Yes Bank on Thursday appointed Ravneet Gill as the new CEO and MD with effect from 1 March 2019. Gill presently serves as the CEO of Deutsche Bank India and has been with the multinational lender for more than 6 years.
On 17 September, RBI had cut down the present MD and CEO as well as the founder Rana Kapoor's term to 31 January 2019. The central bank had rejected requests from the bank to extend his term.
In a statement, the private lender said that it has received RBI's approval for the appointment. It had sent two recommendations for the position to the central bank after its board meeting on 9 January.
Yes Bank also announced the results of its third quarter performance on Thursday. It reported a 7 percent decline in net profit to Rs 1,001 crore from the corresponding quarter in the last year. In December 2017, its quarterly net profit was Rs 1,076.87 crore.
The bank's net interest income (NII), which is the difference between the interest earned and paid, increased by 41.2 percent on a year-on-year basis to Rs 2,666.4 crore. In the year before, it had posted an NII of Rs 1,888 crore. Yes Bank's advances grew by 42.2 percent in the third quarter to Rs 2,43,885 crore.
The lender's gross non-performing asset (NPA) rose to 2.1 percent of the total advances in the quarter under review when compared to 1.72 percent in the year-ago period. Its NPA increased to 1.18 percent from 0.93 percent.
Share price of Yes Bank jumped by 14.32 percent to Rs 225.50 a piece at closing on news of the appointment of a new chief.