Yes Bank is working on a plan to help its major shareholders, especially State Bank of India (SBI), exit their investment. Managing Director and CEO Prashant Kumar shared that the bank is in ongoing discussions with potential investors to sell its stake. SBI and other banks currently own 33.74% of Yes Bank, having invested ₹10,000 crore to rescue it from bankruptcy in March 2020.
Kumar confirmed the sale talks, noting that banks like SBI cannot remain invested in other banks indefinitely. The aim is to provide an exit for these shareholders as soon as possible.
Yes Bank has successfully sold bad loans to JC Flowers, resolving over 50% of the security receipts and earning an additional ₹1,000 crore. The remaining security receipts are expected to be resolved within the next year, aiming to reduce their net carrying value to zero by the end of the fiscal year.
Yes Bank has also seen strong growth in deposits, reaching ₹2.6 lakh crore, a 20.8% increase year-on-year. Kumar attributes this growth to the bank’s strong customer service and digital convenience. The bank aims to maintain competitive growth rates without launching special deposit schemes.
Yes Bank’s net profit for the June quarter was ₹502.43 crore, a 47% increase from the previous year. Kumar expects the bank’s profitability to align with industry peers within the next 12-18 months. The bank also anticipates a positive impact on its net interest margins from the release of ₹11,000 crore in the Rural Infrastructure Development Fund later this year.
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