Yes Bank Ltd. — Interim / Quarterly Report 2021

Oct 22, 2021

YBL/CS/2021-22/0072

October 22, 2021

National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra - Kurla Complex Bandra (E), Mumbai - 400 051 Tel.: 2659 8235/36 8458 NSE Symbol: YESBANK

BSE Limited Corporate Relations Department P.J. Towers, Dalal Street Mumbai – 400 001 Tel.: 2272 8013/15/58/8307 BSE Scrip Code: 532648

Dear Sir / Madam,

Sub.: Outcome of the Board Meeting - SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

This is further to our intimation dated October 7, 2021, wherein the Bank had informed you that a meeting of the Board of Directors of YES Bank Limited ("the Bank") will be held on Friday, October 22, 2021, inter alia, to consider and approve the Unaudited Standalone and Consolidated Financial Results of the Bank for the Quarter (Q2) and half year ended September 30, 2021 along with the Limited Review Report of the Statutory Auditors on the same.

In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, the Board of Directors of the Bank in its meeting held on October 22, 2021 have, inter alia, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Bank for the Quarter (Q2) and half year ended September 30, 2021.

Copies of the Unaudited Standalone and Consolidated Financial Results for the Quarter (Q2) and half year ended September 30, 2021 along with Limited Review Report of the Statutory Auditors thereon are enclosed herewith for information and record.

A Press Release and Investor Presentation on the financial results for Quarter (Q2) and half year ended September 30, 2021 are also enclosed herewith for appropriate dissemination.

The Board Meeting commenced at 10:30 A.M. and the aforementioned financial matters concluded at 12.45 P.M.

The above information is being hosted on the Bank's website www.yesbank.in in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

You are requested to take note of the same.

Thanking you,

Yours faithfully, For YES BANK LIMITED

Shivanand R. Shettigar Company Secretary

Encl: As above

M. P. Chitale & Co. Chartered Accountants Hamam House, Am_balal Doshi Marg, Fort, Mumbai 400 001

Chokshi & Chokshi LLP Chartered Accountants 15 I 17, Raghavji 'B' Bldg., Ground Floor, Raghavji Road, Mumbai - 400036"

INDEPENDENT AUDITORS' LIMITED REVIEW REPORT ON UNAUDITED STANDALONE QUARTERLY AND YEAR TO DATE FINANCIAL RESULTS OF YES BANK LIMITED PURSUANT TO THE REGULATION 33 AND 52 OF THE SEBI (LISTING OBLIGA,TIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

To The Board of Directors YES BANK Limited Mumbai.

l. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of YES BANK Limited (hereinafter referred to as "the Bank") for the quarter and half year ended September 30, 2021 ("the Statement"), being submitted by the Bank pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("Listing Regulations").

1. This Statement which is the responsibility of the Bank's Management and approved by the Board of Directors has been prepared in accordance with recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting" as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, the relevant provisions of Banking Regulation Act, 1949, the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters ("RBI Guidelines") and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. 3. ·we conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain ·moderate assurance as to whether the financial results are free of material misstatement. A review is limited primarily to inquiries of Bank personnel and analytical procedures applied to financial data and thus provides less.assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. ., .,

1

. .;

. .. .

Conclusion

1. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results, prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirement_s) Regulations, 2015, including the manner in which it is to be disclosed or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters.

Emphasis of Matter

• 1. We draw attention to Note 8 of the accompanying standalone financial results, which describes the state of affairs pertaining to the whistle blower complaints received in prior years and the subsequent actions including the corrective steps initiated by the Bank. The Management has in the earlier year made provisions in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification and provisioning and does not expect any further substantial impact on the financial position of the Bank. Our conclusion is not modified in respect of this matter.
• 1. We draw attention to Note 10 of the accompanying standalone financial results, which describes the business uncertainties due to the outbreak of SARS-CoV-2 virus (COVID-19). In view of these uncertainties, the impact on the Bank's results is significantly dependent on future developments. Our conclusion is not modified in respect of this matter.

Other Matter

1. One of the current Joint Statutory Auditors has carried out (a) limited review of the unaudited standalone financial results of the Bank as per the Listing Regulations for the quarter and half-year ended September 30, 2020 and for the quarter ended June 30, 2021 and issued a qualified conclusion vide its report dated October 23, 2020 and an unmodified conclusion vide its report dated July 23, 2021 respectively (b) audit of the standalone financial results of the Bank as per the Listing Regulations for the year ended Match 31, 2021 and issued an unmodified opinion vide its report dated April 30, 2021. Our conclusion on the statement is not modified in respect of this matter.

For M P Chitale & Co. Chartered Accountants (Registration No. 101851W) ~ Thatte

... . ,,·\

Anagha 'Partiier .. (M"e~b¢rship No. 105525) · '\::ufiIN: 21 _105525AAAAHB4753 .:.Place: Mumbai Date: October 22, 2021

For Chokshi & Chokshi LLP. Chartered Accountants (Registration No. 101872W I W100045)

)~ V1neet Sa..~ena Partner

UDIN: 21100770AAAAIG1104 Place: Mumbai Date: October 22, 2021

YES BANK Limited

Regd. Office: YES BANK House, Off Western Express Highw,1r, S,1nt,1cruz East, Mumbai - 400055, India .Vehsite: "'""'w .~·esbank.in Email Id: shareholdcrs'@)·esbank.in

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

							it in L,, khs)
			Quarter ended			Half Year ended	Year ended
Sr		30.119.2021	30.06.2021	30.119.2020	30.119.2021	30.09.2020	31.03.21121
No.	PARTICULARS	runaudiledl	(Unaudited)	(Unaudited)	(UJWUlited.\	(Unaudited)	/Audited)
1	Interest earned (a)+(b)+(c)+(d)	465,225	452,541	524.539	917,767	1,073,147	2,004,184
(a)	Interest/ discount on advances/bills	369,851	366.300	443,138	736.151	899,Bli	1.664.197
(b\	Income on in"estmenls	71,971	61.738	62.835	133.709	139,235	268.007
(c)	Interest on balances with Reserve Bank of India and other inter- bank funds	14.211	15,304	8,068	29,515	12,905	33,203
(d)	Others	9.192	9,200	10,498	18.392	21.193	38.776
2	Other lncome (Refer Note 2)	77,805	86.90'.2	59,742	164.707	123.494	301,169
3	TOTAL INCOME (1 +2)	543,030	539,444	584.281	1,082,474	1,196.641	2,305,353
4	Interest Expended	314,001	312,327	327,202	626,329	684,996	1,261,323
5	Operating Expenses (i)+(ii)	161,213	153,830	132,009	n5.043	270,205	579,202
(i)	Payments to and orovisions for emolovees	70.580	64.533	61.200	135.113	125.566	243,038
(ii)	Other 01,eratin~ expenses	90.633	89.297	70,810	179,930	144,639	336,164
6	Total Expenditure (4+5)_ (excluding provisions and contingencies)	475,2141	466,157	459,211	941,372	955,201	1,840.525
7	·operating Profit (before Provisions and Contineencies)(3-6)	67,816	73,286	125,070	141,102	241,440	464,828
8	Provisions (other than Tax expense) and Contini,;encies (net)	37,737	45,703	107.800	83.440	218,147	938,335
9	Exceotional Items	-	-	-	-	-	-
10	Profit from ordinacv activities before tax (7-8-9)	30.079	27,584	17.269	57,662	23,293	(473.507)
11	Tax Expense	7,529	6,900	4.332	14,430	5.812	(127,285
12	Net orofit from Ordinary Activities after tax (10-11)	22,550	20,684	12,937	43.233	17,481	(346,223
13	Extraordinarv Items (Net of tax)	-	-	-	c	-	-
14	NET PROFIT (12-13)	22,550	20.684	12.937	43,233	17,481	(346.223
15	Paid-uo eouity Share Capital (Face value oft 2 eachl	501,098	501,098	501,098	501,098	501,098	501,098
16	Reserves & Sumlus excludin" revaluation reserves						2.818.535
17	Anah·tical ratios :	-
(i)	Percenta"e of Shares held b\· Government of India	Nil	Nil	Nil	Nil	Nil	Nil
(ii)	Caoital Adeauacr ratio - Basel III .	17.4%	17.8%	19.9%	17.4%	19.9%	17~%
(iii)	Earning per share for the period / year (before and aiter extuordlnarv Items)
	• Basic ~	0.09	0.08	0.06	0.17	0.1()	11.63
	- Diluted t	0.09	O.OB	0.06	0.17	0.10	(1.63)
		(Not Annualiz.ed)	Annualized'	(Not (Not Annualized) (Not Annualized) (Not Annualized)			(Annualized)
(iv)	NPA ratios
(a)	Gross NPA	2,874.059	2,850,595	3.234.436	2,874,059'	3.234.436	2,860,953
(bl	NetNPA	958.625	945.494,	786,8131	958,62!,	786,l:!13	981.336
(cl	% of Gross NPA	14.97%	15.60%	16.90%	14.97%	16,90%	15.41%
(d)	% ofNetNPA	5.55%	5.78%	4.71%	5.55%	4.71%	5.88%
M	Return on assets (average) (annualized)	0.3%	0.3%	0.2%	0.3%	0.1 %	-1.3%
(vi)	Net worth	3,360,770	3.337.792	3.679.128	3.360,770	3,679,128	3,319,633
(vii)	Outstanding redeemable preference shares				-		-
(viii)	Capital redemotion reserve	-			-	-	-
(ilc)	Debt Service Coverage Ratio		-		-
(x)	Interest Service Co"verage Ratio	-			-	-	-
(xi)	Debt-equity ratio5	1.47	1.47	1.32	1.4?	1.32	1.59
(xii)	Total debls lo total assets'	22.13%	23.06%	25.37%	22.13%	25.37%	23.38%

• Includes equity capital and reserves 5 Debt represents borrowings with residual maturity of more than one year. Total debts represents total borrowings of the Bank.

