YES Bank net profit falls 7% to Rs 1,002 crore; Ravneet Gill named MD & CEO

YES Bank on Thursday reported a 6.9 per cent YoY fall in its net profit at Rs 1,001.85 crore for third quarter (October-December) of FY19. It had posted PAT of Rs 1,076.87 crore in the year-ago period. Sequentially, the figures grew 3.9 per cent. 

The bank also announced Ravneet Gill as the MD and CEO w.e.f from March 1, 2019. Currently, Ravneet Gill is the CEO of Deutsche Bank India. The bank said its board will convene on January 29, 2019 to finalise the interim transition.

Total deposits grew 29.7 per cent YoY to Rs 222,758 crores. 

GNPA (Gross non performing assets) improved sequentially to 1.32 per cent from 1.60 per cent last quarter, NNPA improved to 0.59 per cent from 0.84 per cent last quarter and PCR improved to 55.6 per cent from 47.8 per cent, it said in its press release. 

Exposure to Il&FS group stood at Rs 2,530 crore. NII grew 41.2 per cent YoY to Rs 2,666.4 crore; sequentially it grew at 10.3 per cent; NIMs (net interest margins) were stable at 3.3 per cent, the company said. 

“YES Bank has once again delivered satisfactory performance across income growth, margins, profitability and Capital accretion, despite the recognition and provision impact from a stressed Infrastructure conglomerate. Retail Assets growth momentum continues, while growth in corporate business segments has been rebalanced after witnessing strong market share driven growth over the last few preceding quarters," said Rana Kapoor, Managing Director & CEO, YES Bank.

At 03: 15 pm, the stock was trading 9 per cent higher at Rs 215 level. 

Advances grew by 42.2 per cent YoY and 1.8 per cent sequentially to Rs 2,43,885 Crores. Retail Banking Advances grew 82.9 per cent YoY to 15.2 per cent of Advances (up from 11.8 per cent as on December 30, 2017).