Yes Bank Ltd (BSE: 532648, NSE: YESBANK) — Business Report / Investor Feed

Business & Distribution Evaluation — Yes Bank Ltd (BSE: 532648)

1. Business Identity

Yes Bank is a full-service commercial bank headquartered in Mumbai (YES BANK House, Off Western Express Highway, Santacruz (E), Mumbai–400055; CIN: L65190MH2003PLC143249), providing a complete range of products, services, and technology-driven digital offerings catering to Retail, MSME, Corporate & Institutional clients [4][10][64]. The Bank operates its brokerage business through YES SECURITIES (India) Limited (YSIL), a subsidiary (99.28% post-Feb 2025 rights issue) — a SEBI-registered stockbroker with memberships of NSE, BSE, MCX & NCDEX, also registered as Investment Adviser, Research Analyst, and Depository Participant with CDSL & NSDL [18][29][84]. Investment Banking and Merchant Banking businesses were transferred from YSIL to the Bank effective January 1, 2024 [62]. The Bank has a pan-India presence including an International Banking Unit (IBU) at GIFT City, Gujarat — the first bank to commence operations at IFSC — and a Representative Office in Abu Dhabi [4][64][68].

• Sector classification: Private Sector Commercial Bank; 6th largest private bank in India by total assets [Mar'25] [10][40][103]
• Year of incorporation / licensing: Founded/Licensed in 2003; commenced operations in 2004 [10][97]
• Promoter group: The Bank has no promoter/promoter group as on date [11][62]. Key institutional shareholders: Sumitomo Mitsui Banking Corporation (SMBC) acquired ~20% stake (24.2% proposed, pending regulatory approval as of Jul 2025) — the largest cross-border investment in an Indian private sector bank; SBI as a major shareholder; Advent/Carlyle as marquee PE investors [64][103]. SMBC will acquire 13.19% from SBI and 6.81% from seven other banks [103].
• Regulatory segments: Treasury, Corporate Banking, Retail Banking (including Digital Banking sub-segment per RBI circular), and Other Banking Operations [1][95][119]
• Geographic concentration: Business largely concentrated in India; GIFT City IBU revenue below disclosure threshold — no separate geographic segments reported [119]. The Bank operates across 28 States and 3 Union Territories [56].
• Employee count trajectory: 22,843 [Q2 FY22] → 23,335 [Q3 FY22] → 27,517 permanent [FY23] → 28,000+ [Jun 2024] → 29,000+ [Nov 2024] [51][60][56][40]; ~21% women participation with target of 25% gender diversity [56]
• Consolidated subsidiary: YSIL — total assets ₹127,185 Lakhs; revenue ₹34,169 Lakhs; PAT ₹4,074 Lakhs [FY25] [131]

2. Revenue Architecture

Revenue model type: Interest-spread (Net Interest Income) + fee/commission income (Non-Interest Income) — standard universal banking model. Consolidated turnover of ₹37,076 Crs [FY25] [20]. NIC Code 64191 — Monetary intermediation of commercial banks [81].

Segment Revenue — Multi-Year Trend (₹ in Lakhs) (S)

Sources: [6][15][30][72][66][39] ‡FY23 post inter-segment [66]

Retail Banking's share of segment revenue rose from ~25.2% [FY21] to ~41.1% [FY25], while Corporate Banking declined from 53.4% to ~33.4% — reflecting a deliberate franchise rebuild towards granularity and reduced concentration risk.

Additional quarterly granularity for 9M FY24 [114]:

Source: [114]

Revenue mix evolution: Retail Banking's share of segment revenue rose from ~25.2% [FY21] → ~32.8% [FY22] → ~39.1% [FY23] → ~41.1% [FY25], while Corporate Banking declined from 53.4% [FY21] → ~34.8% [FY23] → ~33.4% [FY25] — reflecting deliberate franchise rebuilding towards granularity [6][30][39].

Segmental Results — Profit Before Tax (₹ in Lakhs)

Sources: [6][72][66][82][27][39]

Key insight — Retail breakeven achieved [Q3 FY26]: Management confirmed: "I'm really happy to report that this quarter, our Retail businesses have breakeven" [67]. This follows persistent segment-level losses (₹–2,140 Cr in FY25; ₹–972 Cr in FY24) as the bank invested heavily in branches, people, and infrastructure [39]. Management clarified that the regulatory segmental definition differs from internal segmentation — certain revenue items are mapped to "Other Income" rather than Retail in regulatory reporting [75].

