In chat with Anil Singhvi, Yes Bank MD and CEO Prashant Kumar says plan to grow by 50 pct in terms of deposits next quarter
YES Bank reported a net profit of Rs 129.37 crore for the quarter ended September 30 against loss of Rs 600 crore in corresponding quarter last year
As private sector lender YES Bank reported a net profit of Rs 129.37 crore for the quarter ended September 30 against loss of Rs 600 crore in corresponding quarter last year, Zee Business Managing Editor Anil Singhvi talked to the bank's MD and CEO Prashant Kumar today to know what led to this reversal and what has been planned for the road ahead.
Speaking to the Market Guru, Prashant Kumar said that after the bank's revival exercise in March, Yes Bank got full support of its customers and its deposit increased by 29% in six months. We aim to grow by 50% in terms of deposits by the year end, said Yes Bank MD and CEO.
Yes Bank CEO informed that likewise the bank did extremely well on the loans front despite the pandemic. “We disbursed loans worth Rs 6,000 crore in retail and MSME segments and some Rs 1,000 crore loans were lent to corporate entities in the second quarter. We plan to give a loan of at least Rs 10,000 to MSME and retail segments in the next quarter,” said Prashant Kumar.
On asset quality, Yes Bank CEO said since March the bank management has extensively worked on improving this area and it will further strengthen going forward. We have recovery of Rs 900 crore in second quarter and we are engaging with each customer for the same and in days to come, we will see a better result in terms of recovery, said Prashant Kumar.
Find detail coverage of analysis in the video below:
यस बैंक को डिपॉजिट में 50% ग्रोथ की उम्मीद... #NewsParViews में बैंक के MD & CEO, प्रशांत कुमार ने दिया एसेट क्वालिटी में आगे और सुधार का भरोसा...#YesBank @AnilSinghvi_ @YESBANK @pk63 pic.twitter.com/kSELFUpdKv
— Zee Business (@ZeeBusiness) October 26, 2020
“We have made a Covid-related provisioning of Rs 1900 crore. We have also disclosed that some Rs 9,000 crore loans are overdue for more than 30 days. We are working on all renewal loans to ensure that nothing slips from this amount,” he told Zee Business Managing Editor when asked about Covid-related provisioning by Yes Bank.
The Market Guru said on the one side growth in deposits shows customers confidence in Yes Bank and on the other advances have declined by 2-2.5%.
Explaining this mismatch, Yes Bank CEO said even the bank’s advances have registered a growth of 1.5 per cent and it plans to disburse new quality loans to MSME, retail and Corporates.
We will try to come out of stress book on corporate side wherever required, he said. It is likely that our growth remains in single digit this year but at least with this growth, our quality advances percentage will increase.
He informed that some Rs 1100 crore exposure is left in DHFL group.
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Replying to a question about demand due to festival season, he said loan demand has been growing on month-on-month basis in general and all sorts of loans are in demand.
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