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Yes Bank suffered a loss of over Rs 2,700 crore due to the "unilateral decision" of its co-founder Rana Kapoor to invest in the Anil Ambani-led financial companies, said the CBI's charge sheet in a case pertaining to alleged fraudulent transactions between the bank and the industrialist's group entities. The Central Bureau of Investigation (CBI) last month filed a charge sheet against 13 people and entities, including Anil Ambani, Rana Kapoor and his family members, alleging criminal conspiracy, cheating and corruption related to loans and investments. The Federal probe agency's document said that further investigation was on regarding the role of Anil Ambani's son Anmol Ambani, the then executive director of Reliance Capital, in the case. The case is based on two separate complaints lodged by the Chief Vigilance Officer of Yes Bank. As per the charge sheet, the bank -- when Rana Kapoor was its managing director and chief executive officer -- made investments of Rs 5,010 crore in
Yes Bank on Saturday reported 18.3 per cent rise in its September quarter net profit at Rs 654 crore on non-core income growth. The private sector lender had reported a net profit of Rs 553 crore in the year-ago period. The core net interest income rose 4.6 per cent on the back of 6.4 per cent growth in its loanbook and a 0.10 per cent expansion in the net interest margin. Managing director and chief executive Prashant Kumar said the bank will be aiming to accelerate the credit growth to 10 per cent for the fiscal. He added that the worst is over for the NIMs and the same will go up from here on. The other income for the bank rose by 16.9 per cent to Rs 1,644 crore during the quarter. The deposit growth came at 6.9 per cent in the July-September period. The operating expenses increased by just 0.6 per cent on-year to Rs 2,649 crore, and a senior official explained that it used levers like focus on more productivity, decreasing the reliance on direct sales agents to distribute ..
Japanese lender SMBC's decision to buy nearly 25 per cent stake in Yes Bank should be seen as a vote of confidence and also creates "possibilities" of a rating upgrade, a top official at the private sector lender has said. The nearly Rs 16,000-crore bet from Sumitomo Mitsui Banking Corporation (SMBC) is a strategic one from an investor of global repute and it will help improve Yes Bank's ability to raise capital, drive business growth through network tie-ups and increase profitability, the official said. "(With) the advantage ...in terms of having a strategic investor, ability to raise capital, somebody willing to put (money) ...the possibility of our rating upgrade is there," Yes Bank's managing director and chief executive Prashant Kumar told PTI in an interview here. Kumar, a career SBI executive who was rushed to helm the recovery of the private bank in March 2020, said that Yes Bank's rating has improved to 'AA-' now from 'D' earlier. Commenting on Yes Bank's journey over the