Re-appointment of Mr. Rana as the MD & CEO of YES Bank Limited

Chennai: This is with reference to YES Bank’s release to the stock exchanges dated September 19, 2018 on the subject reappointment of MD&CEO. 

At the outset, the Bank would like to inform its stakeholders that the Bank and its MD&CEO will be fully guided by its Board of Directors (meeting scheduled on September 25, 2018), the Reserve Bank of India and other relevant stakeholders. The Bank’s management remains committed to protect the interests of all of its stakeholders.

The Bank would like to further state that the Bank has a demonstrated track record of consistent delivery of business & financial outcomes over the last 14 years, since commencement of its operations in mid 2004, across all critical parameters such as capital adequacy, credit risk, profitability, operating efficiency, growth, etc. 

Further, the Bank has also consistently demonstrated a track record of raising and accreting capital across various instruments and cycles, with a Capital Funds base of ~ Rs. 50,000 Crores (~$6.9Bn), having started with a Capital Funds base of Rs. 217 Crores (~$30Mn) in 2004. This includes Rs. 3,042 Crores (~$420Mn) of Basel III compliant Tier II bonds recently raised by the Bank in September 2018.

The Bank reiterates the Credit Cost guidance for FY19 at 50-70bps (as was communicated by the management in the FY18 / Q4FY18 results Press Conference / Analyst Call on April 26, 2018 and subsequently vide the release for Q1FY19 Financial Results).

Credit Costs of the Bank were contained at 50bps, 53bps and 76bps for FY16, FY17 and FY18 respectively. Bank’s Gross NPA and Net NPA ratio at 1.31% and 0.59% respectively as on June 30, 2018 remain one of the lowest across Banks in India.

The inherent strength in the Bank’s financial performance, strategy and execution is reflected through, the recent upgrade (July 05, 2018) of its long term domestic rating by CARE to AAA;

On September 20, 2018, International ratings agency Moody’s has reaffirmed its long term rating of Baa3 (stable outlook); and on September 21, 2018, Domestic rating agency ICRA has reaffirmed Domestic rating of AA+ (stable outlook)

The brand value of YES BANK continues to be a key strength for the bank. The YES BANK brand was recently recognized as the 22nd Most Valuable Indian Brand by WPP BrandZ Report 2018 with a brand value of $ 2.62 billion.