Interest Income Breakdown [FY25] (₹ in Lakhs)

Source: [131]

DuPont Ratios — Profitability Trajectory

Source: [26]

Profitability improvement is being driven by two reinforcing trends: non-interest income expansion (1.1% → 1.6% of avg. assets) and provision normalization (0.7% → 0.3%), while opex/assets held steady at 2.5% — indicating operating leverage is yet to fully materialize as a third earnings driver.

Key trajectory: Operating profit/assets improved from 0.9% [FY23–FY24] to 1.0% [FY25] to 1.2% [H1 FY26], driven by non-interest income expansion (1.1% → 1.6%) while opex/assets held steady at 2.5%. Provisions/assets halved from 0.7% to 0.3% [26]. Q3 FY26 PPOP (adjusted for gratuity): ₹1,389 Crs, up 28.7% Y-o-Y and 7.1% Q-o-Q [71].

ROA targets: 1% ROA for FY27 (full year); 1.5% in the mid-term [67].

P&L Metrics — NII and Profitability Trend

Sources: [48][9][43][64][90][80][103][107]

FY25 full year: Net Profit of ₹2,406 Crs, up 92.3% Y-o-Y — the highest since March 2020 [70][90].

Q3 FY26: Net Profit of ₹952 Crs, up 55% Y-o-Y and 45% Q-o-Q; annualized RoA improved to 0.9%; 9M FY26 RoA at 0.8% vs 0.5% for 9M FY25 [16].

Q1 FY26 capital: CET1 improved to 14.0%; CRAR at 16.2% [100]. Moody's upgraded long-term ratings to Ba2 (stable); ICRA and CARE upgraded Tier 2 bonds to AA- (stable) [100].

Cost of Funds trajectory: 6.1% [Q3 FY21] → 5.1% [Q3 FY22] → 5.5% [FY23] → 6.2% [Q1 FY24] → 5.9% [Q3 FY26] [48][83][3].

Non-Interest Income — Granular Breakdown

Core Fees [Q1 FY26] (₹ Crs) [86]:

Historical Non-Interest Income evolution (₹ Crs):

Sources: [117][105]

Retail Banking Fees grew from ₹1,249 Cr [FY21] → ₹1,806 Cr [FY22] (+45% Y-o-Y), driven by Interchange (+56%), General Banking (+63%), and Third Party Sales (+38%) [117].

Operating Expense Breakdown (₹ Crs)

Sources: [47][105]

Q1 FY25 cost optimization: Normalizing for PSLC cost of ₹63 Crs, Y-o-Y opex growth contained at 8.0% vs 15.0% Y-o-Y core income growth [77].

YSIL Subsidiary Revenue Trend (₹ Crs)

Source: [21][29][84]. CAGR ~31%.

3. Product & Service Portfolio

Retail Banking Products

Retail strategic shift [Q3 FY26]: Management explicitly stated the Bank has "strategically chosen not to pursue aggressive growth in…Home Loans and new Car Loans" and has "deliberately deprioritized" Gold Loans, as these products do not generate attractive risk-adjusted returns given the Bank's cost of funds position [108]. Excluding these three segments, retail growth momentum has been strengthening over the past two quarters [108].

The deliberate deprioritization of Home Loans, new Car Loans, and Gold Loans — despite these being high-growth industry segments — signals that Yes Bank is optimizing for ROA accretion over balance sheet growth, a rational trade-off given its still-elevated cost of funds vs larger peers.

Credit Card growth trajectory: ~1.4M [FY23] → ~2.23M [Q1 FY25] → ~2.32M [Q2 FY25] → ~2.46M [Q3 FY25]; best-ever >2 lakh new cards in Q3 FY26 [55][130][61]. Digital acquisition: 49% [Q3 FY22] → 90% [Q1 FY24] → 98% [Q2 FY25] → 98–99% [Q3 FY26] [102][130][63]. Internal channels contribute 57% [Q2 FY25] → 53% [Q3 FY25] of card acquisition [130][41]. Co-branded cards including 'PaisaSave' with Paisabazaar launched [Q2 FY25] [130].

Rural banking trajectory: ₹4,836 Cr [FY23] → ₹5,936 Cr [Q1 FY25] → ₹6,974 Cr [Q2 FY25] → ₹8,247 Cr [Q2 FY26] [31][130][23]. Farmer NPA: <0.5% [Q3 FY22] → 1.7% [Q2 FY25] → ~2.9% [Q2 FY26] → ~3.1% [Q3 FY26] [49][130][34]. All new MFI business since Jan 2025 covered under CGFMU government guarantee scheme [34].

