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Last Updated : Oct 02, 2018 04:28 PM IST | Source: Moneycontrol.com

Yes Bank reveals unaudited Q2 numbers, to address investors as share price falls

Yes Bank also has an address with analysts over a conference call on October 1, 2018

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Yes Bank has partly disclosed its unaudited numbers for the September quarter to calm investors rattled by the crash in share price

Yes Bank officials told Moneycontrol that the disclosure of Q2 numbers, ahead of the official declaration of earnings, is not in violation of SEBI norms. Yes Bank has also scheduled an analyst conference call on October 1, 2018 at 4.00 pm.

In a filing with the stock exchanges, the mid-sized lender said it registered 41 percent year-on-year rise in deposits at Rs 2.23 lakh crore in Q2FY19, while loans and advances growth was at 61.5 percent to Rs 2.40 lakh crore.

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In deposits, the CASA (current and savings account) ratio grew 28.2 percent to 33.8 percent of total deposits.

Yes Bank's gross non-performing assets (NPAs) stood at 1.35 percent of gross advances, compared with 1.82 percent in the corresponding quarter last year.

“Over the past few days, some unfounded speculations regarding the Bank’s asset quality have been brought to its notice. In this context, management clarifies that the asset quality continues to be stable…and reiterates its credit cost guidance at 50-70 bps for FY19 (76 bps for FY18),” the release said.

It added that the bank has a liquidity coverage ratio (LCR) of about 101 percent as on September 30, 2018, as against the minimum regulatory requirement of 90 percent.

The bank’s average daily liquidity coverage ratio (LCR) for Q2 FY19 was  about 100 percent. The bank’s liquidity position will further benefit from the recent RBI measures (announced on September 27, 2018) to ease systemic liquidity which will take effect on October 01, 2018.

The financial results are subject to approval by the Audit Committee of the Board, Board of Directors and review by the statutory auditors of the Bank.

Yes Bank shares have plunged 46 percent in September as investors turned cautious after the RBI cut short its chief executive officer and managing director (CEO and MD) Rana Kapoor's tenure, which will now end on January 31, 2019. With this, the RBI has turned down Yes Bank's proposal to give a three-year extension to Kapoor.

Further, the bank is fully geared for CEO and MD's succession planning after Rana Kapoor, it said.

“Pursuant to the Board of Directors meeting dated September 25, 2018, the two external experts of the ‘Search & Selection Committee’ will be finalised by October 7, 2018,” the bank added.

The committee is assisted by a global leadership advisory firm, and will evaluate both internal and external candidates and make suitable recommendations to the Board of Directors for onward submission to RBI.

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First Published on Oct 1, 2018 03:15 pm
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