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YES Bank Shares Continues To Surge For Second Consecutive Day
YES Bank stocks continued to rally for the second consecutive day during today's trade session after the country's fourth-largest lender has chalked out a succession plan to announce a new MD & CEO.
YES Bank stocks continued to rally for the second consecutive day during today's trade session after the country's fourth-largest lender reported positive outlook for the second quarter of 2019. It has also chalked out a succession plan to announce a new Managing Director and Chief Executive Officer who will replace Mr Rana Kapoor, also a promoter of the bank. Accordingly, the bank has set up a search committee which will finalize on two external experts by October 7.
The bank conveyed the message in a statement, which read "The bank is fully geared for the MD & CEO's succession. Pursuant to the board of directors meeting dated September 25, 2018, the two external experts of the Search & Selection Committee will be finalized by October 7, 2018".
Last week the bank's shares sore and hit a record 52-week low after it disapproved allegations related to evergreening corporate loans and inflating its share price. The Bank released data related to financial results for the September quarter end and this helped the stock to gain.
The bank reported satisfactory financial position by announcing its unaudited second quarter 2019 report wherein the Deposits of the bank grew by 41 percent (year-on-year basis) to touch Rs 2.23 lakh crore as on September 30, 2018. The CASA ratio stood at 33.8 percent with a growth rate of 28.2 percent (year-on-year basis). The bank's outlook on asset quality is stable.
The loans and advances of the bank grew at a rate of 61.5 percent (year-on-year basis), across all the corporate, MSME, IBU and Retail segments to touch Rs 2.40 lakh crore as on second quarter 2019 of which the domestic advances aggregated to Rs 2.20 lakh crore (growth of 56.4 percent year-on-year basis.
The Gross NPA of the YES Bank stood at approximately 1.35 percent of gross advances as against 1.82 percent during the same quarter previous year.
The shares was seen trading at Rs 216.95 per piece at 14:17 pm (IST), up by 7.83 percent in BSE.
The private lender announced the unaudited financial report ahead of the financial announcement of the financial results of the second quarter of 2019. This report is subject to final approval of the Board of Directors, the Audit Committee of the Board and the Bank's Statutory Auditors.
The country's central bank - Reserve Bank of India declined the YES Bank board's request to extend the term of its CEO and MD - Rana Kapoor's by three years and in turn asked the bank to find a replacement. The RBI has informed that the current CEO and MD of YES Bank can continue to hold his position till January 31, 2019.