Wholesale Banking Products

• Working Capital Finance, Supply Chain Finance, Capex Finance, Project Finance, FX and Derivatives [55][111]
• Non-fund facilities: Letters of Credit, Bank Guarantees — ₹40K Cr [Q1 FY23] → ~₹43K Cr [FY23] → ~₹45K Cr [FY24] → ~₹47K Cr [Q1 FY24]; up 12% Y-o-Y [124][120][102]
• Debt Capital Markets: 50+ first-time issuers; Gsec/SDLs/IRS/Vanilla Bonds/CP, Securitisation, High Yield Credits, InvITs & Project Bonds [33][122]
• Bullion: 2nd largest bank in India → amongst top 2–3; India Silver Conference Excellence Awardee 2024; ~22% market share in Bullion within banking industry [122][118]
• Transaction Banking: 96% of Corporate CASA embedded with Digital & TB products [Nov 2024]; CMS throughput CAGR of 42–47.5% (Q4 FY22–Q3 FY26) [58][73][128]
• Structured Finance: Sectoral expertise across Energy, Ports & Logistics, Transport, Real Estate [68][123]
• Custody & Fund Accounting: 4.3X growth in AuC Y-o-Y [58]
• Treasury: Retail contributes 45% [FY23] → 50% [FY25] of overall treasury income [120][78]
• Supply Chain & TreDs: Book increased 31% Y-o-Y [Q1 FY24] [118]

Digital & Platform Products

Digital service journeys growth: 96 [Q1 FY25] → 250+ [Q1 FY26] → 276 [H1 FY26] → 349 [Q3 FY26] unique journeys across IRIS, YES Online, YES Robot, WhatsApp Banking [129][52][73].

Digital payments leadership [Mar'25]: UPI #1 Payee PSP (~57% market share), #2 Payer PSP (~32%+); AePS #1; NEFT #2 (24%); NACH #2 (16%); 98% credit cards sourced digitally [63][85][76].

Digital initiatives ecosystem: Participating in Account Aggregator, OCEN, ONDC, CBDC, ULIP, Regulatory Sandbox — first CBDC pilot at Reliance Retail; first bank to partner with GOI on ULIP [113][128].

4. Value Chain Position

Position: Full-service universal bank — credit intermediation between depositors and borrowers, payment processing, treasury operations, and fee-based advisory/distribution services. The Bank has navigated a remarkable transformation: strong growth through FY18 (RoA 1.6%, GNPA 1.3%, Rating AA+) → extreme stress/moratorium in Mar'20 (GNPA 16.8%, RoA –7.1%, Rating D) → recovery phase with GNPA 1.5%, RoA 0.9%, Rating AA- [Q3 FY26] [42][127][64].

Post-moratorium recovery [FY20–FY25]: Moratorium imposed March 5, 2020 and removed March 18, 2020; received ₹10,000 Cr equity from SBI and domestic FIs; FPO of ₹15,000 Cr in July 2020; Carlyle/Advent ₹8,900 Cr in FY22–24; cumulative raised ~₹24,000 Cr; >₹7,500 Crs cash recovered from ARC [89][67][103].

Direction of integration: Both forward (direct retail distribution via branches, digital apps, credit cards) and backward (IB/MB brought in-house from YSIL [Jan 2024]; 9.9% stake in JC Flowers ARC [Oct 2023]; GIFT City IBU for FCY resource raising) [62][68].

Advances Mix Evolution — New Segmentation [Q1 FY26 onwards]

Segmentation restructured in Q1 FY26 [79]: Micro Enterprise Banking moved from SME to Retail; SME + ELC combined into "Commercial Banking"; Large Corporate renamed "Corporate & Institutional Banking."

Source: [98]. MSME advances contributing 29.3% [Q3 FY26].

Advances mix [Q3 FY26]: Retail ~47%, Commercial ~26%, CIB ~27% [108]. Management: "We continue to see sustained strong traction in SME and Mid-corporate. Within Retail and CIB segments, we continue to remain selective" [71].

Retail + SME share trajectory: 26.6% [FY18] → 36.3% [FY20] → 49% [FY22] → 59% [FY23] → 59% [FY25] → 75% from Retail+SME+Mid-Corp [Jun'24] [42][121][127].

