Page 15 - Yes Bank

Yes Bank Q2 standalone profit falls 32% to Rs 153 cr on higher provisions

Yes Bank on Saturday reported 32 per cent decline in standalone net profit at Rs 152.82 crore for September quarter 2022 on higher provisions. The bank had posted a net profit of Rs 225.50 crore for the year-ago same period. In preceding June quarter 2022, the net profit stood at Rs 310.63 crore. Total income during July-September 2022-23, however, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago, Yes Bank said in a regulatory filing. The private sector lender improved on its asset quality and brought down gross non-performing assets (NPAs or bad loans) to 12.89 per cent of gross advances as of September 30, 2022 as against 14.97 per cent by end of September 2021. Likewise, net NPAs came down to 3.60 per cent from 5.55 per cent. However, provisions for bad loans and contingencies were raised to Rs 582.81 crore for Q2FY23 from Rs 377.37 crore kept aside for Q2FY22.

Stocks to Watch: Axis Bank, ITC, Asian Paints, Bajaj Finance, YES Bank, RIL

Stocks to Watch: The Competition Commission of India (CCI) has approved Carlyle Group and Advent International's acquisition of up to 10 per cent stake each in YES Bank

CCI clears two private equity players' stake purchase in Yes Bank

The Competition Commission of India (CCI) on Thursday approved the proposed Rs 8,900 crore deal wherein two entities will buy stakes in Yes Bank. CA Basque Investments, part of the Carlyle Group, and Verventa Holdings, an affiliate of funds managed by Advent International are to acquire 10 per cent stake each in the private sector lender. The proposed combination involves the acquisition of up to 10 per cent each of the total paid up share capital and voting rights of Yes Bank by CA Basque Investments and Verventa Holdings, according to official releases. In July, Yes Bank announced raising of equity capital of Rs 8,900 crore from funds affiliated with two private equity investors -- Carlyle and Advent International. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.

UCO Bank, Yes Bank in talks with Russia to finalise trade mechanism: Report

Indian lenders UCO Bank and Yes Bank are in talks with their Russian counterparts over a payment mechanism for trade between the two countries

YES Bank now on a hunt to buy stressed assets from other lenders

YES Bank agreed to sell Rs 48,000 crore ($5.9 billion) of a bad loan portfolio last month to JC Flowers' ARC, a move Prashant Kumar said will help boost its profitability

RBI approves Prashant Kumar's appointment as Yes Bank CEO for three years

The Reserve Bank of India has approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years with effect from October 6, 2022. Earlier in July this year, the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years. "We would like to inform that RBI vide its letter dated October 6, 2022, has approved the appointment of Prashant Kumar as the MD &CEO of the Bank for a period of three years effective from today i.e. October 6, 2022," Yes Bank said in a regulatory filing on Thursday. Kumar's appointment is subject to approval of shareholders. Kumar was appointed as Managing Director & Chief Executive Officer of Yes Bank post the Reconstruction in March 2020. Under his leadership, the bank embarked on transformation journey to emerge as a re-energized, re-capitalized and ...

Private banks show healthy loan, deposit growth in Q2, Casa share dips QoQ

According to RBI data, bank credit grew at 16.2% YoY as on September 9, while deposits were up by 9.5%

YES Bank's Q2 loan book grows 11.6% YoY; deposit base cross Rs 2-trn mark

The share of low-cost money, CASA , in deposits was 31.3% as of September 30, 2022

MPC after-effect: SBI, ICICI Bank, YES Bank, BoI raise lending rates

The hike in lending rates shall be applicable to home loans and consequently, equated monthly instalment payments made by customers.

