Mumbai: Yes Bank’s board will meet Tuesday to decide on future course of action following the RBI’s directive that the current CEO and MD Rana Kapoor should step down by end-January.

Kapoor, who has been managing director and CEO since the bank’s inception in 2004, had sought a three-year extension till August 31, 2021. However, the sector regulator did not agree to the request and permitted him to continue only until January 2019.

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Ahead of the board meeting, the bank said it has performed consistently under the leadership of Kapoor. “The Bank has a demonstrated track record of consistent delivery of business and financial outcomes over the last 14 years, since the commencement of its operations in mid-2004, across all critical parameters such as capital adequacy, credit risk, profitability, operating efficiency, growth, etc," it said in a regulatory filing.

The bank, it added, would like to inform its stakeholders that the bank and its MD & CEO will be fully guided by its Board of Directors, the RBI and other relevant stakeholders.

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Yes Bank also said that credit costs of the bank were contained at 50 bps (basis points), 53 bps and 76 bps for 2015-16, 2016-17 and 2017-18, respectively.

The gross NPA and net NPA ratio stood at 1.31% and 0.59%, respectively, as on June 30, 2018, remain one of the lowest across banks in India, Yes Bank added.

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Yes Bank shares slipped 0.35% to settle at 226.25 on BSE.

This story has been published from a wire agency feed without modifications to the text.

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