Deposit Franchise Evolution (₹ Crs)

Sources: [42][12][76][109][98]

Deposit concentration improving: Top 20 depositors: 17.5% [FY21] → 14.2% [FY22] → 12.0% [FY23] → 11.5% [FY24] → 10% [FY25] [5][87][76]. CRISIL confirmed: "Depositor concentration is reducing" and ability to build retail liabilities franchise is a "critical rating sensitivity factor" [121].

Retail deposits as % of total: 48% [FY22] → 43.7% retail SA+RTD [Jun'24] → ~59% [FY25] [76][121].

Borrowings reduction trajectory: 44.1% of total liabilities [FY20] → 24.0% [FY18] → 22.7% [FY22] → 21.8% [FY23] → 19.7% [FY24] → 18.7% [Nov'24] → 16.9% [FY25] [42][127][91].

Provisional Business Data Trend (₹ Crs)

Sources: [125][115][109][98]

5. Distribution Architecture

Branch Network & Physical Channels

Sources: [14][104][94][103][3][87]

Note: ICRA [Jul 2025] cited 1,255 branches as at March 31, 2025 [103], whereas investor presentations cite 1,295 [89] — discrepancy likely due to inclusion/exclusion of BC Business Outlets (BCBOs) or Digital Banking Units (DBUs).

Branch expansion plan: Target of 80 new branches for FY26; 76 of 80 achieved by 9M FY26 [64][19]. Since Jan 2023, ~140 new branches added in CASA-rich clusters [17]. Branches normally take 18–24 months to break even, but newly opened branches "have already started contributing" ahead of schedule [32].

Branch banking deposit outperformance — sustained across periods:

Sources: [44][129][92]

Q3 FY26 branch banking: Deposits growth at 9.1% Y-o-Y vs 5.5% overall YBL; CASA growth at 9.5% Y-o-Y [92]. Q1 FY26: Branch Banking deposits +20.0% Y-o-Y vs YBL total +4.1%; Branch CASA +26.5% Y-o-Y vs YBL +10.8% [129].

Channel mix shift — internal sourcing: Branch-internal sourcing of retail asset disbursements: ~23% [Q1 FY24] → ~37–38% (total internal) [Q1 FY24] → ~43% [Q3 FY24] → ~52% [Q3 FY26] [112][3][88]. Management: "as we are building scale, there will be a shift of the acquisition onto our internal channels...cost of acquisition comes down quite meaningfully" [13].

Channel types:

• Branch Banking: 28 States + 3 UTs; 150 BCBO outlets [56][94]
• Contact Centres; Smart IVR for self-service [2]
• ATM network (1,316 ATMs; interoperable cardless UPI cash withdrawal) [10]
• Digital Banking Units (DBUs) — including Naharlagun, Arunachal Pradesh [83]
• Business Correspondent partnerships — more than 1.3 million BCs; 3rd largest player in Micro ATMs [83]; 0.85 mn BCs [FY23] → 1.3 mn+ [FY25] [132][83]
• DSA (Direct Selling Agent) channel — ~60% of retail sourcing [Q1 FY24] → declining to ~48% [Q3 FY26] as internal sourcing grows [112][3]
• Fintech partnerships (PayTM, Groww, Amazon Pay, Muthoot Finance, EBANX, Spice Money, Pay Nearby) [59][85][93]
• Connected Banking platform: leads growing 156% Y-o-Y [54]

Wholesale Banking RM Network — Evolution

Sources: [124][102][24][116][22]

Government Banking: Agency Bank for tax collection (82% growth in total tax payments Y-o-Y [Q3 FY26]); empaneled with majority Maharatna, Navratna & Miniratna PSUs; first mover in Smart Cities, Defense, Ports [35][110][133]. Presence in 37 cities with branch-led sourcing at all YBL branches pan-India [133][106].

Government banking customer segments: Central Ministries, State Governments, Local Governments (ULBs, Districts, Panchayats), CPSUs, State Development Authorities, SERW, AIFs/InvITs, Special/Multilateral projects [106][133].

Corporate client geographic presence: 9 major locations — Delhi, Kolkata, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, Coimbatore, Ahmedabad [111][102]. Additional locations for Mid-Corp/Commercial: 61–62 cities [116][99].

Digital Distribution — Market Share Evolution

Sources: [60][118][37][128][8][85]

Yes Bank's #1 UPI payee PSP position (~57% share) and dominance across AePS, NEFT, and NACH — processing ~1 in 3 digital transactions in India — creates a distribution moat that is disproportionate to its branch footprint and balance sheet size, and increasingly converts into liability and cross-sell opportunities.

