Yes Bank Ltd Share Price – NSE  /  BSE

Banks, Mid Cap

The Board of Yes Bank has approved the appointment of Tushar Patankar as Chief Risk Officer (CRO) of the Bank for the period of 3 (three) years, effective from 01 December 2023.

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Tushar is a qualified Chartered Accountant and comes with close to 3 decades of diversified experience in risk & front end business expansion across Retail (Urban & Rural products), Micro Finance, Corporate (Conglomerates, MNC’s & Large Indian firms), Institutional, Infrastructure, Real Estate, SME, Market Risk and growth management roles in leading Foreign Banks, Private Banks and NBFC’s. He has joined the Bank effective from 20 November 2023 as senior management personnel of the bank.

Tushar was associated with companies like ANZ, HSBC, ABN AMRO, IDFC First Bank, Bajaj Finance and Mashreq Bank. He comes to us from L&T Financial Services where he was the group chief risk officer managing retail, microfinance, corporate, infrastructure, real estate, and mutual fund with a geography spread of 1800 locations.

In his new role as CRO for the bank, Tushar will be responsible for Market & Enterprise Risk, Credit Policy, Operational risk management (ORM), Legal Risk Management, Information Security, RICU & AML, and all other Pillar II risks of the Bank.

Yes Bank is a full-service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients.

The private lender's standalone net profit jumped 47.37% to Rs 225.21 crore on 24.76% increase in total income to Rs 7,920.68 crore in Q2 FY24 over Q2 FY23.

Shares of the yes bank declined 3.41% to Rs 20.11 on the BSE.

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Yes Bank has on 27 October 2023 acquired additional shares in JC Flowers ARC taking its stake to 9.9%.

On 28 November 2022, the Bank had acquired 9.9% of the equity share capital of JC Flowers ARC. Basis certain Corporate Actions in JC Flowers ARC, Bank's stake had reduced to 5.01% from 9.9%.

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Profit before tax in Q2 FY24 stood at Rs 300.95 crore, up 44.97% from Rs 207.59 crore reported in the corresponding quarter previous year.

Net interest income (NII) stood at Rs 1,925 crore for Q2FY24, registering a de-growth of 3.3% year on year (YoY). Net interest margin (NIM) for Q2 FY24 was at 2.3% down nearly 30 bps as compared to 2.6% reported in Q2 FY23.

The private bank's operating profit before provisions & contingencies increased by 1.38% YoY to Rs 801.33 crore in the quarter ended 30 September 2023.

The bank's operating expenses in the second quarter of FY24 came in at Rs 2,333.74 crore, registering a growth of 12.46% YoY.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 4,319.03 crore as on 30 June September 2023 as against Rs 27,419.11 crore as on 30 September 2022.

The gross NPA ratio slipped to 2% as on 30 September 2023 as compared to 12.9% as on 30 September 2022. The net NPA ratio reduced to 0.9% as on 30 September 2023 as against 3.6% as on 30 September 2022.Gross slippages stood at Rs 1,199 crore in the quarter ended 30 September 2023, up 33.82% from Rs 896 crore reported in the same period last year.

Net advances were at Rs 209,106 crore as on 30 September 2023, up 8.7% YoY. Total deposits stood at Rs 234,360 crore as on 30 September 2023, recording a growth of 18.3% YoY. CASA ratio stood to 29.4% as on 30 September 2023 as compared to 31% posted in the same period a year ago.

Average Liquidity coverage ratio (LCR) during the quarter remains healthy at 120.9%; LCR as on September 30, 2023 at 117.1%.

Yes Bank said that Resolution Momentum continues to be strong with Recoveries & Upgrades for Q2 FY24 at Rs 1,352 crore.

Prashant Kumar, managing director & CEO, Yes Bank said, “Amidst a challenging environment with respect to interest rates, deposit growth slowdown, as well as tightening liquidity, the Bank has managed to deliver Yo-Y expansion in both operating profitability and net profitability. At the same time, the fortification of Balance Sheet from Asset Quality standpoint continues, supported by robust redemptions from the Security Receipts.

During the quarter included the launch of our next gen mobile banking app 'iris by YES BANK', setup of a dedicated Strategy & Transformation Office; and further strengthening of our Management Team through two key senior level appointments - Head of Wholesale Banking and Head of Strategy & Transformation.”

Yes Bank is a full-service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients.

Shares of Yes Bank gained 1.23% to close at Rs 17.28 on Friday, 20 October 2023.

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