Tag: yes bank

YES Bank hits 52 week high as CARE Ratings upgrade outlook to 'positive'

Thursday, April 7, 2022
Shares of YES Bank surged 10.6 percent to Rs 16.25 per share, hitting a 52-week high in an otherwise weak market after rating agency CARE Ratings upgraded the private bank’s credit rating. The stock price has jumped over 22.5 percent in the last month, and more than 10 percent so far in this calendar year. The rating agency upgraded the outlook to 'positive' on account of stable growth in deposits and advances. On Tuesday, the bank said its net advances grew by 8.8 percent to Rs 181,508 crore in the fiscal ended March 31st. The bank's net advances were at Rs 166,893 crore in the previous fiscal ended March 2021. Deposits during the year grew by 21.1 percent to Rs 197,281 crore as against Rs 162,947 crore in FY21.CASA deposits of the bank have also increased by 52 percent during FY21 to Rs 42,587 crore as of March 31, 2021. The credit to deposit ratio stood at 92 percent as of March 31, 2022, compared to 102.4 percent a year ago, the private sector lender said. Read more

Top investor Bay Tree cuts stake in YES Bank by a third

Tuesday, May 11, 2021
Record bad loans, weak corporate governance, as well as depleting capital and deposits led to the collapse of Yes Bank in March 2020, forcing the regulator to ask a group of lenders to infuse capital and rescue it. Since then, the bank has cut back lending to companies and tried to win back depositors under its new CEO Prashant Kumar. Still, its bad loans remain high and a second coronavirus wave is adding to the challenges of growing its business. Bay Tree India Holdings was the largest anchor investor in Yes Bank’s $2 billion equity raising last year when it paid 22 billion rupees for about 55% of the investor portion. It’s now the second-largest single shareholder after the State Bank of India. Read more

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank

Thursday, April 1, 2021
Reliance Infrastructure Limited of Anil Ambani Group today sold its headquarters in Santa Cruz, Mumbai to YES Bank for Rs 1,200 crore. Yes Bank, which currently operates from Indiabulls Centre in Central Mumbai, will convert the building as its corporate headquarters. The entire proceeds from the sale of Reliance Centre, Santacruz will be utilised to repay the debt of YES Bank. The lender had an exposure of Rs 4,000 crore in the company. With this, Reliance Infra has sold three major assets since January this year, including the sale of Delhi Agra Toll Road to Cube Highways and the electricity transmission asset (Parbati Koldam Transmission Ltd) to Ingrid. With this deal, Yes Bank has reduced its exposure to Reliance Infra. by half to Rs 2,000 crore.

YES Bank hits 10% lower circuit after FPO shares list for trading

Monday, July 27, 2020
Private sector lender Yes Bank’s shares were locked in 10 % lower circuit at Rs 12.30 on the BSE on Monday after the listing of fresh shares allotted in the follow-on public offer (FPO). The stock was trading at Rs 12.30 per share, down from its previous close of Rs 13.65 apiece. 12,504 million equity shares of YES Bank are listed and admitted for trading on the exchange with effect from July 27, 2020. The private sector lender raised Rs 14,272 crore through the FPO, which was subscribed 95 per cent. The issue opened on July 15 and closed two days later.FPO had sailed through only due to the lender's underwriting agreement with SBICap, wherein the latter agreed to underwrite Rs 3,000 crore at a price equal to or the lowest end of the price band. YES BANK stock has consistently been falling since the pricing announcement of the FPO. It has fallen 54 per cent from the level of Rs 26.65 on July 9, 2020. There were pending sell orders of 41,640,911 shares, with no buyers available. Read more

YES Bank shares gains 20% on surprise Q4 profit

Thursday, May 7, 2020
Shares of YES Bank gained 20 per cent to Rs 31.36 on the BSE in the intra-day deals on Thursday after the private lender reported better-than-expected March quarter (Q4FY20) results. Around 2058017 shares changed hands on the counter. The private lender YES Bank posted a net profit of Rs 2,628.6 crore on the back of on-time gain attributed to an exceptional item of Rs 6,296 crore. The bank had reported a net loss of Rs 1,506.4 crore a year ago. The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 40709.20 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 11114.72 Crore (.00% of total assets). The bank’s net interest income (NII) for the March quarter came in at Rs 1,274 crore, up 19.56 per cent sequentially. The income, however, tanked 49 per cent The earnings were better than what most of the analysts had expected. Kotak Securities, estimated the private lender to log net loss at Rs 4,404.4 crore in the quarter under review.

