Yes Bank Ltd. — Audit Report / Information 2020

Feb 6, 2021

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YBL/CS/2020-21/128 February 06, 2021

National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra - Kurla Complex Bandra (E), Mumbai - 400 051 NSE Symbol: YESBANK

BSE Limited

Corporate Relations Department P.J. Towers, Dalal Street Mumbai – 400 001 BSE Scrip Code: 532648

Dear Sirs,

Sub: Update on Credit Ratings

In terms of Regulation 30 of the Listing Regulations, we would like to update on the press release issued by Brickwork Ratings to the debt instrument of the Bank as detailed below:

Credit Rating Agency	Debt Instrument	Previous Rating	**Present Ratings **
Brickwork Ratings	Tier I Subordinated Perpetual Bonds(Basel II)	BWR BB+/ Stable	Rating Withdrawn (on redemption)

We request you to kindly take the same on your record. The press release on ratings and the rational is enclosed herewith.

The same is also being hosted on the Bank’s website at www.yesbank.in

Thanking you,

Yours faithfully,

For YES BANK LIMITED

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Shivanand R. Shettigar Group Company Secretary

Encl: As above

Regd. & Corporate Office: YES BANK Limited, YES BANK Tower, One International Center, 15[th] Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai 400 013, India Tel: +91 (22) 3366 9000 Fax: +91 (22) 2421 4500 Website: www.yesbank.in Email: communications@yesbank.in CIN - L65190MH2003PLC143249

5 February 2021

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RATING RATIONALE

Yes Bank Limited

Brickwork Ratings Withdraws the rating of Tier I Subordinated Perpetual Bonds (Basel II) of Rs 90 crores of Yes Bank Limited.

Particulars:

Instrument **	Amount Rated (Rs Crs)	Amount Rated (Rs Crs)	Tenure		Rating*
	Previous	Present		Previous (7 Dec 2020)	Present
Tier I Subordinated Perpetual Bonds (Basel II)	90.00	0.00	Long Term	BWR BB+/ Stable	Rating Withdrawn (on redemption)
Total	90.00	0.00

*Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ** Details of Instrument is provided in Annexure I.

RATING ACTION / WITHDRAWAL

Brickwork Ratings (BWR) has withdrawn the ratings of Tier I Subordinated Perpetual Bonds (Basel II) of Yes Bank Limited (YBL or the bank). The rating withdrawal is on account of redemption of the rated instrument. YBL has redeemed the said instrument by exercising the call option on 30 December 2020. BWR has received the payment confirmation from the trustee and has also received the request for withdrawal of rating from the bank.

BANK PROFILE

Yes Bank Limited is a private sector bank. It is a full service commercial bank having a pan India presence with 1098 branches and 1394 ATMs. It has a total employee headcount of 21984 as on 31 Dec 2020.

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KEY FINANCIAL INDICATORS

Key Parameters	Units	FY19	FY20
Result Type		Audited	Audited
Net Interest Income	Rs in Crs	9809	6805
Net Profit/ (Loss)	Rs in Crs	1720	(16418)
Total Deposits	Rs in Crs	227610	105364
Total Advances	Rs in Crs	241500	171443
Gross NPA	%	3.22	16.80
Net NPA	%	1.86	5.03
Net Worth to Net NPA	In times	5.99	2.52
Total CRAR	%	16.50	8.50
Tier I	%	11.30	6.50
CET I	%	8.40	6.30

NON-COOPERATION WITH PREVIOUS RATING AGENCY, IF ANY: NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (Including withdrawal & suspended)

ended)
Name of Facility/ Instrument	Current Rating (2021)				Rating History			for the past 3 years
	Type	Amount (Rs. Crs)	Rating		2020			2019			2018
Innovative Perpetual Debt Instrument	Long Term	--	--		7.12.2020			23.12.2019			5.10.2018
				Long Term	--	Rating Withdrawn #	Long Term	230	BWR A-/ Negative	Long Term	230	BWR AA+/ CWDI
					6.03.2020			5.08.2019		27.08.2018
				Long Term	230	BWR D	Long Term	230	BWR A+/ Negative	Long Term	230	BWR AA+/ Stable
								9.05.2019
							Long Term	230	BWR AA-/ Negative
Upper Tier II	Long Term	--	--		7.12.2020			23.12.2019			5.10.2018
				Long Term	--	Rating Withdrawn #	Long Term	450	BWR A-/ Negative	Long Term	450	BWR AA+/ CWDI
					6.03.2020			5.08.2019		27.08.2018

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					Long Term	450	BWR D	Long Term	450	BWR A+/ Negative	Long Term	450	BWR AA+/ Stable
									9.05.2019
								Long Term	450	BWR AA-/ Negative
3	Tier I Subordinated Pepertual Bonds (Basel II)	Long Term	--	Rating Withdrawn #		7.12.2020			23.12.2019			5.10.2018
					Long Term	90	BWR BB+/ Stable	Long Term	90	BWR A-/ Negative	Long Term	90	BWR AA+/ CWDI
						6.03.2020			5.08.2019		27.08.2018
					Long Term	90	BWR D	Long Term	90	BWR A+/ Negative	Long Term	90	BWR AA+/ Stable
									9.05.2019
								Long Term	90	BWR AA-/ Negative
4	Lower Tier II	--	--	--		NA			23.12.2019			5.10.2018
								Long Term	300	BWR A/ Negative	Long Term	300	BWR AA+/ CWDI
						6.03.2020			5.08.2019		27.08.2018
					Long Term	300	Rating Withdrawn #	Long Term	300	BWR AA-/ Negative	Long Term	300	BWR AA+/ Stable
									9.05.2019
								Long Term	300	BWR AA/ Negative
5	Lower Tier II	Long Term	--	--		7.12.2020			23.12.2019			5.10.2018
					Long Term	--	Rating Withdrawn #	Long Term	260	BWR A/ Negative	Long Term	260	BWR AA+/ CWDI
						6.03.2020			5.08.2019		27.08.2018
					Long Term	260	BWR D	Long Term	260	BWR AA-/ Negative	Long Term	260	BWR AA+/ Stable
									9.05.2019
								Long Term	260	BWR AA/ Negative
	Total		--						--

# On account of redemption.

CWDI - Credit watch with Developing Implications

www.brickworkratings.com Page 3 of 6

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COMPLEXITY LEVELS OF THE INSTRUMENTS

For more information, visit www.brickworkratings.com/download/ComplexityLevels.pdf

Hyperlink/Reference to applicable Criteria:

• General Criteria

• Banks & Financial Institutions

Analytical Contacts	Analytical Contacts
Nirav Shah Senior Analyst - Ratings +91 22 6745 6623 Nirav.s@brickworkratings.com	Anil Patwardhan Senior Director - Ratings +91 22 6745 6660 anil.p@brickworkratings.com
1-860-425-2742	media@brickworkratings.com

Yes Bank Limited

ANNEXURE I - INSTRUMENT DETAILS

Instrument	Issue Date	Amount Rated (Rs in Crs)	Interest Rate	Maturity Date	ISIN Particulars
Tier I Subordinated Perpetual Bonds (Basel II)	5-Mar-2010	90	10.25% #	Fully redeemed by exercising call option on 30 Dec 2020	INE528G09061

Step-up coupon rate was 11.25%

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For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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