** Shares of Yes Bank YESB.NS down about 2% to 23.17 rupees--lowest since June 12

** Co, on July 18, reported 34% jump in Q1 profit to 10.7 billion rupees ($110.93 million)

** Net interest margin sequentially flat at 2.7%, Q1 return on assets at 0.9% vs 0.8% year ago

** Citi notes bank's return on assets nearing 1% is "encouraging", but what is critical is to sustain and expand core RoA--stripping out security receipts (SR) tailwinds

** Lower SR recoveries pushed normalised credit costs above 0.5% - brokerage

** Citi adds that retail slippages, or new loans turning non-performing, increased across both secured and unsecured products

** Brokerage maintains "Sell" rating; TP raised to 22 rupees from 19.50 rupees

** YTD, stock up 7.4%

($1 = 96.4550 Indian rupees)