Stock Name : Yes Bank/Tips Open Buy : 17 Posted Date : Dec 26, 2020
Stopless/Horizon : 12 Target : 20     

Overview:Yes Bank Limited was founded in 2004 by Rana Kapoor and Ashok Kapur, the bank headquartered in Mumbai, India. Currently, State Bank of India has a sizeable ownership over the Yes Bank.

About the Bank:The business areas of the Yes bank include corporate and institutional banking, business banking, corporate finance, retail banking and investment banking.

Yes bank operates its Investment banking, Merchant banking & Brokerage businesses through its subsidiary, YES Securities and its Mutual Fund business through YES Asset Management (India) Limited which is also a subsidiary of the Bank.

Yes bank has a widespread branch network with more than 1000 Branches and 1800 ATMs across all 29 States and 7 Union Territories of India.

The financial position of Yes Bank has undergone a steady decline over the last few years because of its inability to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits. The Central Bureau of Investigation (CBI) charged the co-founder Rana Kapoor and his family members in a bribery and money-laundering case linked to Yes Bank.

On 5 March 2020, the Reserve Bank of India (RBI) announced that, in the interest of its customers and depositors, it would suspend and supersede Yes Bank’s board and impose a 30-day moratorium on its operations.

On 13 March 2020, the Indian government approved the reconstruction of Yes Bank and within three days of the notification of the scheme the moratorium would be lifted. The Reserve Bank of India assured Yes Bank depositors that their interest will be fully protected and that there is no need to panic.

During this reconstruction the new seven investors namely, State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, RadhakishanDamani and Azim Premji trustinfused 12,000 crores in Yes bank.

Management:Former chief financial officer of SBI, Mr. Prashant Kumar is the MD & CEO and Mr. Sunil Mehta is the Non-Executive Chairman of Yes Bank.

Sales Report:The bank reported a net profit of Rs 129 crore for the quarter ended September 2020, up from Rs 45 crore in the preceding three months. The Total income rose 6% quarter-on-quarter to Rs 2,680 crore. The bank’s Consolidated Interest Income for the quarter is Rs 4431.09 Crore, which is down -23.88 % against the last year same quarter Interest Income of Rs 5821.09 Crore.

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