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Yes Bank held its sixteenth annual general meeting (AGM) of Yes Bank on Thursday, 10 September 2020. The bank's chairman, Sunil Mehta, informed that the bank has fully repaid Rs 50,000 crore towards the Special Liquidity Facility (SLF) extended by RBI, well before the due date. He further said that Moody's upgraded the bank's rating to B3 with stable outlook.
Addressing investor queries on whether the bank was going to be merged with State Bank of India (SBI) eventually, Mehta said that no such plans were afoot. He added that neither the bank nor any authority had discussed such a proposal as far as he knew.
"The new board and the management remains firm in its resolve to build an institution which has highest standards of governance, strong risk processes, financially strong, technologically powered to deliver best value to our customers," the chairman added.
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's net profit tumbled 60.1% to Rs 45 crore in Q1 FY21 from Rs 114 crore in Q1 FY20. However, the bank has returned to profitability after reporting loss in the past three quarters. It had reported a net loss of Rs 3,668 crore in Q4 FY20.
Total income of the bank fell 32.8% on a year-on-year (YoY) basis to Rs 6,106.74 crore in the June 2020 quarter. Net Interest Margin (NIM) stood at 3% in Q1 FY21 as against 2.8% in Q1 FY20.
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