Statement of Assets and Liabilities as at September 30, 2021 is as under:

		Standalone	A MARGAZINE
PARTICULARS	As at 30.09.2021 (Unaudited)	As at 30.09.2020 (Unaudited)	As at 31.03.2021 (Audited)
CAPITAL AND LIABILITIES
Capital	501,098	501,098	501,098
Reserves and surplus	2,859,672	3,178,030	2,818,535
Deposits	17,667,164	13,581,516	16,294,664
Borrowings 19.00	6,384,865	6,337,781	6,394,908
Other liabilities and provisions	1,439,460	1,383,008	1,345,071
Total	28,852,258	24,981,433	27,354,277
ASSETS
Cash and balances with Reserve Bank of India	841,867	524,365	681,279
Balances with banks and money at call and short notice	1,709,440	824,040	2,249,594
Investments	5,616,729	4,046,976	4,331,915
Advances	17,283,915	16,692,327	16,689,299
Fixed assets	211,549	95,400	214,853
Other assets	3,188,758	2,798,325	3,187,336
Total	28,852,258	24.981.433	27,354,277

STANDALONE CASH FLOW STATEMENT

			(₹ in Lakhs)
PARTICULARS	Half year ended 30.09.2021 (Unaudited)	Half year ended 30.09.2020 (Unaudited)	Year ended 31.03.2021 (Andited)
Cash flow from Operating Activities
Net profit before taxes Adjustment for	57,662	23,293	(473,507)
ESOP Compensation Expense	207
Depreciation for the period	20,309	16,578	35,323
Amortization of premium on investments	14,476	9,017	17,859
Provision for investments	(5, 283)	4,629	161,654
Provision for standard advances	58,879	168,966	68,954
Provision/write off of non performing advances	109,232	41,050	711,582
Other provisions	(3, 129)	12,749	29,048
(Profit)/Loss on sale of land, building & other assets	51	(1)	346
(i)	252,405	276,282	551,259
Adjustments for:
Increase / (Decrease) in Deposits Increase/(Decrease) in Other Liabilities	1,372,499 39,558	3,045,122	5,758,270
(Increase)/Decrease in Investments	(382, 023)	(487,793) (113, 819)	(292, 804) (711, 891)
(Increase) / Decrease in Advances	(703, 848)	410,952	(380, 527)
(Increase)/Decrease in Other assets	(13,737)	575,811	171,427
(ii)	312,450	3,430,272	4,544,475
Payment of direct taxes (iii)	(2, 115)	(79, 214)	(80.140)
Net cash generated from / (used in) operating activities (A) (i+ii+iii)	562,740	3,627,340	5,015,594
Cash flow from investing activities
Purchase of fixed assets	(17, 560)	(11, 509)	(26, 602)
Proceeds from sale of fixed assets	505	441	964
Investment in subsidiaries	(300)	(1,000)	(2.030)
(Increase)/Decrease in Held To Maturity (HTM) securities	(911, 684)	445,680	593,976
Net cash generated / (used in) from investing activities (B)	(929, 039)	433,611	566,307
Cash flow from financing activities	$\sim$ 1 .
Increase / (Decrease) in Borrowings	21,266	(4,896,708)	(4,830,886)
Innovative Perpetual Debt (repaid)/raised			(30,700)
Tier I/II Debt repaid during the year	(32, 150)	(143, 140)	(120, 640)
Proceeds from issue of Share Capital (net of share issue expense)		1,485,775	1,488,021
Net cash generated from / (used in) financing activities (C)	(10,884)	(3,554,073)	(3,494,204)
Effect of exchange fluctuation on translation reserve (D)	(2, 384)	3,226	4,876
Net Increase / (Decrease) in cash and cash equivalents (A+B+C+D)	(379, 566)	510,104	2,092,573
Cash and cash equivalents as at April 1 st	2,930,873	838,300	838,300
Cash and cash equivalents as at the period end	2,551,307	1,348,405	2,930,873

Notes:

• 1 The results have been taken on record by the Board of Directors of the Bank at its meeting held in Mumbai, Friday, October 22, 2021. There is no qualification in the review report for the quarter and half year ended September 30, 2021.
• 2 Other income includes fees and commission earned from guarantees/letters of credit, loans, financial advisory fees, selling of third party products, earnings from foreign exchange transactions, profit/loss from sale of securities and revaluation of investments.
• 3 Return on assets is computed u.sing a simple average of total assets at the beginning and at the end of the relevant period.
• 4 The disclosures for NPA referred to in point 17(iv) above correspond to Non Performing Advances.
• 5 The Bank has entered into a definitive agreement to sell its entire stake in its 100% wholly owned subsidiaries YES Asset Management (India) Limited and YES Trustee Limited to GPL Finance and Investments Limited. We have received all the requisite regulatory _approvals and are in the pr~ of transaction closure.
• 6 As the business of the Bank is concentrated in India; there are no geographical segments.
• 7 Deferred tax asset of t 9,410 crore as at September 30, 2021 is carried in the Balance Sheet, as basis financial projections approved by the Board of Directors, there is reasonable certainty of having sufficient taxable income to enable realization of the said deferred tax asset as specified in Accounting Standard 22 (Accounting for Taxes on Income).
• 8 Law Enforcement Agencies (LEAs) the Enforcement 'Directorate (ED), the Central Bureau of Investigations (CBI) and the Serious Fraud Investigation Office (SFIO) is investigating certain aspects of transactions of the founder / former MD & CEO, and his alleged links with certain borrower groups. LEAs are investigating allegations of money laundering, fraud and nexus between the founder/ former MD & CEO and certain loan transactions. The investigation continues to be carried out by the various law enforcement agencies. There are no claims made by any party against the Bank in this matter. The Bank does not foresee any substantial financial impact arising out of these investigations.
• 9 In March 2020, YES Bank Limited ("the Bank") was reconstructed pursuant to the provisions of Section 45 of the Banking Regulation Act. 1949 under the "YES Bank Reconstruction Scheme, 2020". As a consequence of the· reconstruction, the Bank was deemed to be non-viable or approaching non-viability and both "the pre-specified trigger" and "the trigger at the point of non-viability" were activated. Accordingly, the Bank was constrained to write down Additional Tier 1 Bonds(" AT 1 Bonds") on March 14, 2020. The Axis Trustee Services Limited (Trustee on behalf of the bondholders of AT 1 Bonds) and other bondholders have filed various writ petition(s) and consumer complaint(s) across India challenging the decision of the Bank to write down AT 1 Bonds. A Transfer Petition has been preferred by the Bank before the Hon'ble Supreme Court of India to transfer all pending litigation(s) to Mumbai as per the jurisdictional clause in the Information Memorandum(s) for the issuance of AT 1 Bonds. The Bank, based on the legal opinion of its external independent legal counsel is of the view that the Bank's decision to wrjte down the AT 1 Bonds is in accordance with the contractual terms for issuance of ATl Bonds.

Separately, against the Securities and Exchange Board of India ("SEBI") order dated April 12, 2021 imposing penalty on the Bank for the alleged violation of SEBI ( Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 and for alleged mi-selling of AT-1 Bonds issued by the Bank in the secondary market ("Impugned Order"), an appeal was preferred by the Bank before the Securities and Appellate Tribunal, Mumbai wherein the Tribunal was pleased to stay the effect and operation of the Impugned Order. The appeal is listed on November 26, 2021 for hearing

10 Due .to outbreak of the COVID-19 pandemic, the country had witnessed lockdowns across India, imposed by the Indian government from March 2020. Subsequently, the national lockdown was lifted by the government. but regional lockdowns continue to be implemented in some areas. Further, India experienced a "second wave" of the COVID-19 pandemic in April-May 2021, following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided.

The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on ongoing as well as future developments, which are highly uncertain

11 Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 (Resolution Framework 1.0) are given below.

				m crore, exccpt num be ro account
	(A)	(B)	(C)	(D)	(E)
Type of borrower	Number of accounts where resolution plan has been implemented under before implementation was converted into this window	Exposure to accounts mentioned at (A) of the plan	Of (B), aggregate amount of debt that other securities	Additional funding sanctioned, if any, including between invotation of the plan and implementation	Increase in provisions on account of the implementation of the resolution plan
Personal Loans	169	13.51		-	I 2.15
Corporate Person's*	I 490	4,469.00	5.81	211.44	430.23
Ofwlric/1, MSME's	473	66.24	-	0.28	8.95
Others	3,413	139.23	-	-	14.86
Total	I 4,072	4,621.74	5.81	211.44	447.24

				? 'in crore, ex!=l,' pt number of accoan:t
	(Al	(B)	ll	IDl	(El
Type of borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of the previous half-year (A)"	Of (A), aggregate debt during half-year	Of (A), amount that slipped into NPA written off during the half-year	Of (A), amount paid by the borrowers during the half-year	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year
Personal Loans	I 13.51	2.10	0.06	1.51	10.15
Corporate Person•su	4,469.00	404.00	-	48.23	4,151.83
Ofwlriclr, MSME's	66.24	7.87	-	1.47	68.58
Others	139.23	14.91	7.99	9.98	112.64
Total	4,621.74	421.01	8.06	59.72	4,274.61
	'.'.'.':lwles rcst.mtlrtr1U§-llllf'U"J11'!.11frlf J'.''"'! I!'" quarter ~11ded (1111,· :!02_1_ u11der f!!t ~'!!r,ho,'. ~m~,-~owork J :(J

•• Inc/11des Non Fund Based Exposure muo1111ting to ~ 808.23 crore as at the end of this ltn(f-year

(ii) Details of resolution plan implemented under the RBI Resolution Framework - 2.0: Resolution of COVID-19 related stress of Individuals and Small Businesses dated May 5, 2021 are given below:

		'f in crore except number of account
I I		Individual Borrowers	Small Businesses
I I Description	Personal Loans	Business Loans
A)Number of requests received for invoking resolution process under Part A	17,778.00	2,634.00	1,588.00
B) Number of accounts where resolution plan has been implemented under this window	12,965.00	1,531.00	340.00
C) Exposure to accounts mentioned at (B) before imple111-entation of the plan	507.48	227.86	122.30
D) Of (C), ae:e:regate amount of debt that was converted into other securities	-	-	-
E) Additional funding sanctioned ,if any, including between invocation of the plan and implementation	0.02	0.02	3.71
F) Increase in provisions on account of the implementation of the resolution I Plan	71.28	43.51	11.07

12 The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. As a result, 'Employees cost' for the quarter and half year ended September 30, 2021 is higher by f 2.07 crore with a consequent reduction in profit before tax by the said amount.

13 In compliance with the RBI circular dated August 30, 2021, on Master Direction on Financial Statements - Presentation and Disclosures, the Bank has regrouped/ reclassified provision for depreciation on investments, Foreign Currency Translation Reserve (FCTR) and Bad debt recovery from written off accounts. Though there is no change in the net profit/ loss for the previous periods, the previous period figures regrouped/ reclassified wherever necessary to conform to current period classification.