Rupee weakness likely to pressure RBI on 50-bps rate hike: Analysts

Currency closes at 81.85/$, 9 p higher than previous close

NPCI sets Oct 31 as deadline to activate offline payments on RuPay cards

The move will breathe life into the RBI's January 3 framework which sought to give a fillip to offline payments and lead to the activation of the One Nation, One Card for on-the-go payments

Dish TV shareholders reject 4 resolutions at AGM, board strength down to 2

Adoption of FY21 and FY22 financial statements and new statutory auditors not accepted at AGM

Will exit reconstruction scheme after lock-in period ends: YES Bank

The RBI has set three parameters for YES Bank before it can leave the reconstruction scheme

Top Headlines: Byju's focus on profit; YES Bank sells stressed loans

After reporting a loss of Rs 4,588 crore in 2021 fiscal, Byju Raveendran, the founder and CEO of the world's most valuable edtech firm Byju's, has told employees

Stocks to Watch: Central Bank, ITI, M&M, Yes Bank, SpiceJet, PEL, GPT Infra

Stocks to Watch Today: Central Bank of India has removed from the RBI's PCA framework after 5 years; SpiceJet places 80 pilots on leave without pay for three months.

RBI approves appointment of R Gandhi as non-executive chairman of Yes Bank

The Reserve Bank has approved the appointment of its former deputy governor R Gandhi as non-executive part time chairman of Yes Bank for three years, a regulatory filing said. Gandhi's appointment comes into effect from September 20, 2022. Yes Bank, in its regulatory filing on Tuesday, said the appointment follows recommendation of its board of directors to the RBI. The Reserve Bank vide its letter dated September 20, 2022 has approved the appointment of Rama Subramaniam Gandhi as non-executive (part time) chairman of the bank for a period of three years effective from Tuesday, Yes Bank said. A seasoned central banker with 37 years of experience, Gandhi was a deputy governor of the Reserve Bank of India (RBI) for three years from 2014 to 2017. He also had a three-year secondment to the Securities and Exchange Board of India (SEBI) and also held the charge of Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. Gandhi also worked in vari

Yes Bank approves sale of Rs 48,000 cr stressed loans to JC Flowers ARC

Former RBI Deputy Governor R Gandhi appointed as Yes Bank's non-executive chairman

Yes Bank to sell stressed assets worth Rs 48k cr to JC Flowers ARC

Yes Bank on Tuesday said its board has approved the sale of stressed assets worth around Rs 48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio. The US-based asset reconstruction company (ARC) had in July this year emerged as the base bidder for the proposed sale of the identified stressed loan book of Yes Bank aggregating up to Rs 48,000 crore. As per Reserve Bank of India (RBI) guidelines on transparent bidding process, the private sector lender had conducted a Swiss challenge for inviting challenger bids. The Swiss challenge process has now concluded and the bank has not received any challenger bids to the base bid, Yes Bank said in a regulatory filing. "The board of directors of the bank, at their meeting held on September 20, 2022, has approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process," the bank said. As per the binding term sheet between the bank, JCF ARC LLC and JC Flowers for sale of the identif

Stocks to Watch: IRCTC, McLeod Russel, Sugar, Adani Ports, Gail, Dish TV

Stocks to Watch Today: Oil related shares are likely to be in focus on Tuesday as the oil ministry sought a review of the windfall profit tax on domestically produced crude oil.

CBI files charge sheet against Rana Kapoor, Gautam Thapar in Yes Bank fraud

The CBI has filed a charge sheet against former Chief Executive and Managing Director of Yes Bank Rana Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore alleged fraud in the bank, officials said. Kapoor was not named a suspect in the FIR registered on June 2 last year in the case. His role, however, surfaced during the investigation, they said. In its charge sheet filed before the special CBI court in Mumbai, the probe agency has also named Thapar in the scam. The FIR was registered against Thapar, directors of Oyster Buildwell Pvt Ltd (OBPL) -- Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan --, unidentified executives of Avantha Realty Pvt Ltd and Jhabua Power Ltd, on a complaint from Yes Bank CVO Ashish Vinod Joshi. Kapoor is also co-accused with Thapar in another case related to alleged diversion of public money in Yes Bank in exchange for a high-end property at an upscale neighbourhood of Delhi, they added.