YES BANK | India
YES Bank, India's fourth largest private sector bank has released updates on recent developments ahead of the official announcement of the financial results for the quarter ended September 30, 2018. These figures are subject to approval by the audit committee of the board, the board of directors and by the bank's statutory auditors.
YES Bank stated, "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 as stated above and reiterates its credit cost guidance at 50-70 bps for FY19 (76 bps for FY18)."
The Bank has a Liquidity Coverage Ratio of 101 per cent as on September 30, 2018, which is 11 per cent points in excess of the minimum regulatory requirement of 90 per cent. The Bank's average daily LCR for Q2 FY19 was 100 per cent. 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.
Also, the Bank is fully geared for the MD and CEO's succession. Pursuant to the Board of Directors meeting dated September 25, 2018, the two external experts of the 'Search & Selection Committee' will be finalized by October 7, 2018.
The 'Search & Selection Committee', assisted by a Global Leadership Advisory Firm, will evaluate both internal and external candidates and make suitable recommendations to the Board of Directors for onward submission to RBI. The 'Search & Selection Committee' and the Board of Directors are fully committed to expeditiously completing the said process within the current stipulated timelines of RBI.
Further to the Board of Director's recommendation vide meeting dated September 25, 2018, to appoint two senior leaders of the Bank as 'Executive Directors', the Bank has submitted its application to RBI for their approval.
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