Yes Bank advertising expenditure may increase by 30 % FY24

31 May 2023 , 09:58 AM

According to news reports, Yes Bank intends to step up marketing and will spend 30% more on advertising activities in FY24. Nipun Kaushal, chief marketing officer of the bank, told reporters that the bank was ‘tactical’ in its expenditure in the last two years while it put the house in order after being bailed out by peers, without disclosing the amount it will be spending.

On the sidelines of a bank event, Kaushal informed reporters that the company’s advertising spending would increase by 30% in FY24 compared to the prior year. He added that the precise amount could fluctuate depending on the rate at which homes are booked.

Rajan Pental, the executive director of the bank, told ET that the retail franchise has reached a critical mass and is currently at a turning point and that the profitability would increase from this point.

According to Kaushal, the marketing campaign, which the company will launch on June 20 and run through the end of the fiscal year with a ‘long tail’ of digital advertising initiatives, was created with consideration for the bank’s current circumstances.

At an event on Tuesday, the bank unveiled a change to its logo, and its chief executive and managing director Prashant Kumar said the lender’s strong character had enabled it to overcome numerous difficulties in the recent past.

As the bank believes it has all the necessary elements in place, Kumar continued, it is time to revitalize the brand.

According to reports, the bank will advertise using a variety of media, including television, outdoor advertising, and digital, which will have a long tail and outlast other formats.

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