SEGMENTAL RESULTS

				Standalone
			Quarter ended		Half Year ended		Year ended
	Sr No PARTICULARS	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
$\mathbf{1}$	Segment revenue
(a)	Treasury	130,022	174,953	288,839	304,975	660.765	1,163,964
(b)	Corporate Banking	230.814	259,443	340,906	490,257	702,052	1,232,248
(c)	Retail Banking	196.916	157,568	137,708	354,483	247,550	581,757
(d)	Other Banking Operations	7,400	5,759	5.613	13,159	9,316	24,860
(e)	Unallocated	496	264	41	760	134	492
	TOTAL	565,647	597,987	773,107	1,163,634	1,619,817	3,003,322
	Add / (Less): Inter Segment Revenue	(22.617)	(58.542)	(188.826)	(81,160)	(423, 176)	(697,969)
	Income from Operations	543,030	539,444	584,281	1,082,474	1.196.641	2,305,353
$\overline{2}$	Segmental Results
(a)	Treasury	22,625	49,040	132,964	71,665	284,672	428,230
(b)	Corporate Banking	17,412	25.081	(68.912)	42,493	(141, 277)	(527,005)
(c)	Retail Banking	18,936	(13, 841)	(18.771)	5,095	(58.482)	(252, 681)
(d)	Other Banking Operations	3,377	2,985	2.491	6.362	3,368	12.327
(e)	Unallocated	(32.271)	(35.682)	(30, 503)	(67,952)	(64,988)	(134, 379)
	Profit before Tax	30,079	27,583	17,270	57,662	23,293	(473,507)
3	Segment Assets
(a)	Treasury	9,980.873	9,314,579	6,980,710	9,980,873	6,980,710	9.083.314
(b)	Corporate Banking	10,541,808	10,081,631	12,209,067	10,541,808	12.209.067	10,501,558
(c)	Retail Banking	7,167,965	6,704,474	4,812,617	7,167,965	4,812,617	6,620,448
(d)	Other Banking Operations	5,136	3,592	2,946	5,136	2.946	4,324
(e)	Unallocated	1,156,476	1,148,390	976.093	1.156.476	976.093	1,144,633
	Total	28.852.258	27,252,666	24,981,433	28,852,258	24,981,433	27,354,277
$\overline{4}$	Segment Liabilities
(a)	Treasury	7,469,454	7,274,820	7,701,177	7,469,454	7,701,177	7,663,278
(b)	Corporate Banking	9,550,214	8,613,712	7,504,267	9,550,214	7,504,267	8,674,700
(c)	Retail Banking	8,352,815	7,933,086	5,998,850	8,352,815	5,998,850	7,571,325
(d)	Other Banking Operations	7,057	6,445	8.862	7,057	8.862	6,820
(e)	Unallocated	111,947	86,811	89,149	111,947	89.149	118,521
	Capital and Reserves	3,360,770	3,337,792	3,679,128	3,360,770	3,679,128	3,319,633
	Total	28,852,258	27,252,666	24,981,433	28,852,258	24,981,433	27,354,277

SEGMENT	PRINCIPAL ACTIVITIES
	Includes investments, all financial markets activities undertaken on behalf of the Bank's customers, proprietary
Treasury	[trading, maintenance of reserve requirements and resource mobilisation from other banks and financial]
	institutions.
Corporate Banking	Includes lending, deposit taking and other services offered to corporate customers.
Retail Banking	Includes lending, deposit taking and other services offered to retail customers.
Other Banking Operations	Includes para banking activities like third party product distribution, merchant banking etc.

Place: Mumbai Date: October 22, 2021 For YES BANK Limited

Prashant Kumar

Managing Director & CEO

M. P. Chitale & Co. Chartered Accountants Hamam House, Ambalal Doshi Marg, Fort, Mumbai 400 001

'Chokshi & Chokshi LLP Chartered Accountants 15 I 17, Raghavji 'B' Bldg., Ground Floor, Raghavji Road, Mumbai - 400036

INDEPENDENT AUDITORS' LIMITED REVIEW REPORT ON UNAUDITED CONSOLIDATED QUARTERLY AND YEAR TO DATE FINANCIAL RESULTS OF YES BANK LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

To, The Board of Directors YES BANK Limited Mumbai.

J. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of YES BANK Limited (hereinafter referred to as "the Bank"/"the Parent".) and its subsidiaries (the Parent and its subsidiaries together referred to as the 'Group') for the quarter and half-year ended September 30, 2021 ("the Statement"), being submitted by the Group pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended ("Listing Regulations"), except for the disclosures relating to consolidated Pillar 3 disclosure as at September 30, 2021, in~luding leverage ratio and liquidity coverage ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us.

1. This Statement which is the responsibility of the Bank's Management and approved by the Board of Directors has been prepared in accordance with recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting" as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, the relevant provisions of Banking Regulation Act, 1949, the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters ( "RBI Guidelines") and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

2. We conducted our review of the Statement in accordance with the Standar<;i on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India., This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial results are free of material misstatement. A review is limited primarily to inquiries of Bank personnel and analytic_al procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

I

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listi!'}g Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities:

Parent

• YES BANK Limited,

Subsidiaries

• YES Securities (India) Limited,
• YES Asset Management (India) Limited, and
• YES Trustee Limited

Conclusion

1. Basis the consideration of the limited review reports of the subsidiaries by other auditors, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Consolidated Financial Results, prepared in accordance_with the recognition and measurement principles laid down in the aforesaid Accounting Standard, RBI guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including the manner in which it is to be disclosed, except for the disclosure relating to pillar 3 disclosure as at September 30, 2021 including leverage ratio and liquidity coverage ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the statement and have not been reviewed by us, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters or that it contains any material miss~atement.

Emphasis of Matter

1. We draw attention to Note 8 of the accompanying consolidated financial results, which describes the state of affairs pertaining to the whistle blower complaints received in prior years and the subsequent actions including the corrective steps initiated by the Bank. The Management has in the earlier year made provisions in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification and provisioning and does not expect any further substantial impact on the financial position of the Bank. Our conclusion is not modified in respect of this matter.

Chokshi & Chokshi LLP Chartered Accountants

1. We draw attention to Note 10 of the accompanying standalone financial results, which describes the business uncertainties due to the outbreak of SARS-Co V-2 virus (COVID-19). In view of these uncertainties, the impact on the Bank's results is significantly dependent on future developments. Our conclusion is not modified in respect of this matter.

Other Matter

• 1. We did not review the interim financial results of subsidiaries included in the Statement whose reviewed interim financial results reflect Group's share of total assets of Rs.56,677.09 lacs as at September 30, 2021, total revenues of Rs.3,611.14 lacs and Rs.6,950.22 lacs, total net loss after tax of Rs.284.42 lacs and Rs.591.58 lacs for the quarter ended September 30, 2021 and half year ended September 30, 2021 _respectively and net cash inflows amounting to Rs.3,391.39 for the half-year ended September 30, 2021, as considered in the Unaudited Consolidated Financial Results. These financial results have been reviewed by the other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter.
• 1. One of the current Joint Statutory Auditors has carried out (a) limited review of the unaudited consolidated financial results of the Bank as per the Listing Regulations for the quarter and half-year ended September 30, 2020 and for the quarter ended June 30, 2021 and issued a qualified conclusion vide its report dated October 23, 2020 and an unmodified conclusion vide its report dated July 23, 2021 respectively (b) audit of the consolidated financial results of the Bank as per the Listing Regulations for the year ended March 31, 2021 and issued an unmodified opinion vide its report dated April 30, 2021. Our conclusion on the statement is not modified in respect of this matter.

For M P Chitale & Co. Chartered Accountants (Registration No. 101851W)

Anagha Thatte Partner (Membership No. 105525) UDIN: 21105525AAAAHC2664 Place: Mumbai Date: October 22, 2021

For Chokshi & Chokshi LLP Chartered Accountants (Registration No. l01872W I W100045)

V~ ena

Partner (Membership No. 100770) UDIN : 21100770AAAAIH6280 Place: Mumbai Date: October 22, 2021

YES BANK Limited

Rep;d. Office: YES BANK House, Off Western Express Highw,1y, Santacruz East, Mumbai - 400055, India Websile: www.yesbank.in Email Id: sh•reholders@yesbank.in

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

							(₹ in Lakhs)
			Quarter ended		Half Year ended		Year ended
$S_{I}$	PARTICULARS	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
No.		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
$\mathbf{1}$	Interest earned $(a)+(b)+(c)+(d)$	465,148	452,394	524,510	917,542	1,073,111	2,003,928
(a)	Interest/discount on advances/bills	369,753	366,151	443.109	735,904	899,778	1,663,942
(b)	Income on investments	71,971	61,738	62,835	133,709	139,235	268,007
(c)	Interest on balances with Reserve Bank of India and other inter-bank funds	14,211	15,304	8,068	29,515	12,905	33,203
(d)	Others	9,213	9.201	10,498	18,415	21,193	38,776
$\overline{2}$	Other Income (Refer Note 2)	81.179	89,937	61,768	171,117	127,115	310.708
$\overline{3}$	TOTAL INCOME (1+2)	546,328	542,331	586.278	1,088,659	1,200,226	2,314,636
$\overline{4}$	Interest Expended	314,048	312,270	327,093	626,318	684,826	1,261,093
5	Operating Expenses (i)+(ii)	164,796	157,075	135,027	321,871	276,356	591,730
(i)	Payments to and provisions for employees	73,262	66,959	63,194	140,221	129,685	251,725
(ii)	Other operating expenses	91,534	90.116	71,833	181,650	146,671	340,005
6	Total Expenditure (4+5) (excluding provisions and contingencies)	478,844	469,345	462,121	948,188	961,182	1,852,824
$\overline{7}$	Operating Profit (before Provisions and Contingencies)(3-6)	67,484	72,986	124,158	140,470	239,044	461,813
8	Provisions (other than Tax expense) and Contingencies (net)	37,690	45,710	107,800	83,400	217,802	937,990
9	Exceptional Items
10	Profit from ordinary activities before tax (7-8-9)	29,794	27,276	16,358	57,071	21,242	(476, 178)
11	Tax Expense	7.529	6,900	4,333	14,430	5,812	(127, 285)
12	Net profit from Ordinary Activities after tax (10-11)	22.265	20,376	12.025	42.641	15,430	(348, 893)
13	Extraordinary Items (Net of tax)
14	NET PROFIT (12-13)	22.265	20,376	12,025	42.641	15,430	(348, 893)
15	Paid-up equity Share Capital (Face value of ₹2 each)	501,098	501,098	501,098	501,098	501,098	501,098
16	Reserves & Surplus excluding revaluation reserves						2,812,731
17	Analytical ratios:
(i)	Percentage of Shares held by Government of India	Nil	Nil	Nil	Nil	Nil	Nil
(ii)	Capital Adequacy ratio - Basel III	17.4%	17.9%	19.9%	17.4%	19.9%	17.5%
(iii)	Earning per share for the period / year (before and after extraordinary items)
	- Basic ₹	0.09	0.08	0.05	0.17	0.09	(1.65)
	- Diluted ₹	0.09	0.08	0.05	0.17	0.09	(1.65)
		(Not Annualized)	(Not Annualized)	(Not Annualized)	(Not Annualized)	(Not Annualized)	Annualized
(iv)	NPA ratios-
(a)	Gross NPA	2,874,059	2,850,595	3,234,436	2,874,059	3.234,436	2,860,953
(b)	Net NPA	958,625	945,494	786,813	958,625	786,813	981.336
(c)	% of Gross NPA	14.97%	15.60%	16.90%	14.97%	16.90%	15.41%
(d)	% of Net NPA	5.55%	5.78%	4.71%	5.55%	4.71%	5.88%
(v)	Return on assets (average) (annualized)	0.3%	0.3%	0.2%	0.3%	0.1%	$-1.3%$

. I

Statement of Assets and Liabilities as at September 30, 2021 is as under:

		Consolidated
PARTICULARS	Asal 30.09.2021 (Unaudited)	Asal 30.09.2020 (Unaudited)	Asal 31.()3.2021 IAudited)
CAPITAL AND LIABILITIES
Capital	501,098	501,098	501,098
Reserves and surplus	2,853,324	3,172,846	2,812,731
Deposits	17,650,076	13,573,026	16,284,593
Borrowings	6,389,865	6,337,781	6,394,908
Other liabilities and provisions	1,466,387	1,398,818	1,366,013
Total	28,860,750	24,983,569	27,359,344
ASSETS
Cash and balances with Reserve Bank oi India	841,867	524,365	681,279
Balances with banks and money at call and short notice	1,710,264	827,174	2,251,246
Investments	5,596,083	4,026,916	4,311,465
Advances	17,275,025	16,691,392	16,680,486
Fixed assets	212,362	96,454	215,838
Other assets	3,225,150	2,817,268	3,219,030
Total	28,860,750	24,983.569	27.359,344

