"The rating upgrade factors in improvement in capitalization ratios of the bank, strong shareholder base and experienced board members," the credit ratings agency said in a statement.

It further said that the bank's ability to improve its resource profile, asset quality and profitability, while maintaining comfortable capitalization will be key rating sensitivity factors.

Meanwhile, Yes Bank has launched Yes Private Prime Credit Card, for India's affluent and ultra HNIs. The product is thoughtfully curated to provide a differentiated offering with global privileges and experiences across travel, lifestyle, hospitality, dining, entertainment and wellness, among others. Available on the Mastercard World Elite platform – focused on ultra HNI consumers, offering exclusive concierge service, features and benefits that uniquely appeal to affluent cardholders. This strictly by-invitation-only lifestyle Credit Card, provides unique customer value proposition along with a host of experiences.

Shares of Yes Bank extended gains for third day in a row. It has added 24.17% in three sessions from its recent closing low of Rs 15.35 recorded on 4 December 2020.

Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

The bank reported a standalone net profit of Rs 129.37 crore in Q2 September 2020 compared with net loss of Rs 600.80 crore in Q2 September 2019. Total income fell 28.56% YoY to Rs 5,952.14 crore in Q2 FY21 over Q2 FY20.