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Accumulate Yes Bank: Prabhudas Lilladher

Posted on: May 15th, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has maintained its accumulate rating on Yes Bank in its May 14, 2009 research report.

“Yes Bank is targeting business growth higher than the industry average. For FY09, the total re-structured advances stood at Rs 293.9 million, while advances still pending for restructuring were Rs 200 million, translating to 0.4% of the advances.”

“Yes Bank is a relatively young franchise and will benefit greatly from the benign interest rate scenario as the new private sector banks had done during their early years of their inception. The low interest rate regime in 2002-03 had enabled these banks to build-up their deposits base at a lower cost and branch network due to the lower rentals prevailing then. We believe that the bank, with its sound business model and strong executional skills due to its top quality management, adds substantial weight to the overall Yes Bank story. We maintain an ‘Accumulate’ rating on the stock,” says Prabhudas Lilladher’s research report.

source: Moneycontrol

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