(~ inl.aldis) Half year ended Half year ended Year ended PARTICULARS 30.09.2021 30.09.2020 31.03.2021 (Unaudited} CUrumdlledl (Audlfffl Cash flow from Operating Activities Net profit before taxes 57,071 21,242 (476,178) Adjustment for ESOP Compensation Expense 255 - - Depreciation for the period 20,593 16,921 36,003 Amortizd~ion of premium on investments 14,476 9,017 17,859 Provision for investments (5,205) 4,284 161,309 Provision foi standard advances 58,879 168,966 68,954 Provision/write off of non performing advances 109,232 41,050 711,582 Other provisions (3,129) 12,749 29,048 ATI Write-down - - - (Profit)/Loss on sale of land, buildini,; & other assets 51 (2) 346 (i) 252,223 274,228 548,923 Adjustments for : Increase/ (Decrease) in Deposits 1,365,483 3,041,910 5,753,476 Increase/ (Decrease) in Other Liabilities 45,544 (480,919) (280,797) (lncrease)/Decrease in Investments (381,905) (110,462) (708,143) (Increase)/Decrease in Advances (703,771) 410,867 (372,734) (Increase)/Decrease in Other assets (18,434) 568,950 151,814 (ii) 306,917 3,430,346 4,543,616 Payment of direct taxes (iii) (2,115) (79,214) (80,140) Net cash generated from/ (used in) operating activities (A) 557,024 3,625.360 5,012.399 Cash flow from investing activities Purchase of fixed assets (17,689) (11,593) (26,960) Proceeds from sale of fixed assets 522 558 1,087 (Increase)/ Decrease in Held To Maturity (HTM) securities (911,984) 445,025 592,291 Net cash generated/ (used in) from investing activities (B) (929,151) -· 433,990 566,418 Cash flow from financing activities Increase/ (Decrease) in Borrowings 26,266 (4,896,708) (4,830,886) Tier II Debt raised - - - Innovative Perpetual Debt (repaid)/ raised - - (30,700) Tier I/II Debt repaid during the year (32,150) (143,140) (120,640) Proceeds from issuance of Equity Shares (net of share issue expense) - 1,485,775 1,488,021 Dividend paid during the year - - Tax on dividend paid - - - Net cash generated from/ (used in) financing activities (C) (5)184) (3,554,073) (3,494,204) Effect of exchange fluctuation on translation reserve (D) (2,384) 3,226 4,876 Net Increase/ (Decrease) in cash and cash equivalents (380,394) 508,503 2,089,489 Cash and cash equivalents as at April 1st 2,932,525 843,036 843,036 Cash and cash equivalents as at the period end 2,552,131 1,351,539 2,932,525

• 1 The results have been taken on record by the Board of Directors of the Bank at its meeting held in Mumbai, Friday, October 22, 2021. There is no qualification in the review report for the quarter and half year ended September 30, 2021.
• 2 Other income includes fees and commission earned from guarantees/letters of credit, loans, financial advisory fees, selling of third party products, earnings from foreign exchdnge transdctions, profit/loss from sale of securities and revaluation of investments.
• 3 Return on assets is computed using a simple average of total assets at the beginning and at the end of the relevant period.
• 4 The disclosures for NPA referred to in point 17(iv) above correspond to Non Performing Advances.
• 5 In accordance with RBI circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on 'Basel III Capital Regulations' read together with RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments' requires hanks tci make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio on a consolidated basis under Basel III Framework. The Pillar III disclosures have not been subjected to review or audit by the statutory auditors. The Bank has made these disclosures which are available on its website at the following link. https:/ / www.yesbank.in/ pdf / basel_iii_disclosure_sep _30_2021. pdf
• 6 As the business of the Bank is concentrated in India; there are no geographical segments.
• 7 Deferred tax asset of f 9,410 crore as at September 30, 2021 is carried in the Balance Sheet, as basis financial projections approved by the Board of Directors, there is reasonable certainty of having sufficient taxable income to enable realization of the said deferred tax asset as specified in Accounting Standard 22 (Accounting for Taxes on Income).
• 8 Law Enforcement Agencies (LEAs) the Enforcement Directorate (ED), the Central Bureau of Investigations (CBI) and the Serious Fraud Investigation Office (SFIO) is investigating certain aspects of transactions of the founder/ former MD & CEO, and his alleged links with certain borrower groups. LEAs are investigating allegations of money laundering, fraud and nexus between the founder / former MD & CEO and certain loan transactions. The investigation continues to be carried ~ut by the various law enforcement agencies. There are no claims made by any party against the Bank in this matter. The Bank does not foresee any substantial financial impact arising out of these investigations.
• 9 In March 2020, YES Bank Limited ("the Bank") was reconstructed pursuant to the provisions of Section 45 of the Banking Regulation Act, 1949 under the "YES Bank Reconstruction Scheme, 2020". As a consequence of the reconstruction, the Bank was deemed to be non-viable or approaching non-viability and both "the pre-specified trigger" and "the trigger at the point of non-viability" were activated. Accordingly, the Bank was constrained to write down Additional Tier 1 Bonds (" AT 1 Bonds") on March 14, 2020. The Axis Trustee Services Limited (Trustee on behalf of the bondholders of AT 1 Bonds) and other bondholders ha~e filed various writ petition(s) and consumer complaint(s) across India challenging the decision of the Bank to write down AT 1 Bonds. A Transfer Petition has been preferred by the Bank before the Hon'hle Supreme Court of India to transfer all pending litigation(s) to Mumbai as per the jurisdictional clause in the Information Memorandum(s) for the issuance of AT 1 Bonds. The Bank, based on the legal opinion of its external independent legal counsel is of the view that the Bank's decision to write down the AT 1 Bonds is in accordance with the contractual terms for issuance of ATl Bonds.

Separately, against the Securities and Exchange Board of India ("SEBI") order dated April 12, 2021 imposing penalty on the Bank for the alleged violation of SEBI ( Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 and for alleged mi-selling of AT-1 Bonds issued by the Bank in the secondary market ("Impugned Order"), an appeal was preferred by the Bank before the Securities and Appellate Tribunal, Mumbai wherein the Tribunal was pleased to stay the effect and operation of the Impugned Order. The appeal is listed on November 26, 2021 for hearing

10 Due to outbreak of the COVID-19 pandemic, the country had witnessed lockdowns across India, imposed by the Indian government from March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in some areas. Further, India experienced a "second wave" of the COVID-19 pandemic in April-May 2021, following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided.

The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on ongoing as well as future developments, which are highly uncertain

Notes:

11 Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 (Resolution Framework 1.0) are given below

					m crore, except num be ro account
	(A)	(B)	(C)	(D)	(E}
Type of borrower	Number of accounts where resolution plan has been implemented under before implementation was converted into this window	Exposure to accounts mentioned at (A) of the plan	Of (B), aggregate amount of debt that othe'r securities	Additional funding sanctioned, if any, including between invocation of the plan and implementation	Increase in provisions on account of the implementation of the resolution plan
Personal Loans	169	13.51	-	-	2.15
Corporate Person•s•	I 490	4,469.00	5.81	211.44	430.23
O(whicl,, MSME's	473	66.24	-	0.28	8.95
Others	3,413	139.23	-	-	14.86
Total	I 4,072	4,621.74	5.81	211.44	447.24

• t11cl11des No11 Fu11rl Based Exposure 1111101111/iug to ~ 849.84 crore

				m c rore, except num be r o account
	fAI	IBI	1c1 ·	(DI	{El
Type of borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of the previous half-year (A)"	Of (A), aggregate debt during half-year	Of (A), amount that slipped into NPA written off during the half-year	Of (A), amount paid by the borrowers during the half-year	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year
Personal Loans	13.51	2.10	0.06	1.51	10.15
Corporate Person's**	4,469.00	404.00		48.23	4,151.83
Ofwhic/1, MSME's	66.24	7.87	-	1.47	68.58
Others	139.23	14.91	7.99	9.98	112.64
Total	4,621.74	421.01	8.06 j	59.72	4,274.61

•• Includes No11 Fu11d Based Expos1tre 1111101111/iug to r 808.23 cror!. as at //,e e11d of this lml(-y,·ar

(ii) Details of resolution plan implemented under the RBI Resolution Framework - 2.0: Resolution of COVID-19 related stress of Individuals and Small llusinesses dated May 5, 2021 are given below:

		t in crore, ~epl number of account
I I		Individual Borrowers	Small Businesses
I I Description	Personal Loans	Business Loans
A)Number of requests received for invokin9; resolution process under Part A	17,778.00	2,634.00	1,588.00
B) Number of accounts where resolution plan has been implemented under this window	12,965.00	1,531.00	340.00
q Exposure to accounts mentioned at (Bl before implementation of the plan	507.48	227.86 l	122.30
D) Of (q, a9;9;re9;ate amount of debt that was converted into other securities		-	-
E) Additional funding sanctioned ,if any, including between invocation of the plan and implementation	0.02	0.02	3.71
F) Increase in provisions on account of the implementation of the resolution I Plan	71.28	43.51	11.07

12 The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors/ Otief Executive Officers/ Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. As a result, 'Employees cost' for the quarter and half year ended September 30, 2021 is higher by t 2.07 ctore with a consequent reduction in profit before tax by the said amount.

13 In compliance with the RBI circular dated August 30, 2021, on Master Direction on Financial Statements - Presentation and Disclosures, the Bank has regrouped/ reclassified provision for depreciation on investments, Foreign Currency Translation Reserve (FCTR) and Bad debt recovery from written off accounts. Though there is no change in the net profit/loss for the previous periods, the previous period figures regrouped/reclassified wherever necessary to conform to current period classification.

