Credit rating agency CARE, has assigned ‘CARE AA-‘ rating to the proposed Upper Tier II Bonds of Yes Bank aggregating to Rs 750 crore. The ratings are, however, constrained due to relatively limited track record of operations of the bank.
The rating takes into account steady improvement in the bank’s profitability parameters over past few years, its demonstrated ability to maintain asset quality across business cycle, its robust capital adequacy parameters along with its ability to raise capital at regular intervals to support its business growth.
Yes Bank registered growth of 45.24% in its net profit for the quarter ending on March 31, 2011 at Rs 203.38 crore against Rs 140.03 crore for the quarter ending on March 31, 2010. The bank’s interest earned for the quarter ending on March 31, 2011 expanded by 83.96% at Rs 1222.61 crore against Rs 664.60 crore for the quarter ending March 31, 2010.
