Yes Bank names Deutsche Bank’s Ravneet Gill as new MD, CEO; posts fall in Q3 net profit

Yes Bank appoints Brahm Dutt as non-executive part-time chairman (File)

Yes Bank on Thursday said that it has received RBI’s approval to appoint Ravneet Gill of Deutsche Bank India as MD & CEO to replace Rana Kapoor. Ravneet Singh Gill will join on or before March 1, 2019, the private lender said in a regulatory filing.

“The Bank has received RBI approval for its new MD & CEO, Mr. Ravneet Singh Gill for him to join on or before March 1, 2019,” Yes Bank said in its filing to the BSE.

In its earnings for the quarter ending December, Yes Bank has posted 7 per cent fall with a net profit at Rs 1,001 crore against Rs 1,076.8 crore in the same quarter last fiscal, the lender told exchanges. The gross NPA was at 2.10 per cent against 1.60 per cent, while net NPA at 1.18 per cent versus 0.86 per cent, QoQ.

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The private lender’s net interest income (NII) rose to Rs 2,667 crore.  The advances also surged by 42.2 per cent to Rs 2,43,885 crore and total deposits were up 29.7 per cent at Rs 222,758 crore on-year.

Commenting on the results, Rana Kapoor, Managing Director & CEO, Yes Bank said, “Yes Bank has once again delivered satisfactory performance across income growth, margins, profitability and Capital accretion, despite the recognition and provision impact from a stressed Infrastructure conglomerate.”

Yes Bank, India’s fourth largest private sector bank, on January 12 had said that it has appointed Brahm Dutt as non-executive part-time chairman to the board.

Yes Bank shares ended the day at Rs 225.50, up 28.25 points or 14.32 per cent on BSE today.

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