			SEGMENTAL RESULTS
			Ouarter ended		Half Year ended		Year ended
$S_{\Gamma}$	PARTICULARS	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
No		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Andited)
$\mathbf{1}$	Segment revenue
(a)	Treasury	130,022	174,953	288.839	304,975	660.765	1,163,964
(b)	Corporate Banking	230.715	259,295	340,874	490,010	702,011	1,231,993
(c)	Retail Banking	196,916	157,568	137,708	354.483	247,550	581,757
(d)	Other Banking Operations	10,779	8,730	7,595	19,509	12,895	34,334
(e)	Unallocated*	513	329	89	841	182	556
	TOTAL	568,945	600,874	775,105	1,169,819	1,623,403	3,012,605
	Add / (Less): Inter Segment Revenue	(22.617)	(58, 542)	(188, 826)	(81, 160)	(423, 176)	(697,969)
	Income from Operations	546,328	542.331	586.278	1.088.659	1,200,226	2,314,636
$\overline{2}$	Segmental Results
(a)	Treasury	22.625	49.040	132,964	71,665	284,672	428,230
(b)	Corporate Banking	17,266	24,990	(68.836)	42,256	(141, 148)	(527,030)
(c)	Retail Banking	18,936	(13, 841)	(18,771)	5,095	(58, 482)	(252, 681)
(d)	Other Banking Operations	3,229	2.711	1.471	5.940	810	9,305
(e)	Unallocated	(32, 262)	(35.625)	(30, 470)	(67, 886)	(64, 610)	(134.002)
	Profit before Tax	29,794	27,276	16,358	57,071	21,242	(476.178)
$\overline{\mathbf{3}}$	Segment Assets
(a)	Treasury	9,982,079	9,315,740	6,981,172	9,982,079	6,981.172	9,084,416
(b)	Corporate Banking	10,515,475	10,064,542	12,199,382	10.515.475	12,199,382	10,482,336
(c)	Retail Banking	7,167,965	6,704,474	4,812,617	7,167,965	4,812,617	6,620,448
(d)	Other Banking Operations	59,264	50,914	32.844	59,264	32,844	47,369
(e)	Unallocated	1,135,968	1,128,484	957,554	1,135,968	957,554	1,124,776
	Total	28,860,750	27,264,154	24,983,569	28,860,750	24,983,569	27,359,344
$\overline{\mathbf{4}}$	Segment Liabilities
(a)	Treasury	7,469,454	7,274,820	7,701,178	7,469,454	7,701,178	7,663,278
(b)	Corporate Banking	9,537,771	8,596,622	7,494,582	9,537,771	7.494,582	8,655,478
(c)	Retail Banking	8,352,815	7,933,086	5,998,849	8,352,815	5,998,849	7,571,325
(d)	Other Banking Operations	34,105	41,108	25.615	34.105	25.615	36,711
(e)	Unallocated	112.183	86,811	89,401	112,183	89,401	118,724
	Capital and Reserves	3,354,422	3,331,707	3,673,944	3,354,422	3,673,944	3,313,829
	Total	28,860,750	27,264,154	24,983,569	28,860,750	24,983,569	27,359,344

SEGMENT	PRINCIPAL ACTIVITIES
Treasury	Includes investments, all financial markets activities undertaken on behalf of the Bank's customers, proprietary trading, maintenance of reserve requirements and resource mobilisation from other banks and financial institutions.
Corporate Banking	Includes lending, deposit taking and other services offered to corporate customers.
Retail Banking	Includes lending, deposit taking and other services offered to retail customers.
Other Banking Operations	Includes para banking activities like third party product distribution, merchant banking etc.

Place: Mumbai Date: October 22, 2021

For YES BANK limited p~

Prashant Kumar Managing Director & CEO

Key updates of Q2FY22

• Net Profit at INR 225 Cr up 9.0% Q-o-Q. Core Operating Profit¹ up 38.0% Q-o-Q led by expanding NIM & continued traction in Retail & Transaction Banking fees
• The Bank has made Prudent provisioning of ~INR 336 Cr on a single telecom exposure; aggregate coverage² at ~10.0%
• GNPA ratio at 15.0% vs. 15.6% last quarter; Overdue Book (31 -90 days) lower by ~INR 6,000 Cr Q-o-Q
• Resolution Momentum continues with INR 987 Cr of Cash Recoveries & INR 969 Cr of upgrades in Q2FY22
• Balance Sheet grew ~ 6% Q-o-Q with C/D ratio at 97.8%, lower than 100% for the first time since Dec'17
• Granularity continues to improve: Retail: Corp. mix at 54:46 up 100bps Q-o-Q; CASA ratio at 29.4% up 200bps Q-o-Q
• Pickup in New Business Generation: Retail Disbursements at INR 8,478 Cr, SME Disbursements³ at INR 4,576 Cr, Wholesale Banking Disbursements at INR 3,736 Cr; ~244K CASA accounts opened vs. 152K last quarter
• Continued Leadership in Technology: UPI: #1 in P2M transactions, ~44% vol. market share, IMPS: #1 Remitter Bank⁴

Financial Highlights

• NII for Q2FY22 at INR 1,512 Cr up 7.9% Q-o-Q. NIMs at 2.2% vs. 2.1% last quarter
• Non-Interest income at INR 778 Cr*; Core Non-Interest Income¹ at INR 748 Cr up 23.5% Q-o-Q
• Operating expenses at INR 1,612 Cr up 5% Q-o-Q led by significant pick up in business activity during the quarter
• Operating Profit at INR 678 Cr; Core Operating Profit¹ at INR 648 Cr up 38.0% Q-o-Q
• Net Advances at INR 172,839 Cr up 6% Q-o-Q; Total Deposits at INR 176,672 Cr up 8% Q-o-Q; CASA growth rate ~2x of overall deposits
• Average LCR during the quarter remains healthy at 117.6%; LCR as on September 30, 2021 at 113.1%
• CET 1 ratio at 11.5%⁵ : Total CRAR at 17.6%⁵
• Asset quality parameters:
• o GNPA of 15.0% vs. 15.6% last quarter
• o NNPA of 5.5% vs. 5.8% last quarter
• o NPA Provision Coverage Ratio at 78.9% ⁶

1Excluding Gain on Sale of Investments & MTM Provisions on Investments	4 Among Peer Banks as per NPCI data
2	5
Including through valuation adjustment on bonds	Including Profits
3	6
Including Limit Set-ups	Including Technical Write-Offs

3

* In compliance with the RBI circular dated August 30, 2021, on Master Direction on Financial Statements - Presentation and Disclosures, the Bank has regrouped/reclassified provision for depreciation on investments, Foreign Currency Translation Reserve (FCTR) and Bad debt recovery from written off accounts. Though there is no change in the net profit/loss for the previous periods, the previous period figures regrouped/reclassified wherever necessary to conform to current period classification.

YES Bank's Analyst conference call, scheduled on October 22, 2021 at 5:30 PM IST, can be heard at following link, post 10 PM: https://www.yesbank.in/about-us/investors-relation/financial-information/financialresults

ABOUT YES BANK

YES BANK, is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a 'Full Service Commercial Bank' providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a widespread India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For further information, please contact:

YES BANK

Swati Singh

Email: swati.singh6@yesbank.in

Financial Highlights from Q2FY22 Results:

		P & L Highlights
(INR in Crores)	Q2FY22	Q1FY22	Growth %	Q2FY21	Growth %
Net Interest Income	1,512	1,402	7.9%	1,973	-23.4%
Non-Interest Income	778	869	-10.5%	597	30.2%
Total Net Income	2,290	2,271	0.8%	2,571	-10.9%
Operating Profit/ (Loss)	678	733	-7.5%	1,251	-45.8%
Provision	377	457	-17.4%	1,078	-65.0%
Profit / (Loss) after Tax	225	207	9.0%	129	74.3%
Basic EPS (INR)	0.09	0.08	9.1%	0.06	53.6%
		Key P & L Ratios
Return on Assets 1	0.3%	0.3%		0.2%
Return on Equity 1	2.7%	2.5%		1.6%
NIM	2.2%	2.1%		3.1%
Cost to Income Ratio	70.4%	67.7%		51.3%
Non-Interest Income to Total Income	34.0%	38.3%		23.2%

		Balance Sheet Highlights
(INR in Crores)	30-Sep-21	30-Jun-21	Growth % (q-o-q)	30-Sep-20	Growth % (y-o-y))
Advances	172,839	163,654	5.6%	166,923	3.5%
Deposits	176,672	163,295	8.2%	135,815	30.1%
Shareholders' funds	33,608	33,378	0.7%	36,791	-8.7%
Total Capital Funds	40,294	40,106	0.4%	47,044	-14.4%
Total Balance Sheet	288,523	272,527	5.9%	249,814	15.5%
Key Balance Sheet Ratios
Capital Adequacy	17.6%	17.9%		19.9%
CET I Ratio	11.5%	11.6%		13.5%
Book Value per share (INR)	13.4	13.3		14.7
Gross NPA	15.0%	15.6%		16.9%
Net NPA	5.5%	5.8%		4.7%
Provision Coverage Ratio (including technical write-offs)	78.9%	79.3%		79.7%
Total Gross Restructured Loans 2	6,184	4,976		109
Security Receipts (Net)	1,417	1,421		1,497
CASA Ratio	29.4%	27.4%		24.8%
Average LCR	117.6%	131.8%		99.7%

¹ Annualized

² Already implemented as of respective date (across various categories including Covid related)

Investor Presentation

Q2FY22 Results

Contents

YES BANK Quarterly Update

YES BANK – Franchise

Annexure

Key Highlights for the Quarter

▪ Profits at INR 225 Cr in Q2FY22 up 9.0%Q-o-Q • Core Operating Profit¹ up 38.0% Q-o-Q; led by expanding NIM & continued traction in Retail & Transaction Banking fees • Prudent provisioning of INR 336 Cr on a single telecom exposure; aggregate coverage² at ~10.0% Earnings CRISIL upgrades rating to BBB+; short term rating to A1 and CARE upgrades outlook to Positive Sustained Improvement in performance across key indicators ▪ GNPA ratio at 15.0% vs. 15.6% last quarter; Overdue Book (31 -90 days) lower by ~INR 6,000 Cr Q-o-Q • Fresh Slippages lower Q-o-Q at INR 1,783 Cr, of which Corporate slippages at INR 750 Cr vs. INR 1,258 Cr last quarter • Resolution Momentum continues with INR 987 Cr of Cash Recoveries & INR 969 Cr of upgrades in Q2FY22 • Incremental Credit Costs on Fresh Slippages & on a single telecom exposure significantly offset by provision write backs and bad debt recoveries Asset Quality ▪ Pick up in Balance sheet growth momentum while continuing to improve quality and granularity • Balance Sheet grew ~ 6% Q-o-Q with C/D ratio at 97.8% v/s. 100.2% last quarter; lower than 100% for first time since Dec 2017 • Retail : Corporate Mix improved by 100bps Q-o-Q to 54:46 • CASA ratio 29.4% v/s. 27.4% last quarter • CET 1 at 11.5%: Total CRAR at 17.6% Growth & Capital ▪ Newly launched Corporate Net Banking Platform won the India Domestic Transaction Banking Initiative of the Year in the Asian Banking & Finance Wholesale Banking Awards 2021, Singapore ▪ Among the 100 Best Emerging Market Performers as assessed by VE, part of Moody's ESG ▪ Partnered with Amazon Pay, for UPI services- will enable issuance of "@yapl" handle to Amazon customers and also allow the Bank to acquire merchants (online & offline) Achievements

1 Excluding Gain on Sale of Investments & MTM Provisions on Investments

Strategic Objectives & Guidance Tracker

Key Strategic Objectives	FY2020 (YBL Reconstruction Scheme)	FY2021	Q1FY22	Q2FY22	Status	FY22 Guidance
CASA Ratio	26.6%	26.1%	27.4%	29.4%	On Track	> 30%
Retail & MSME: Corporate Mix	44%:56%	51%:49%	53%:47%	54%:46%	On Track	60%:40% Medium Term (FY23-25) Targets
Advances Y-o-Y Growth	-29%	-3%	-1%	4%	Pick up in	>15% growth
Wholesale Banking Y-o-Y Growth	-38%	-12%	-13%	-10%	Momentum	~10% growth
Retail & SME Y-o-Y Growth	-3%	13%	23%	29%	On Track	~20% growth
C/D ratio	162.7%	102.4%	100.2%	97.8%	Achieved	< 100%
Recoveries Upgrades1		~ INR 5,000 Cr	INR 602 Cr INR 1723 Cr	INR 987 Cr INR 969 Cr	On Track	> INR 5,000 Cr
RoA	-7.1%	-1.3%	0.3%	0.3%	On Track	1 - 1.5% Medium Term (FY23-25) Targets

