Private sector lender Yes Bank reported a 45 per cent increase in its March quarter net profit to Rs 1,068 crore, with its new managing director and CEO, Vinay M. Tonse, signalling the end of its over six-year-long recovery phase and a readiness to align loan growth with the broader banking sector.
What is the reason behind this drying up of talent for the top post in private banks?
'When there is such an elaborate and a strong process, one would have expected anyone to either place the issues so that they can be addressed or go to the regulator and probably tell them rather than creating a kind of uncertainty for the stakeholders.
Mumbai Police have registered an FIR against former Yes Bank MD and CEO Rana Kapoor and others for alleged illegal transfer of mortgaged property worth Rs 1,000 crore.
Gill, who studied at Modern School and Hindu College in Delhi, joined Deutsche Bank in 1991 and became its India CEO in 2012.
Kapoor was among the founding team of Yes Bank, along with Ashok Kapur who died in 2008.
'Now we have one of the best asset qualities in the industry.'
Best in class asset quality, strong retail granularity, and a sustainable return ratio -- these are the things we will look at, says Yes Bank's new MD and CEO Vinay Tonse.
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
Aditya Puri is one of the cleanest examples we have, in Indian corporate history, of a leader who understood early that the measure of his work was not what happened while he was in the chair. It was what would keep happening when he was no longer there, says Suresh M K.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Yes Bank is likely to hit the market in the second week of May with its Initial Public Offer of 7 crore (70 million) shares to raise up to Rs 300 crore (Rs 3 billion).
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks.
New-generation Yes Bank is in talks with Asian Development Bank for Rs 100 crore (Rs 1 billion) debt.
The RBI has cited corporate governance and regulatory issues for not extending Kapoor's term. Further, the lender has been directed to search for a successor.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
A special PMLA court here on Wednesday granted bail to Yes Bank founder Rana Kapoor, businessman Gautam Thapar and seven others in a case pertaining to the sale of a property at a prime location in Delhi. Kapoor and Thapar, however, will not walk out of jail as they are in judicial custody in connection with some other cases. The present case pertains to allegations in the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor's wife, Bindu Kapoor, for which a separate FIR had been registered by the Central Bureau of Investigation (CBI) in Mumbai last year.
Private sector lender Yes Bank has chalked out an aggressive plan to offer a host of retail products over the next few months, which could include home, auto and education loans, to grab a larger share of the retail market.
Private sector lender Yes Bank on Saturday reported a 46.7 per cent growth in net profit to Rs 502 crore for the June 2024 quarter, helped by a reduction in provisions. The city-headquartered bank's core net interest income rose 12.2 per cent to Rs 2,000 crore. Its net interest margin stayed flat at 2.4 per cent.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Independent market analyst Ambareesh Baliga points out the red flags that retail investors should not have ignored and lists three scenarios -two of these scenarios offer a glimmer of hope to retail shareholders of Yes Bank - that could play out in the coming days.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
Eyes bank, brokerages, and asset management businesses.
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
Following the 30-day moratorium placed on Yes Bank, asset management companies have asked their clients, who have bank accounts with the troubled lender, to furnish details of alternate accounts for receiving redemption payouts. Redemption is the return of an investor's principal on a fixed income security such as a bond, mutual fund or preferred stock.
The voting results were concluded on Sunday and will be sent to the exchanges on Monday morning. YES Bank could not be reached for comment.
Employees with artificial intelligence skills are likely to see better salary increments in the coming years, especially in technology, GCCs, and BFSI sectors, according to TeamLease Edtech.
Employees with artificial intelligence skills are likely to see better salary increments in the coming years, especially in technology, GCCs, and BFSI sectors, according to TeamLease Edtech.
With a balance sheet size of Rs 22,000 crore (Rs 220 billion), we are a meaningful player in our home country, says Rana Kapoor.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
The meeting was amicable, a stark contrast to the meetings of earlier years that always ended with the rivals at loggerheads.
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