008-09 results at its meeting held in Mumbai today.

Quarter Ended June 30, 2008
Total income for Q1-FY2009 was up 39.5% to Rs. 486.2 crore as compared to Rs. 348.5 crore for Q1-FY2008. Operating profit for Q1-FY2009 was up 50.3% to Rs. 91.4 crore as compared to Rs. 60.8 crore for Q1-FY2008. Profit after tax for Q1-FY2009 was up 50.9% at Rs. 54.3 crore as compared to Rs. 36.0 crore for Q1-FY2008. Total Advances grew by 45.3% to Rs. 10,052 crore from Rs. 6,917 crore as at June 30, 2007. Total Deposits grew by 45.3% to Rs. 12,552 crore from Rs. 8,640 crore as at June 30, 2007.

Announcing the Q1-FY2009 results of the Bank, Rana Kapoor, Managing Director & CEO, YES BANK said, “In the recent challenging market environment, we have persevered to ensure high credit quality of assets while maintaining income and growth objectives. During the quarter, we successfully raised Rs. 364 crores in a combination of Perpetual Tier I and Upper Tier II Capital to fund our expansion plans during the year”.

“The new Fixed Deposit Scheme from YES BANK continues to provide highly competitive interest rates with flexible tenors and no hidden costs, fully considering our customer needs. This offer combined with YES BANK’s recent rankings in the Financial Express-E&Y Survey of India’s Best Banks of 2007, where the Bank was ranked overall #1 amongst 56 banks on the key parameter of Credit Quality and ranked THIRD among New Private Sectors Banks, provides for a compelling savings proposition”, he further added.

Other Performance Highlights and Ratios:

* Advances at Rs. 10,052 crore; Growth of 45.3% over June 30, 2007.
* Deposits at Rs. 12,552 crore; Growth of 45.3% over June 30, 2007.
* Return on Assets (annualized) of 1.26% and Return on Equity of 16.14% in Q1-FY2009
* Capital Adequacy Ratio of 15.01% (Tier I – 8.23 %) as at June 30, 2008.
* Book value per share of Rs. 46.31 as at June 30, 2008.
* Basic EPS (non-annualized) of Rs. 1.83 for Q1-FY2009.

Key Business and Financial Highlights

YES BANK announced that it has successfully raised INR 3645 million (USD 85 million) in a combination of Upper Tier II, 15 years Subordinated Debt (USD 80 mn) and Hybrid Tier I (Perpetual Debt) Capital (USD 5 mn) from Rabobank, a AAA rated Bank, on June 27, 2008.

YES BANK announced an increase in PLR by 50 bps effective August 1, 2008 and an increase in fixed deposit interest rates across varying tenors. Deposits for a tenor of 1 year and 1 day up to 18 months will earn a higher return of 10.00% p.a. (previously 9.75%) while Senior Citizens will earn an attractive return of 10.50% p.a. The revised rates are effective from August 1, 2008.

Awards & Recognitions

· YES BANK won the prestigious Emerging Markets Sustainable Bank of the Year Award at the Financial Times/IFC, Washington Sustainable Banking Awards held on June 3, 2008 in London. YES BANK was the only Indian Bank to have won this award out of 182 entries from 129 institutions across 54 countries.

· YES BANK has been ranked overall #1 amongst 56 banks on the key parameter of Credit Quality and THIRD overall among New Private Sectors Banks, in the Financial Express-E&Y Survey of India’s Best Banks of 2007, announced on March 31, 2008. The Bank has also been ranked #1 on Growth amongst New Private Sectors Banks (overall#2 on Growth).

Knowledge & Sustainability Initiatives

· YES BANK was the Knowledge Partner to the first FICCI Lifestyle Forum that was held on July 28, 2008 in New Delhi. The focus of this forum was to promote India as a Manufacturing Hub, which brought together key players from the luxury sector. YES BANK prepared a Knowledge Report that was released at the Inaugural session by the Honorable Minister of State for Commerce and Industry Dr. Ashwani Kumar.

· YES BANK participated in the 2nd India Cleantech Forum that was held on July 10-11, 2008 in Delhi. YES Bank in partnership with Global Environment Fund (GEF), Washington is creating a USD 250 million fund for investing in clean energy and clean technologies in South Asia branded as the South Asia Clean Energy Fund I (SACEF). GEF is a USD 1 billion fund based in United States primarily focusing on clean technology and environment friendly fund initiatives.