1 Includes Covid & MSME Restructuring of ~INR 600 Cr in Q1FY22 & ~INR 330 Cr in Q2FY22

Performance Highlights (1/2)

All figures in INR Cr

Key

			Q2FY22	Q-o-Q	Y-o-Y
		Net Interest Income	1,512	8%	-23%
		Non Interest Income	778	-10%	30%
Profit		Operating Expenses	1,612	5%	22%
& Loss		Operating Profit	678	-7%	-46%
		Core Operating Profit1	648	38%	-45%
		Profit After Tax	225	9%	74%
		Total Assets	288,523	6%	15%
Balance		Net Advances	172,839	6%	4%
Sheet		Total Deposits	176,672	8%	30%
		Shareholders Funds	33,608	1%	-9%

Ratios Q2FY22 Q1FY22 Q2FY21 Core C/I¹ 71% 77% 53% Core JAWS 1, 2 8% 26% 21% CET 1 11.5% 11.6% 13.5% Average LCR 118% 132% 100% Book Value per share (INR) 13.4 13.3 14.7 Credit Deposit Ratio 98% 100% 123%

Bank has made certain reclassifications to comply with recent RBI circular dated August 30, 2021. Accordingly, the bank has regrouped/ reclassified previous period figures wherever necessary to make the financial disclosures comparable (Details in Annexure 1)

Improvement across parameters

NII grew by 8% Q-o-Q NIMs at 2.2%, improved by ~10bps sequentially

Core Operating Profit ¹ at INR 648 Cr up 38.0% Q-o-Q

Customer Deposits³ at INR 171,633 Cr; up 7.6% Q-o-Q

CASA Ratio at 29.4% v/s. 27.4% in Q1FY22; growth rate at ~2x of overall deposits

~244K CASA A/Cs opened vs. 152K last quarter

Retail + MSME advances mix at 54%

Gross Retail Disbursements of INR 8,478 Cr

SME Disbursements⁴ at INR 4,576 Cr

Wholesale Banking Disbursements at INR 3,736 Cr

¹Excluding Gain on Sale of Investments & MTM Provisions on Investments ³ Excluding Certificate of Deposits ²Q-o-Q Growth Rate of Total Income - Q-o-Q Growth Rate of Operating Cost ⁴

Includes Limit Setup

Performance Highlights (2/2)

		Q4FY21	Q1FY22	Q2FY22
	Gross NPA	28,610	28,506	28,741
	Other Non Performing Exposures	10,425	10,315	9,246
	Total Gross Non Performing Exposures	39,034	38,821	37,986
	Total Provisions held	25,992	26,198	25,248
Non Performing Exposures1	Net Non Performing Exposures	13,042	12,623	12,738
	Cumulative Technical Write-off #	17,208	17,065	16,602
	Net additions during the Quarter	9,728	(143)	(464)
	Provision Coverage for above3	76.8%	77.4%	76.7%
Standard Restructured Loans2	Total Gross Restructured Loans	1,244	4,976	6,184
	61-90 days overdue loans	4,661	3,398	1,903
Overdue Book	Of which Retail	234	790	361
	31-60 days overdue loans	9,042	8,167	3,639
	Of which Retail	1,057	1,715	672

All figures in INR Cr Asset quality trends continue to improve

GNPA ratio at 15.0%, vs 15.6% last quarter

NNPA ratio at 5.5% vs. 5.8% last quarter

Fresh Slippages lower at INR 1,783 Cr vs. INR 2,233 last quarter of which:

• Corporate slippages at INR 750 Cr vs. INR 1,258 Cr last quarter

Prudent Provisioning of INR 336 Cr on a single telecom exposure

(Aggregate coverage* at ~10.0%)

Increase in Total Gross Restructured Loans on account of Covid 2.0 & MSME 2.0 during the quarter

Overdue Loans in 31-90 days bucket lower by ~INR 6,000 Cr Q-o-Q

1. NPA, NPI & ARC

2. Erstwhile, MSME 1.0 & 2.0, DCCO related & Covid 1.0 & 2.0;

3. Including technical w/o;

Only Corporate * Including through valuation adjustment on bonds

1 Excluding Gain on Sale of Investments & MTM Provisions on Investments NM = Not measurable

7

Profit and Loss Statement

• Profits at INR 225 Cr in Q2FY22 Highest since December 2018
• Operating Profits at INR 678 Cr
• Core Operating Profits¹ up 38.0% Qo-Q
• Net Interest Income at INR 1,512 Cr up 8% Q-o-Q;
• NIM at 2.2% up 10 bps Q-o-Q;
• Sustained Reduction in cost of deposits while continuing to garner liabilities
• Core C/I¹ improved to 71.3% from 76.6% last quarter

		Quarter Ended			Growth
Profit and Loss Statement	Q2FY22	Q1FY22	Q2FY21	Q-o-Q	Y-o-Y
Net Interest Income	1,512	1,402	1,973	8%	-23%
Non Interest Income	778	869	597	-10%	30%
Core Non Interest Income1	748	606	521	23%	44%
Total Income	2,290	2,271	2,571	1%	-11%
Operating Expense	1,612	1,538	1,320	5%	22%
Human Resource Cost	706	645	612	9%	15%
Other Operating Expenses	906	893	708	1%	28%
Operating Profit / (Loss)	678	733	1,251	-7%	-46%
Core Operating Profit / (Loss) 1	648	470	1,174	38%	-45%
Provisions	377	457	1,078	-17%	-65%
Profit Before Tax	301	276	173	9%	74%
Tax Expense	75	69	43	9%	74%
Net Profit/(Loss)	225	207	129	9%	74%
Yield on Advances	8.0%	8.2%	9.4%
Cost of Funds	5.4%	5.7%	6.4%
Cost of Deposits	5.1%	5.4%	6.2%
NIM	2.2%	2.1%	3.1%
Cost to Income	70.4%	62.6%	49.3%
Core Cost to Income1	71.3%	76.6%	52.9%

Break Up of Non Interest Income

• Core Fee Income drivers show significant traction
• Highest ever Retail Banking Fees at INR 444 Cr up 30% Q-o-Q driven by highest ever disbursements at INR 8,478 Cr
• Transaction banking Fees up 11% Qo-Q aided by
  • CMS thruput (~96% from digital modes) up 21% QoQ, of which API Banking vol. grew 31% QoQ and API thruput increased by 25%
  • Tech. led solutioning in E-Com & Fintech space led to 18% QoQ growth in value & 48% growth in vol.

	Quarter Ended			Growth
	Q2FY22	Q1FY22	Q2FY21	Q-o-Q	Y-o-Y
Non Interest Income	778	869	597	-10%	30%
Corporate Trade & Cash Management	157	141	142	11%	10%
Forex, Debt Capital Markets & Securities	148	364	183	-59%	-19%
Of which realised/ unrealised gain on Sale of Investments	30	263	77	-89%	-61%
Corporate Banking Fees	29	20	(25)	44%	NM
Retail Banking Fees	444	342	297	30%	49%
Trade & Remittance	56	54	67	4%	-17%
Facility/Processing Fee	78	55	59	41%	33%
Third Party Sales	39	25	29	53%	34%
Interchange Income	143	109	88	32%	63%
General Banking Fees	128	99	55	29%	134%

Break up of Operating Expenses

• Operating Expenses for Q2FY22 higher by 5% Q-o-Q
• Significant pick up in business volumes
• Step up in provisions towards variable compensation of employees
• Core Revenue¹ growth at ~13% Q-o-Q continues to outpace Opex growth

		Quarter Ended	Growth
	Q2FY22	Q1FY22	Q2FY21	Q-o-Q	Y-o-Y
Payments to and provisions for employees	706	645	612	9%	15%
Rent, Taxes and Lighting	111	105	113	7%	-1%
Loan Sourcing Fees and DSA	164	123	55	33%	201%
Depreciation on Bank's property	102	101	85	1%	20%
IT related expenses	105	108	80	-2%	31%
Professional Fees & Commission	75	86	52	-13%	46%
Insurance	49	47	31	4%	56%
Others	298	323	292	-8%	2%
Total	1,612	1,538	1,320	5%	22%

Provisions and P&L
--------------------	--

▪ Provisions for Standard Advances includes ~INR 336 Cr against a single telecom

standard exposure

All figures in INR Cr

▪ Incremental Credit Costs on Fresh Slippages & a single telecom exposure significantly offset by bad debt recoveries of INR 577 Cr and provision write backs

	Quarter Ended			Growth
	Q2FY22	Q1FY22	Q2FY21	Q-o-Q	Y-o-Y
Operating Profit	678	733	1,251	-7%	-46%
Provision for Taxation	75	69	43	9%	74%
Provision for Investments	(52)	0	(84)	NM	-37%
Provision for Standard Advances	561	28	1,048	1917%	-46%
Provision for Non Performing Advances	(139)	405	37	NM	NM
Other Provisions	8	23	76	-64%	-89%
Total Provisions	453	525	1,121	-14%	-60%
Net Profit / (Loss)	225	207	129	9%	74%
Return on Assets (annualized)	0.32%	0.30%	0.20%
Return on Equity (annualized)	2.69%	2.49%	1.56%
Earnings per share-basic (non-annualized)	0.09	0.08	0.06

	Balance Sheet
--	---------------	--	--

All figures in INR Cr

▪ Balance Sheet grew 6% Q-o-Q, while continuing to improve

• C/D ratio at 97.8% v/s. 100.2% last quarter
• CASA ratio 29.4% v/s. 27.4% last quarter
• Secular growth across segments led by granular business including customer induced Non SLR investments:
• Gross Retail Disbursements of INR 8,478 Cr
• SME Disbursements¹ of INR 4,576 Cr
• Wholesale Banking Disbursements of INR 3,736 Cr
• New Non SLR Investments – INR 1,678 Cr

	30-Sep-20	30-Jun-21	30-Sep-21	Growth % (Q-o-Q)	Growth % (Y-o-Y)
Assets	249,814	272,527	288,523	6%	15%
Advances	166,923	163,654	172,839	6%	4%
Investments	40,470	46,598	56,167	21%	39%
Liabilities	249,814	272,527	288,523	6%	15%
Shareholders' Funds	36,791	33,378	33,608	1%	-9%
Total Capital Funds	47,044	40,106	40,294	0.5%	-14.3%
Deposits	135,815	163,295	176,672	8.2%	30%
Borrowings	63,378	62,857	63,849	2%	1%

Break up of Advances & Deposits

All figures in INR Cr

• Sustained Granularization of Balance Sheet:
• CASA +Retail TDs at 61.8% v/s 60.5% in Q1FY22
• Average daily CA grew by 54.4% Y-o-Y
• Average daily SA grew by 49.7% Y-o-Y
• ~244K CASA Accounts opened in Q2FY22
• Retail Advances mix at 31.7% v/s. 30.8% in Q1FY21

