“Maintained a 'Reduce' call on Yes Bank shares with a target price of ₹22, implying a nearly 7% downside. The Q1 profit missed estimates by 6% due to higher provisions and staff costs, despite strong credit growth. Core profitability remains weak and valuations are ahead of fundamentals. Key monitorables include the AT1 bond issue judgment and potential SMFG stake increase.”

Nuvama Analysis’s track record: 4 graded calls · 95% CI 15–85%