· YES BANK was the Knowledge Partner to the CII Green Power 2008 International Conference on Renewable Energy Technologies from June 11-13, 2008 in Chennai. The conference focused on the renewable energy policy in India, financing mechanisms and latest technologies on green power generation.

· YES BANK partnered with Maharashtra Chamber of Commerce, Industry & Agriculture (MACCIA) for a conference on “Opportunities & Challenges in Horticulture/Floriculture in Maharashtra”. YES BANK prepared a White paper on Horticulture for the state which was released by the Minister of Horticulture, Vinay Kore. Tushar Pandey, EVP & Country Head, Strategic Initiatives & Advisory Government (SIG) was felicitated by the Minister.

· YES BANK was a Knowledge Partner to the CII Summit on Fruits & Vegetables – Developing Globally Competitive Value Chains that was held on May 12-13, 2008 in New Delhi.

· YES BANK was assigned as Knowledge Partners by the Union Ministry of Agriculture for the International Bamboo Conference that was held on April 15, 2008 in Delhi. YES BANK prepared a white paper on the Bamboo industry highlighting its business perspective. Kalyan Chakravarthy, Country Head, FASAR, was the lead speaker at a session on Investment in the Bamboo Industry.

Financial Advisory

· YES BANK was the Exclusive Strategic & Financial Advisor to Suzlon Energy Ltd. for acquiring Areva’s 30% stake in Re Power, Germany.

· YES BANK was the Exclusive Strategic & Financial Advisor to PVR Pictures Ltd. for private equity placement with ICICI Venture Funds Management Company Ltd. and JP Morgan Global Special Situations Fund. The funds invested USD 30 million in PVR Pictures.

· YES BANK was the Exclusive Strategic & Financial Advisor to Shree Maheshwar Hydel Power Corporation Ltd. for private equity placement of USD 24 million with funds promoted by Kaupthing Bank, Iceland.

· YES BANK was the Exclusive Strategic & Financial Advisor to e4e Holdings Ltd. for sale of 32.57% shareholding in Aztec Soft Ltd. to Mindtree Ltd for USD 29 million.

· YES BANK was the Exclusive Strategic & Financial Advisor to Zeppelin Mobile Systems India Ltd. for its purchase of Digvijay Group’s business on slump sale basis for USD 15 million.

Corporate Finance

· YES BANK has sanctioned Bank Guarantee Facilities totaling Rs 1000 million to Pipavav Shipyard Limited (Nikhil Gandhi Group) for the import of capital equipments. This is India’s largest Shipyard project on the western coast of India in Gujarat state.

· YES BANK successfully acted as the Exclusive Advisor to the top Asset Reconstruction company in India for aggregating debt of a large NPA account with total principal debt outstanding in excess of Rs 18 billion. The initiative involved a reverse bidding / book building mechanism as a process to aggregate part debt and to set up a transparent acquisition price. This benchmark acted as a substantial guidance to Public Sector Banks, thus facilitating subsequent stages of bilateral negotiation based aggregation.

· YES BANK provided Performance Guarantee for Rs 324 million to Seregaraha Mines Limited a joint venture between GVK Power Limited & Arcelor Mittal India Limited to develop Seregaraha Coal block in the state of Jharkhand to be used by Arcelor Mittal India Ltd & GVK Power Ltd for their proposed power plants in the state of Jharkhand and Punjab respectively.

· YES BANK provided loan facility of Rs. 250 million to KPH Dream Cricket Pvt. Ltd. to finance the operations of Team Punjab, Mohali in the Indian Premier League (IPL). Transaction structuring and quick turnaround by YBL helped the client successfully manage the unique funding requirements of the IPL format.

Retail Banking & Wealth Management

· YES BANK has 80 operational branches across 69 locations nationally, 81 offsite ATM’s in Mumbai and NCR and 2 National Processing Centres at Mumbai and Gurgaon. YES BANK has additional licenses to open 37 new branches and 120 offsite ATMs taking the total licensed network to 117 branches and 200 Offsite ATM’s.

Human Capital Management

· Mr. Rajat Monga, Chief Financial Officer assumes full responsibility as President, Financial Markets, YES BANK.

· YES BANK appointed Ms. Radha Singh as Independent Director (formerly the Union Agriculture Secretary, Government of India).

· YES BANK appointed Mr. Ajay Vohra as Independent Director (currently the Managing Partner of the Corporate, Tax and Business Advisory Law firm, Vaish Associates).

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