Yes Bank ratings upgraded on improved financial performance

ICRA has upgraded Yes Bank's Infrastructure Bonds and Basel III Tier II Bonds to [ICRA]AA- (Stable) from [ICRA]A (Positive). The upgrade reflects steady increase in scale of operations, improving loan book mix, and continued decline in stressed assets.

The bank's profitability has improved, supported by steady recoveries from security receipts. Yes Bank's Tier I capital stood at 13.5% as of March 31, 2025, with advances growing to INR 2.46 lakh crore.

However, the Basel III Tier I Bonds rating was reaffirmed at [ICRA]D.