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Day after YES Bank names Ravneet Singh as CEO, stock gains 2.7%

The large cap stock closed 2.71% or 5.80 points higher at 219.65 compared to the previous close of 213.85.

twitter-logo BusinessToday.In        Last Updated: January 28, 2019  | 15:36 IST
Day after YES Bank names Ravneet Singh as CEO, stock gains 2.7%
Ravneet Singh Gill will take charge as Yes Bank CEO from March 1, 2019

The YES Bank stock closed higher in trade today after the lender named Ravneet Singh Gill, currently heading Deutsche Bank India, as the Managing Director and Chief Executive to succeed Rana Kapoor, whose term ends on January 31.

Ravneet Singh Gill will take charge from March 1, 2019.

Today, Yes Bank stock traded in the price band of 218.10 to 236.30 on BSE.

The large cap stock closed 2.71% or 5.80 points higher at 219.65 compared to the previous close of 213.85 on the BSE.  The stock opened higher at 224.50 level in trade today and hit an intra-day high of 236.30 on the BSE.

In terms of equity volume, 102.71 lakh shares of the company were traded on the BSE, while over 13 crore shares changed hands on the NSE during the morning session.

It has lost close to 40% during the last one year. The stock has been gaining for the last 2 trading sessions and has risen close to 11% in the period.

Meanwhile, the lender reported a 6.96 per cent fall in net profit to Rs 1,001.85 crore in the quarter ended December 2018. Its net profit stood at Rs 1,076.87 crore in the corresponding quarter of 2017-18.

The private sector lender said net provisions stood at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a "stressed infrastructure conglomerate", according to a stock exchange filing. The bank, however, did not name the conglomerate.

Yes Bank's net interest income grew 41.2 per cent year-on-year (y-o-y) to Rs 2,666.4 crore.

It's advances grew 42.2 per cent y-o-y to Rs 2,43,885 crore.

YES Bank's gross non-performing asset (NPA) increased to 2.1 per cent of the total advances in the quarter, compared with 1.72 per cent in the year-ago period.

Net NPAs also increased to 1.18 per cent from 0.93 per cent.

The Reserve Bank had last September asked Kapoor, who is one of the promoters of the city-based lender along with his wife Bindu Kapoor, to leave the office by the end of this month.

"The bank has received Reserve Bank approval for new managing director and chief executive Ravneet Gill. He can join on or before March 1, 2019,"YES Bank said.

(Edited by Mudit Kapoor)

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