Digital scale: ~90% of transactions through digital channels; processes ~1 in 3 digital transactions in India [76][97]. NACH CAGR 74% (Q4FY22–Q2FY26); CMS Throughput CAGR 47.5% (Q4FY22–Q2FY26) [128].

Digital adoption metrics [Q1 FY26]:

• ~96% individual SA accounts opened digitally; ~72% instantly activated [129]
• ~92% eligible CA accounts opened digitally; ~62% activated within 4 hours [129]
• 250+ unique service journeys: 188 on IRIS, 217 on YES Online, 99 on YES Robot, 72 on WhatsApp Banking [129]

Historical digital onboarding progression: SA digital opening: 93% [Q1 FY24] → 96% [Q1 FY25] → 97% [H1 FY26]; CA digital: 90% [Q1 FY24] → 91% [H1 FY26] → 92% [Q1 FY26] [101][52][129].

Deposits by Channel [Q3 FY26]

Source: [98]

Share of branch-led deposits: ~48% [FY22] → ~50% [Jun'22] → ~52% [Q3 FY24] → ~54% [Q1 FY25] → ~58% [Q2 FY26] → ~59.4% [Q3 FY26] [87][88][98].

Rural & Inclusive Banking Network

Sources: [49][31][130][23][74]

Channel Economics

Sources: [48][3][83][26][92][71]

RIDF rundown — strategic lever: Since FY24, 100% PSL compliance across all sub-categories, ensuring zero incremental RIDF burden. As low-yielding RIDF assets mature, higher-cost borrowings are retired and redeployed into higher-yielding advances [71][92].

Distribution Moat Assessment

6. Customer Profile

Customer Segments [Q1 FY26 structure]

Sachetised TB solutioning: Curated by 10 client segments: Large Corp B2C / FinTech & Exchange Houses / Large Corp B2B / Co-op & SFBs / Insurance/MFs/Broking / Govt Schemes, and more [69][128].

MNC segment: Preferred local country bank for marquee MNCs; comprehensive proposition including Supply Chain Finance, Tax Payments, Staff Salary Accounts, FDI inflows, FEMA advisory; sector alignment across IT/ITES, Ecom, Manufacturing, FMCG, Fintech, Auto, Consumer Durables [106][126][133].

Customer Base Growth & Concentration

Relationship Depth & Cross-Sell

• Transaction Banking embedment: 95% Corporate CASA embedded [Q1 FY24] → 96% [Nov 2024]; 2+ PPI covers 82% CA → 80% CA (expanding base), 97% → 91% Trade, 95% → 90% Fund Book [118][58]
• Credit cards cross-sell: 85% [Q2 FY25] → 89% [Q3 FY25] of unique CC customers active on IRIS app [130][7]
• Startup ecosystem: Banker to ~60% of Unicorns/Soonicorns; 62 of Top 100 Fintechs [55]
• Corporate client service: 90% of Corporate CASA clients covered by dedicated service team; 93% FTR, 92% TAT adherence; ~100,000 queries addressed [FY23]; ~12 million queries managed by YES Robot and WhatsApp Banking [118]
• Large corporate onboarding: 20 [Q1 FY23] → 25 [Q1 FY23 LC] → 130 [FY23] → 24 [Q1 FY24]; new credit limits of ₹12,000 Crs sanctioned [Q1 FY24]; 950+ corporates serviced [124][120][102]
• SMBC referrals: Proposed ₹80 Cr referral arrangements as part of ₹25,200 Cr RPT framework [FY27] [20]
• Cross-border remittances: Market leading position totaling $100 bn; ~5.8% market share in LRS; ~11% share in RDA [124][128]

Acquisition Model

Banking Sector-Specific Metrics

Key Financial Metrics — Historical Journey

Sources: [42][127][107][103][80][90][38][16][100][109]

Q1 FY26 asset quality: GNPA 1.6%; NNPA 0.3%; Moody's upgraded baseline credit assessment to BA3 from B1 [100].

Credit Ratings Trajectory

Sources: [64][100][103]

The Bank is now rated AA- by CRISIL and India Ratings — a remarkable improvement from the "D" rating during moratorium [FY20] [42][64].

