Yes Bank says haven’t identified any alleged material financial implications
- Audit committee of the bank engaged an external firm to independently examine the matter
- The bank became aware in September 2018 through stock exchanges communications from of an anonymous whistleblower complaint
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Mumbai: Private sector lender Yes Bank on Wednesday said that it has not identified any material financial statement implications based on its ongoing examination of a whistleblower complaint into alleged irregularities.
The bank said it became aware in September 2018 through communications from stock exchanges of an anonymous whistleblower complaint alleging irregularities in the bank's operations, potential conflicts of interests in relation to the former MD and CEO and allegations of incorrect NPA classifications of incorrect NPA classification.
“The bank conducted an internal enquiry of these allegations, which was carried out by management and supervised by the board of directors. The enquiry resulted in a report that was reviewed by the board in November 2018,” it said.
Yes Bank said that based on further inputs and deliberations in December 2018, the audit committee of the bank engaged an external firm to independently examine the matter.
“The bank, at the direction of the audit committee and with the assistance of this external firm, is continuing to analyze the allegations in the whistleblower complaint and work is currently ongoing,” it said, adding that based on work done and findings till date, the bank has not identified any material financial statement implications and will consider the implications of ongoing work once the examination of this matter is completed.
Yes Bank on Wednesday reported a 90.97% year-on-year (y-o-y) drop in June quarter net profit. The bank posted a net profit ₹113.76 crore for the three months ended 30 June compared to ₹1,260.36 crore in the year-ago period. Profit was lower than ₹148 crore estimated by a Bloomberg poll of 13 analysts. Other income, which includes core fee income, dropped 24.88% to ₹1,272.66 crore in the three months from ₹1,694.14 crore a year ago.
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Business NewsIndustryBankingYes Bank says haven’t identified any alleged material financial implications
First Published:17 Jul 2019, 05:33 PM IST
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