Yes Bank (YESBANK) Q4 04/05 earnings summary

Executive summary

• First reporting period ran from Nov. 21, 2003 to Mar. 31, 2005; banking operations commenced in Aug. 2004. Net loss was Rs. 37,587 thousand.

• Auditors gave a true-and-fair-view opinion on the financial statements and reported compliance with applicable accounting standards and RBI guidelines.

Financial highlights

• Total income was Rs. 481,469 thousand: interest earned Rs. 299,787 thousand and other income Rs. 181,682 thousand.

• Interest expense was Rs. 118,489 thousand, operating expenses Rs. 399,427 thousand and provisions and contingencies Rs. 1,140 thousand; net loss was Rs. 37,587 thousand.

• Loss before tax was Rs. 55,764 thousand; basic and diluted EPS was negative Rs. 0.24.

Outlook and guidance

• Business strategy emphasized responsible banking, sustainable finance and services, with opportunities identified in renewable energy, sustainable water management, waste management and urban and rural regeneration.

• Proposed IREED fund, targeted at USD 30 million, was intended for equity and quasi-equity investments in renewable energy projects and equipment makers in India; strategic advisory and financing opportunities were anticipated.