FY23 Strategic Scorecard

Competitive Distribution Comparison

Balance Sheet Structure — Yes Bank vs Peers (as % of Assets)

Source: [91]. Mid-Sized: IndusInd, RBL, IDFC First, Federal; Large: Kotak, Axis, ICICI, HDFC.

Operating Metrics Comparison

Sources: [26][91][64][103][97]

The ~200 bps NII/Assets gap vs peers (2.2% vs 3.9–4.3%) remains the single largest structural drag on profitability, rooted in higher cost of deposits and lower SA share. However, the RIDF rundown (6.9% → target <5%) and improving deposit mix provide a visible, multi-year glide path toward narrowing this gap without requiring aggressive risk-taking.

Key competitive gaps:

• NII/Assets gap of ~200 bps vs peers — driven by higher cost of deposits, lower SA share, and PSL-related drag; RIDF at 6.9% of assets is a ~35 bps NII drag [53][71]
• SA share at ~12.8% vs ~18% peers — being addressed through CASA-rich cluster branch expansion; avg daily SA growing 16.3% Y-o-Y [Q3 FY26] [98]
• Branch scale at 1,255–1,328 is a fraction of large private banks [3][103]
• Borrowings dependency at 16.9% remains ~2x mid-sized peer average (9.1%), though down from 44.1% [FY20] [91]
• Cost-to-Income at 67.1% improved from 73% but elevated vs large bank peers at 40–50% [36]
• Non-deposit funding at 23.2% still higher than larger private banking peers [Jun'24] [121]

Competitive advantages:

• Digital payments dominance: #1 UPI/AePS, #2 NEFT/NACH — ~57% UPI payee share [Mar'25]; ~90% digital transaction share; unmatched among banks of comparable size [76][63]
• Fintech/startup ecosystem moat: 60% of Unicorns, 62 of Top 100 Fintechs; 1,500+ API stack; deep embedment including escrow/settlement for E-commerce Marketplaces, Payment Aggregators, Non-Bank PPIs, Digital Lenders [54][133]
• 1.3 million+ BC network: Massive rural/semi-urban reach compensating for limited branches [83]
• SMBC strategic partnership: Largest cross-border investment in Indian private bank [64][103]
• Accelerating profitability trajectory: RoA from –7.1% [FY20] → 0.21% [FY23] → 0.58% [FY25] → 0.9% [Q3 FY26]; targeting 1.0% FY27 and 1.5% mid-term [67]
• Accelerating granularity: CASA+Retail TDs from 59% → 66.2%; Top 20 depositor share from 17.5% → 10%; branch-led sourcing from 23% → 52% [76][98][112]
• CIB differentiation despite CoF disadvantage: Comprehensive product suite including differentiated API, Transaction Banking, Financial Markets, and advisory services enables traction even against government and larger private bank peers [108]

Data Gaps

1. Employee count post-Nov 2024 — last disclosed at 29,000+ [40]; no Q3 FY26 or FY25 exact figure
2. Geographic tier-wise branch split (metro/urban/semi-urban/rural) — not available in any filing; ICRA's Mar'25 figure of 1,255 branches differs from investor presentation's 1,295 [103][89]
3. Exact channel-wise revenue/profitability split — only directional data on internal vs DSA sourcing percentages; DSA cost was ₹226 Cr in Q1 FY23 [105] but no recent disclosure
4. Co-lending / DA portfolio volumes — mentioned as strategy [111] but specific cumulative volumes not disclosed
5. Competitor-specific distribution metrics — peer comparison limited to aggregate averages [91]; no bank-by-bank granularity
6. Total active customer count — "annually adding >1.3 million customers" [25] but total active base not disclosed
7. AePS market share variability — Q1 FY25 shows 36.2% [37] vs 25.7% [Q3 FY26] [8]; suggests possible partner/outlet churn
8. Farmer NPA sustained deterioration — from <0.5% [Q3 FY22] to 3.1% [Q3 FY26]; alongside YES LEAP decline from 9.8 lakh to 6.56 lakh active women customers [49][45]
9. FY24 full-year segment revenue breakdown — only partial data available from quarterly filings [114]
10. Retail segment PBT post-breakeven — Q3 FY26 breakeven claimed [67] but no quantified segment PBT for Q3 FY26 standalone yet disclosed
11. Digital Banking Products fee decline — Q1 FY26 showed –58.4% Y-o-Y [86]; underlying run-rate unclear
12. Loan-to-Deposit ratio management: Management targeted LDR below 90% by end FY24 [112]; currently at ~84–88% range — achieved but trending upward in recent quarters