	30-Sep-20	30-Jun-21	30-Sep-21	QoQ Growth (%)	YoY Growth (%)
Current Account Deposits	14,203	19,140	22,725	19%	60.0%
Savings Bank Deposits	19,510	25,650	29,305	14%	50.2%
CASA	33,713	44,790	52,029	16%	54%
CASA Ratio	24.8%	27.4%	29.4%
Term Deposits (TD)	102,102	118,505	124,642	5%	22%
of which CDs	7,259	3,827	5,031	31%	-31%
Total Deposits	135,815	163,295	176,672	8.2%	30%

47.0% 9.7% 12.5% 30.8% 46.0% 10.0% 12.3% 31.7% Corporate Medium Enterprises SME Retail Advances Book Split Book Size: INR 172,839 Cr Retail Banking Assets

• Secured Business Loans
• Auto Loans
• Commercial Vehicle Loans
• Personal Loans
• Home Loans
• Construction Equipment Loans
• Credit Cards
• Inclusive & Social Banking
• Healthcare Finance Loans
• Rural Banking

▪	Significant improvement across all

All figures in INR Cr

NPA Highlights

segments, acceleration in improvement reflected through

• Gross NPA Ratio at 15.0% vs 15.6% last quarter
• Fresh Slippages lower at INR 1,783 Cr
• Corporate slippages lower at INR 750 Cr vs. INR 1,258 Cr last quarter
• Retail Slippages impacted by Covid Impact; underlying collection efficiency trends have improved
• Upgrades at INR 969 Cr
• Cash Recovery INR 987 Cr
• Principal Recovery INR 357Cr
• Interest Recovery INR 53 Cr
• Recovery from Written Off Accounts – INR 577 Cr

Asset Quality Parameters		31-Mar-21		30-Jun-21	30-Sep-21
Gross NPA (%)		15.41%		15.60%	14.97%
Net NPA (%)		5.88%		5.78%		5.55%
Provision Coverage Ratio1 (%)		78.6%	79.3%			78.9%
		31-Mar-21		30-Jun-21	30-Sep-21
Segmental GNPAs	GNPA	(%)	GNPA	(%)	GNPA	(%)
Retail	1,489	2.9%	1,682	3.3%	1,579	2.8%
SME	784	3.7%	814	3.9%	807	3.7%
Medium Enterprises	391	2.6%	450	2.8%	393	2.2%
Corporate	25,946	26.4%	25,561	27.1%	25,961	26.8%
Total	28,610	15.4%	28,506	15.6%	28,741	15.0%
	30-Jun-21		Movement			30-Sep-21
Movement of NPA	Opening	Additions	Upgrades	Recoveries	Write Offs	Closing
Retail	1,682	888	646	120	225	1,579
SME	814	130	72	55	8	807
Medium Enterprises	450	15	51	21	-	393
Corporate	25,561	750	200	108	42	25,961
Total	28,506	1,783	969	304	276	28,741

Summary of Labelled & Overdue Exposures

All figures in INR Cr

• Overdue Loans in 31-90 days bucket lower by ~INR 6,000 Cr Q-o-Q
• Increase in Gross Restructured Loans largely on account of Covid 2.0 (Largely Retail) & MSME 2.0 during the quarter
• NPI lower ~INR 1,000 Cr Q-o-Q on account of resolution of HFC exposure which was fully provided

	31-Mar-21		30-Jun-21		30-Sep-21
In INR Cr	Gross	Provisions	Gross	Provisions	Gross	Provisions
NPA	28,610	18,796	28,506	19,051	28,741	19,154
Other Non Performing Exposures	10,425	7,196	10,315	7,147	9,246	6,093
NFB of NPA accounts	1,671	382	1,566	338	1,548	332
NPI	6,586	6,067	6,587	6,067	5,540	5,021
ARC	2,168	747	2,163	742	2,157	740
Total Non Performing Exposures	39,034	25,992	38,821	26,198	37,986	25,248
Technical Write-Off		17,208		17,065		16,602
Provision Coverage incl. Technical W/O		76.8%		77.4%		76.7%
Std. Restructured Advances1	1,244	75	4,976	476	6,184	615
Erstwhile	138	7	27	1	28	1
DCCO related	861	43	1,408	70	1,403	70
MSME (Covid)	-	-	192	11	844	79
Covid	246	25	3,348	394	3,908	465
Other Std. exposures 2	1,183	492	994	348	940	329
61-90 days overdue loans	4,661		3,398		1,903
Of which Retail	234		790		361
31-60 days overdue loans	9,042		8,167		3,639
Of which Retail	1,057		1,715		672

1 Already Implemented as of respective date; Erstwhile category represents Standard Restructured accounts and does not include withdrawn categories such as SDR, S4A etc.

2 Where provisioning has been made as per requirement of RBI circular on Prudential Framework for Resolution of Stressed Assets dated June 7, 2019

Corporate Debt Investments

• Total Investments at INR 12,610 Cr
• NPI¹ of INR 5,452 Cr, with a provisioning coverage at ~90%
• Standard performing investments at INR 7,158 Cr vs. INR 5,422 Cr last quarter
• 86% of incremental book in AAA & 14% within AA rated
• TLTRO investments during the quarter at INR 500 Cr ( part of HTM)
• ~INR 722 Cr of capital allotted towards valuation adj. on standard AFS corporate bonds aggregating to ~INR 3,500 Cr

Capital Sufficiency: CET 1 ratio at 11.5%

Bank's Capital Adequacy Ratio¹ 1

CET 1 Ratio comfortable at 11.5%

Recoveries and Operating Profits to sufficiently cover for future slippages and growth

Deferred tax asset of ~INR 6,340 Cr deducted from net-worth for computing CET 1, representing ~280 bps, to further aid Bank's CET 1 over time

RWA to Total Assets 2

1 Includes Profits

Contents

YES BANK Quarterly Update

YES BANK – Franchise

Annexure

YES BANK – Snapshot

• India's 7th Largest Private Sector Bank¹
• Rebuilt the foundation in FY21 while, improving performance across key parameters, despite severe headwinds of Covid-19 & moratorium imposed on the bank; focus shifted to growth & profitability.

Retail Bank: Full spectrum retail bank growing with strong momentum

Pan-India presence via 1,072 branches, 72 BC banking outlets and 1,243 ATMs, CRM's & BNA's

Cater to all customer segments (HNI, affluent, NRIs, mass, rural and inclusive banking) with full product suite

Leadership / significant share in payment and digital businesses (UPI, AEPS, DMT)

Top 200 deposit centers

53% of branches in

~90% of transactions via digital channels

Advanced scorecards and analytics being leveraged across underwriting and engagement

Retail Assets: Fast growing diversified book

1 Retail asset disbursements momentum continues All figures in INR Cr 3,764 7,470 7,530 5,006 8,478 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Highest Ever

2 On the back of purposeful digital investments

Loan in seconds (LIS) platform and front-end automation initiatives (Yes Robot) have resulted in lower TAT along with higher productivity

Diversified retail book¹ 3

4 Strong focus on book quality & collections

▪ High share of secured loans in Retail Assets book - 86% with healthy LTV ratios:

• Avg. LTV for Affordable Home Loan ~69%
• Avg. LTV for LAP ~57%

Preferred financier status with leading Auto OEMs

Dedicated, verticalized structures to focus on individual products & improved governance (e.g. Product head, NSM, Credit Head)

Retail Deposits: Strong growth, improving deposit mix, despite reduction in rates

… along with healthy deposits book growth¹

1 End of period balances

2 Average Ticket Size basis average monthly balances

3 Value of deposits comprises of CASA and Retail TD. Employee count is the total number of YES BANK employees.

3 continuous improvement in CD Ratio and Liquidity

2 4 Growth has come via productivity gains, despite reduction in rates

*Weighted Average SA rate

Rural Assets: Deepen the penetration in emerging rural markets & generate Agri PSL

• 100% book qualifies under granular PSL lending
• Product suite to cater to all segments of semi urban/ rural ecosystem
• Parameterized lending in the granular book for faster disbursements

2 Capturing Rural value chain with geographic diversification 4 Analytics for expansion towards paperless processing

Book Split (value) by segments

• Diversified portfolio across ~230 districts in 15 states
• Rich pedigree of working with credible BC partners

• Grid based framework for MFI lending (Parameters include AUM size, capital adequacy, external rating, delinquency, diversification etc.)

• High quality farmer financing book with NPA < 0.35%

• NPA <2% in the book generated post–COVID (disbursements on or after April 1, 2020; constitute ~80% of total book); inline with the microfinance industry standards.
• Collection efficiency in JLG book improved significantly in Q2; expected to reach the prepandemic levels by December

• On ground portfolio monitoring/ trigger based monitoring by an independent risk monitoring team

• Digital & Analytics to enhance customer experience / reduce TAT

• Digital on-boarding, dedicated LMS for rule based sanctions & disbursements and geo-tagged based monitoring
• Usage of Bureau data up to PIN code level for geographical expansions & periodic portfolio scrub to monitor portfolio health
• Leveraging Fintech/ digitechs for underwriting and risk management

Small & Micro Enterprises: Granular book creation with a solution led approach

▪ Dedicated teams for shaper focus in business originations & portfolio management

Upto 0.5 Cr 0.5-1 Cr 1-2 Cr 2-5 Cr 5-10 Cr >10 Cr

• 100% business originations from internal channels
• Parameterized lending enabling faster credit decisioning

Book Split by Ticket Size

• Reduced concentration risk
• Portfolio secured by collateral in addition to primary security of stock & book debts
• Customer churning and portfolio utilization at pre-covid level - reflecting portfolio strength.

1 Steady momentum in disbursements¹ 3 Strengthening Relationship Management

• One stop solution approach for all needs of entity and promoters
• Comprehensive borrower assessment : Pre-approved retail asset products offering along with business banking limits (Industry first initiative)
• Dedicated Physical RMs for relationship deepening across trade, retail, API banking, etc
• Virtual RMs support to enable customers for engagement, services, enhancements & cross sell

2 High quality & well diversified granular book 4 Digital and Analytics at fulcrum of the franchise

• Digital & Analytics to enhance customer experience / reduce friction
• Analytics driven prospective client identification
• Digital Lending Platform Seamless customer approval experience
• Self-assist digital tools MSME App, Trade-On-Net, FX Online, etc.
• Robust EWS framework early identification of incipient sickness & support frontline in remedial management

1 Includes Limit Setups

Credit Cards: Strong growth in cards base coupled with improvement in spends and book growth

2 Book & Card spends have grown consistently 4 RBI Circular's Impact & YBL Response

1 Strong growth in total cards base 3 Differentiated Product Offering, Focused digital initiatives, Partnerships & Alliances

• Comprehensive suite of 16 Products covering Consumer and Commercial Cards
• Most rewarding Rewards Platform, allowing customers to share & adjust reward points against statement outstanding with Reward Points that never expire
• Best Foreign Currency Markup on select card variants & Hosted on most stable technology platform Vision+ (Fiserv) and Falcon (risk monitoring platform)
• Digitization of value-added offerings through self-service portal to enhance customer experience
• Partnerships with Fintechs and affiliates to bolster distribution outreach

Restrictions imposed on Mastercard to onboard new customers w.e.f. July 22nd 2021

• No Impact on existing Credit Card Customers
• Integration with Visa is completed and Issuance on Visa platform has commenced from September 17, 2021 (within 60 Days)
• No material impact on Business
• Accelerated sourcing in H2, FY 22 to cover the shortfall
• Integration with NPCI/Rupay is underway and is expected to be launched shortly.

