In chat with Anil Singhvi, Yes Bank MD Prashant Kumar reveals 3-point action plan

Private sector lender Yes Bank has reported a profit of around Rs 150 crore this quarter. Yes Bank MD and CEO Prashant Kumar spoke to Zee Business Managing Editor Anil Singhvi today and revealed reasons behind this good show by the bank

In chat with Anil Singhvi, Yes Bank MD Prashant Kumar reveals 3-point action plan
"There are three reasons behind this performance by Yes Bank. One recovery in old NPA amount, second disbursal of loan to retail, MSMEs and corporate sector and third is addition of retail customers in our CASA account."
Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Mon, Jan 25, 2021
05:08 pm
Patna, ZeeBiz WebDesk
RELATED NEWS
BOOSTER dose for Yes Bank! CDP rates ‘A-' (Leadership Band); achieves Environmental Management System certification for eighth year BOOSTER dose for Yes Bank! CDP rates ‘A-' (Leadership Band); achieves Environmental Management System certification for eighth year
Yes Bank Share price - Anand Rathi maintains Sell rating with price target of Rs 14 Yes Bank Share price - Anand Rathi maintains Sell rating with price target of Rs 14
Yes Bank target price cut to Rs 14, SBI target Rs 470; what investors must do now Yes Bank target price cut to Rs 14, SBI target Rs 470; what investors must do now
Yes Bank Share price today: Investec cuts target price to Rs 19 Yes Bank Share price today: Investec cuts target price to Rs 19
Yes Bank Share price: Anand Rathi maintains Sell rating with price target of Rs 14 Yes Bank Share price: Anand Rathi maintains Sell rating with price target of Rs 14

Private sector lender Yes Bank has reported a profit of around Rs 150 crore this quarter. Yes Bank MD and CEO Prashant Kumar spoke to Zee Business Managing Editor Anil Singhvi today and revealed reasons behind this good show by the bank.

Talking about the triggers that led to good result posted by Yes Bank, Prashant Kumar said, "There are three reasons behind this performance by Yes Bank. One recovery in old NPA amount, second disbursal of loan to retail, MSMEs and corporate sector and third is addition of retail customers in our CASA account."

See Zee Business Live TV Streaming Below:

Prashant Kumar said Yes Bank is targeting to open at least 1 lakh new accounts every month. "Out of this, we have achieved the figure of 85,000 in December and over all 2,25,000 new saving and current accounts have been opened by the bank in this quarter. This way our retail deposit base is continuously increasing, we have registered a growth of 39% in the same. Similarly, Yes Bank CASA percentage has also improved from before. So this is our 3-point plan of action—to increase our depositor base, disburse new loan and focus more on recovery," he said.  

Find detail coverage in the video below:  

Yes Bank focus will continue to be more in retail and MSME, he added.  

Talking about new Yes Bank NPA, Kumar said that most of those assets are Covid-19-impacted and there won't be much problem in their recovery. These are not actually NPA, but with economy recovering, it won't be a problem to bring them in standard category.  

About Yes Bank board's approval to raise Rs 10,000 crore, Prashant Kumar said, "We do have need to raise funds and our bank is fully captialised. These processes usually consume a lot of time. So, we want to keep the process ready in case we need the fund in future."  

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.