Max Life Insurance extends partnership with Yes Bank

Monday, April 13, 2020
Private sector life insurer Max Life Insurance and Yes Bank announced a 5-year extension to their strategic bancassurance relationship. Under the partnership, the products of the life insurer would be sold through the branches of Yes Bank. Building on the 15-year partnership, Max Life and Yes Bank remain committed to offering their customers a broad range of need-based products and services, deploying technology across the customer value chain to further enhance efficiencies and leveraging existing ecosystems to facilitate superior experiences for their customers."In the coming 5 years, we plan to further enhance our business and make investments in the area of technology, new product development, and customer service to ensure we journey together to help our customers realise their real value and financially protect their future. Read more

YES Bank to be dropped from Nifty 50 from March 19th March instead of 27th March

Monday, March 16, 2020
Troubled Yes Bank will be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, NSE Indices said on Monday. Earlier, the changes were scheduled to happen on March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said in a statement. However, in light of the recent developments relating to Yes Bank and its reconstruction scheme, NSE Indices' Index Maintenance Sub-Committee (IMSC) has decided to accelerate the removal of Yes Bank from Nifty 50 and Nifty Bank and also remove it from all Nifty equity indices from Thursday, March 19. Shree Cement will replace the private lender in Nifty 50 and in the Nifty bank index, Bandhan Bank will find a place. The troubled lender will also be removed from Nifty 100 and Nifty 500.

SBI approves purchase of 725cr shares of Yes Bank

Thursday, March 12, 2020
SBI Executive Committee of Central Board (ECCB) has approved the purchase of 725cr shares in Yes Bank at Rs10/share. SBI's shareholding in Yes Bank will remain within 49% of the paid-up capital of Yes Bank. According to the draft reconstruction plan, SBI was to be issued 245 crore shares at Rs 10 per share for Rs 2,450 crore Yes Bank Ltd ended at Rs25.05, down by Rs3.75 or 13.02% from its previous closing of Rs28.80 on the BSE. The scrip opened at Rs28.70 and touched a high and low of Rs28.70.State Bank of India ended at Rs212.50, down by Rs32.45 or 13.23% from its previous closing of Rs245.10 on the BSE. The scrip opened at Rs231.90 and touched a high and low of Rs231.90.

Yes Bank Fiasco-Indian banks are well capitalised, no reason to worry: CEA Subramanian

Sunday, March 8, 2020
In the wake of Yes Bank fiasco, Chief Economic Adviser Krishnamurthy Subramanian on Sunday said Indian banks are well capitalised and there is no reason to worry. He further said that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation). Read more

SBI can invest up to Rs 10,000 cr in Yes Bank for its bailout and revival

Saturday, March 7, 2020
SBI chairman Rajnish Kumar said the survival of Yes Bank was of utmost importance, adding that failure would have huge consequences for the Indian economy. Assuming that YES Bank issues 20,000 million shares at Rs 10 each (face value: Rs 2), the total capital raised will be Rs 20,000 crore. And for a 49 percent stake, SBI will need to put in about Rs 10,000 crore, Kumar told the media elaborating on plans for an RBI-initiated reconstruction roadmap.SBI's investment quantum would be determined by the interest shown by other investors and YES Bank's total capital requirement. Kumar said many potential investors evinced interest in YES Bank after seeing RBI's draft scheme and have also approached SBI. It is worth mentioning here that YES Bank has a strong retail franchise and a robust technology platform.

Yes Bank under moratorium; withdrawals limited to Rs 50,000-shares may see sharp fall

Friday, March 6, 2020
The government on 5th March placed Yes Bank under moratorium till April 3, as the RBI capped depositor withdrawals at Rs 50,000 and superseded the troubled private lender's board. Also, RBI appointed Prashant Kumar, a former deputy managing director, and chief financial officer of SBI, as administrator for Yes Bank. The central bank has promised to come up with a credible restructuring plan in the next few days that may involve merging it with another lender. RBI also assured the depositors of the bank that their interest will be fully protected and there was no need to panic. Meanwhile, YES Bank’s net banking facility could not be accessed on Thursday evening. Shares of YES Bank NSE 25.60 % are likely to open sharply lower on 6th March as the consequence.

YES Bank zooms 29% on deal buzz by SBI

Thursday, March 5, 2020
Shares of State Bank of India (SBI) slipped over 5 per cent in the intra-day trade on Thursday after news agency Bloomberg reported that the Government has asked SBI to form a consortium for stake purchase of the Yes Bank. The stock, however, reversed all its losses later and turned green. While on the other hand Shares of YES Bank spiked over 29 per cent and ended at Rs.36.80. YES Bank has so far failed to bring a strategic investor. Reports recently suggested that the private bank had approached mutual funds for raising fresh equity capital worth $300-$500 million. It also had to postpone its December 2019 quarter results as it was in talks with potential investors for raising equity capital.