Yes Bank soars 5% after appointment of new CEO

The bank has received RBI approval for its new MD & CEO Ravneet Singh Gill to join on or before March 1, 2019.

Jan 25, 2019 04:01 IST India Infoline News Service

yes bank
Shares of Yes Bank extended its gain for second consecutive on Friday’s trade and is trading higher by 5% currently. The bank has received RBI approval for its new MD & CEO, Ravneet Singh Gill to join on or before March 1, 2019.

Ravneet Gill, who is the CEO of Deutsche Bank’s India operations, will join the company on or before March 1, 2019.

The bank’s net profit was below estimates due to higher provisions and declined ~7% yoy to Rs1,001.8cr. Its GNPA for Q3FY19 came in at 2.1% vs. 1.6% qoq, an improvement of 50bps. NNPA for the quarter came in at 1.18% against 0.86% qoq, an increase of 32bps.

Further, the bank's net provisions came in at Rs550.2cr on account of Rs570.8cr of accelerated provisioning on exposure to a stressed Infrastructure conglomerate.

Meanwhile, foreign brokerage firm CLSA has maintained its "Buy" on the stock with a target price of Rs280 from Rs260.

Yes Bank Ltd is currently trading at Rs224.95 up by Rs11.1 or 5.19% from its previous closing of Rs213.85 on the BSE. The scrip opened at Rs224.50 and has touched a high and low of Rs236.30 and Rs223.30 respectively.

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