Yes Bank Ropes In Veteran Banker Sumit Bali To Head Its Retail Business

In a latest development, Yes Bank has reportedly appointed leading banker Sumit Bali to head its retail business. Sumit Bali is expected to join Yes Bank from August 26 and reports claim that he will report to executive director Rajan Patel.

According to a Reuters report, Sumit Bali, who headed retail lending for India's third largest private lender Axis Bank, had quit in June. Friday is his last day at Axis Bank.
The sources spoke on the condition of anonymity as they are not permitted to speak with media.

Yes Bank has yet to issue a comment on the latest development. Sumit Bali will reportedly replace Lavesh Sardana who held the position of country head-retail assets and debt management at Yes Bank.

Bali has almost three decades of experience in retail banking, and worked at Kotak Mahindra Bank before joining Axis Bank, where he worked in multiple roles. At Yes Bank, his role will be crucial "as the bank is now entering its transformational phase in its hunt to find a new promoter", added the Reuters report.

Yes Bank shares will remain in limelight on Monday as shares may react to the latest development. Last trading price of Yes Bank shares on BSE is Rs 24.26 per share with gain of 1.13% in trade today. The bank has a market capitalisation of Rs 76,029.25 crore. Yes Bank shares jumped 1.38% in last 1-week on BSE, slipped over 14% in last 6-months, and jumped 44% in last 1-year. In last 3-years, Yes Bank shares offered return of 107% in last 3-years and fell 69% in last 5-years.

Earlier this year on July 20, 2024 Yes Bank declared a jump of 47% in its profit after tax (PAT) to Rs 502 crore for Q1FY2025 as against Rs 343 crore reported in the corresponding quarter of last year amid robust surge in net interest income and strong decline in provisions.

Sequentially, Yes Bank's profit zoomed by 11.2% from Rs 452 crore declared in last quarter. Its net interest income (NII) soared by 12.2% to Rs 2,244 crore for Q1FY25 as against Rs 2,000 crore in the similar quarter of last year. Sequentially, NII jumped by 4.2% from Rs 2,153 crore in Q4FY24.