Wholesale Banking: Strong growth in transaction banking and granularization of incremental lending book

25

Transaction Banking: Annuity income through Trade and Cash Management

2 … on the back of an industry leading API banking and technology stack

1 Book has seen strong growth in non-credit throughput 3 Strong growth in API led transaction banking throughputs

• Cash Management led throuput has increased by 21% QoQ, of which API Banking volumes grew 31% QoQ and API throuput increased by 25%
• Technology led solutioning in the Ecommerce & Fintech space led to a 18% QoQ growth in value and 48% growth in volumes
• ~96% of our cash management throughput is now from digital modes
• Successfully implemented Fund Accounting Services to augment our custodial proposition to AIF and PMS
• Smart Trade Platform saw an 105% QoQ increase in terms of on-boarded customers given the massive Trade Finance digitization push
• Corporate Export Credit Book grew @ 26% QoQ
• MSME TReDS Book grew @ 96% QoQ while our Corporate Supply Chain book grew 15% QoQ. This cash-flow driven lending book contributed to 23% of the total MSME onboarding done during the quarter
• Bank has been elected to be part of FEDAI Managing Committee for year 2021-2024

Powering India's Digital Payments Infrastructure

Market share is higher with progressive technology platforms 1 ¹

3 Digital presence leading to Mindshare / Customer recollection touchpoints

• YES BANK processes nearly 1 out of every 3 digital transactions which total 5.7 bn monthly
• Leader with more than 1 mn BCs and the 3rd largest player in Micro ATMs after launching them in March 2021 1
• Largest stack of API's for customer solutioning -~4000 API's

2 Continuous Innovation

Digital prepaid card in a keychain

Virtual gift card on YES Online

YES Services portal – just a click to get account statements, repayment schedules, schedule of charges, foreclosure statements, balance confirmation letters, email updation and UDYAM certificate uploaded

Mindshare and Marketshare with constituents enabling India's future ecommerce 4 growth

• Bankers to ~60% of the Unicorns / Soonicorns²
• Successfully launched YES-ARTH" (YES BANK - Accounting, Reconciliation & Transaction HUB), to provide Government entities a Single Window Platform with focus on scheme proceeds proliferation and fund management.
• YES BANK has tied up with 5 out of 8 approved fintech entities as sponsor bank for RBI's cohort on cross border payments

Modern and Scalable digital & analytics stack already creating significant value across the bank

Continued focus on building industry leading solutions

• Industry leader and pioneer of cloudnative API Banking platform - integrated with ~4,000+ ecosystem partners
• Launched Yes Connect a bouquet of standalone and integrated B2B finance solutions with 20+ partners
• Loan in Seconds platform for end-to-end digital loans to bank's retail customers for 4 products (PL, BL, AL, LAS)
• Chatbot with scorecard integration for real time approval of retail loans at solicitation stage
• 99.7% success rate on UPI transactions
• For UPI 2nd Highest transaction volume routed through YES Bank for P2M beneficiary

New age analytics platforms and monetization trajectory

• 15+ high priority analytics use-cases have delivered an incremental value of INR 2,200 Cr in FY 21
• Scalable Hadoop clusters setup for running industrialized use-cases
• Personalization infrastructures enabled with AI/NLP processing over 120 Mn monthly transactions
• Bank has recruited 126 profiles with technology, product, digital or analytics background to strengthen our digital leadership during the quarter

Innovations to drive step change in productivity

• AI/ML driven CRM platform used by 100% of frontline - Yes Genie
• 235+ bots delivering automated workflows, reconciliation and robotization of ~85 processes
• 12+ cross-functional garages instituted to reimagine key journeys at the bank
• Digital platforms for Paperless sourcing and processing of retail loans from channel partners

1 Data as on September 30, 2021

Strong people focus: Stable leadership with focus on up-skilling talent, objective performance management & enabling employee flexibility

Stable & highly experienced leadership team

• Top Management with average vintage of 9 years within the bank combined with new talent from the industry.
• YES Bank has been ranked No. 2 amongst Large-Sized Banks in the Best places to work in India 2021 awards, conducted by AmbitionBox.com.

▪ Dedicated capability building function – Yes School of Banking focusing on role and skill-specific training and certifications – 45,947 training days

▪ During Q2,FY22, the Bank has recruited 126 profiles with technology, product, digital and analytics background to strengthen our digital

Investing in the right skillset & talent

Focus on compliance culture and longterm retention

Employee

welfare

• Hybrid working models under the Bank's Working from Anywhere (WFA) policy have been enabled for employees flexibility and
• Phase wise WFA transition being enabled during current FY
• 92% of our currently onboard employees have been vaccinated (64% employees are fully vaccinated and 28% vaccinated with 1st dose.)

Band	1 Q2FY22	Average Vintage 1
Top Management	68	8.5
Senior Management	262	7.9
Middle Management	3,049	5.1
Junior Management	19,464	2.3
Total	22,843

Net addition of 573 staff in H1FY22¹

▪ To ensure long-term retention of key talent and link employee rewards with the performance of the Bank, ESOPs were awarded selectively to employees.

covered in Q2,FY22.

leadership.

▪ To strengthen the Governance and Compliance culture, goals of the management team cover relevant, standardized and measurable Key Performance Indicators covering Governance and Compliance.

Responsible franchise committed to a purposeful ESG agenda

Key Highlights

First Bank globally to have 732 facilities under its ISO certified 14001:2015 Environmental Management System

First Indian Bank to measure and report financed emissions of its electricity generation loan exposure aiming to align with SBTi 1.5 degree scenario

First Indian Bank to be a Founding Signatory to UNEP FI Principles for Responsible Banking and to sign the Commitment to Climate Action, striving to align its business strategy with the Paris Climate Agreement

Inclusive & Social Banking delivering access to finance to 9.8 lakh women in unbanked areas

Contents

YES BANK Quarterly Update

YES BANK – Franchise

Annexure

Annexure 1: Key changes in Financial reporting to align with the recent RBI Circular dated August 30, 2021

All figures in INR Cr

• Bank has made following key changes in its Financial reporting to align with the RBI Circular dated August 30, 2021, on Master Direction on Financial Statements – Presentation and Disclosures
• Bad Debts Recovery has been classified under provisioning for NPA vis-à-vis Non-Interest Income
• Provision on depreciation on investments has been classified under Non-Interest Income vis-à-vis provision for investments
• PL on Foreign Currency Translation has been classified under other provisions vis-à-vis Non-Interest Income
• Accordingly, the bank has regrouped/ reclassified previous period figures wherever necessary to make the financial disclosures comparable

	Impact of Reclassification
	Q2FY22	Q1FY22	Q2FY21
Non-Interest Income as per earlier classification	778	1,056	707
MTM on Investment previously accounted under Provisions & Contingencies	-	35	(68)
FCTR previously accounted under Provisions & Contingencies	-	26	(29)
Bad debt recovery now accounted under Provisions & Contingencies	-	(249)	(12)
Reclassified Non-Interest Income as reported in Q2FY22	778	869	597

Total Provision & Contingencies as per earlier classification	453	713	1,231
MTM on Investment now accounted under Non-Interest Income	-	35	(68)
FCTR now accounted under Non-Interest Income	-	26	(29)
Bad debt recovery now accounted under Provisions & Contingencies	-	(249)	(12)
Reclassified Provision & Contingencies as reported in Q2FY22	453	526	1,121

FCTR = Foreign Currency Translation Reserve MTM = Mark to Market

Annexure 2: Credit Rating

March 2020 March 18, 2020 June 23, 2020 August 27, 2020 November 9, 2020 March 16, 2020 March 24, 2020 August 3, 2020 September 11, 2020 Senior Rating & Outlook Upgrade: Moody's ICRA Upgrades: Moody's Upgrades ICRA Upgrades ICRA: BBB; Stable Upgrades BASEL III Tier II to BB issuer rating to B3 BASEL III AT 1 to C from D India Ratings: BBB; Stable issuer rating to BASEL II Upper Tier II to BB from D from Caa1 with a BASEL III Tier II to BBB- from BB CRISIL: BBB+;A1 Caa1 from Caa3 BASEL II Lower Tier II to BB+ from D stable outlook BASEL II Tier I to BB+ from D Stable with a positive Infrastructure Bonds to BB+ from D BASEL II Upper Tier II BB+ from D Moody's : B3; Stable outlook Short Term FD/CD Programme to A4+ BASEL II Lower Tier II BBB from BB+ CARE: BBB; Positive from D Infrastructure Bonds to BBB from BB+	INDIA Ratings Outlook-keeps Ratings across all agencies at all time Ratings Watch lows: Evolving (RWE)		ICRA Downgrades Basel II Upper Tier II to D from BB CARE Downgrades Basel II Upper Tier II to D from C Outlook-Credit Watch with Developing Implications	INDIA Ratings Upgrades BASEL III Tier II to BBB- from B+ Infrastructure Bonds to BBB from BB – Long Term Issuer Rating to BBB from BB		CARE Upgrades: BASEL III Tier II to BBB from C BASEL II Tier I to BB+ from D BASEL II Upper Tier II to BB+ from D BASEL II Lower Tier II to BBB from B Infrastructure Bonds to BBB from B Outlook-Stable
						short term;

International Rating	Long-term					Outlook	Short-term
Moody's Investors Service	B3						Stable	Not Prime
Domestic Rating	Long-term					Outlook	Short-term
	Basel III		Basel II			Infra Bonds
	AT I	Tier II	T I	UT II	LT II
CRISIL		BBB+				BBB+	Stable	A1
ICRA	C	BBB-	BB+	BB+	BBB	BBB	Stable
India Ratings		BBB-				BBB	Stable
CARE		BBB		BB+	BBB	BBB	Positive

Annexure 3: Strong Investor base

Well diversified Investor base:

Category	% O/S
Financial Institutions	38.3%
Individuals	35.3%
FII's	7.9%
Body Corporates	7.5%
Insurance Companies	1.1%
Others	10.0%
TOTAL	100.0%

Shareholding Pattern as on September 30, 2021

1 LIC along with its various schemes

Annexure 4: Robust Governance Structure

Prashant Kumar

Managing Director & CEO

Rama Subramaniam

Additional Director (appointed by RBI)

Ananth Narayan Gopalakrishnan

Additional Director (appointed by RBI)

Mahesh Krishnamurti

Non-Executive Director

V. S. Radhakrishnan

Non-Executive Director (SBI Nominee)

Rekha Murthy

Non-Executive Director

Ravindra Pandey

Non-Executive Director (SBI Nominee)

Atul Bheda

Non-Executive Director

Atul Malik

Non-Executive Director

¹ Reports directly to the Risk Management Committee of the Board

² Reports directly to the Audit Committee of the Board

³ Reports directly to the Chairman of Board

Thank You

Disclaimer:

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements", including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company's business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation can not be copied and/or disseminated in any manner.