The youngest private sector lender Yes Bank has set a target of achieving a balance sheet size of Rs 1.5 trillion by the turn of 2015.
The youngest private sector lender Yes Bank has set a target of achieving a balance sheet size of Rs 1.5 trillion by the turn of 2015. "The remaining three years will see the bank witnessing accelerated growth with the objectives to achieve a balance sheet size of Rs 1,50,000 crore (Rs 1.5 trillion), deposit base of Rs 125,000 crore and advances of Rs 100,000 crore," Yes Bank Managing Director & CEO Rana Kapoor said.
He was addressing the top management, investors and analysts on the completion of two years of its Version 2.0 vision yesterday. This confidence comes on the back of significant momentum on Casa and retail liabilities front, he said, adding going forward, the bank will focus on branch expansion. "We have a target of 900 branches, along with increasing headcount to 12,750 by March 2015," Kapoor said. The bank has 356 branches across over 200 cities and more than 5,600 employees as of March 2012.
He further said, "the focus for the next phase of growth is primarily to build on the strong underlying foundation created in terms of our expanding Casa deposit base by leveraging on the branches, products and human capital investments and further growing our corporate businesses."
The city-based bank, founded in 2004, has seen considerable spike in Casa growth after it raised the pricing on savings bank deposit rates to 7% late last year. As of Q4 of last fiscal, its Casa ratio grew to 15% of total deposits, up by 4.7% year-on-year.
The bank has a Casa target of 30% by 2015. For the Q4, the bank reported a 33.6% spike in net profit to Rs 272 on an income of Rs 2,051.4 crore. Its net interest income improved 28.6% to Rs 448.2 crore as against Rs 348.8 crore in the same quarter a year ago