Former Axis Bank executive Sumit Bali joins Yes Bank as Head of Retail Assets

Bali will be replacing Lavesh Sardana, who was the country head-retail assets and debt management at Yes.

Former Axis Bank’s retail lending executive Sumit Bali is set to join Yes Bank as the private sector lender’s retail head later this month. Sources aware of the development said that Bali will be joining the bank and will be reporting to Rajan Pental, Yes Bank’s executive director.

He will be replacing Lavesh Sardana, who was the country head-retail assets and debt management at Yes.

Bali had on June 13 this year had stepped down from his position of group executive of retail lending at Axis Bank after a stint of four years.

Bali, in his resignation letter dated June 12 said, “the time is right to embark on a new phase of career outside the bank." He had taken charge of the retail assets at the peak of the first Covid wave in 2020.

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.

Q1 numbers

Yes Bank on July 20 reported a 47 percent rise in its profit after tax to Rs 502 crore in the first quarter of the current financial year.

On sequential basis, net profit rose 11.2 percent.

In the reporting quarter, the gross non-performing assets (NPA) ratio of the bank stood at 1.7 percent as of June 30, as compared to 1.7 percent in the quarter-ago period and 2.0 percent in a year ago period.

Similarly, the quarterly net NPA ratio declined to 0.5 percent as of June 30, compared to 0.6 percent sequentially, and 1 percent year-on-year.