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Yes Bank claims sound, stable asset quality

Private sector lender Yes Bank Monday claimed that its financial position is sound and stable with robust liquidity.

Published: 08th July 2019 06:03 PM  |   Last Updated: 08th July 2019 06:03 PM   |  A+A-

Yes Bank

Yes Bank (Photo | EPS)

By PTI

MUMBAI: Private sector lender Yes Bank Monday claimed that its financial position is "sound and stable" with robust liquidity.

The assertion from the bank, which reported its maiden quarterly loss of Rs 1,506 crore in the March 2019 quarter, came days after continued concerns about the bank's asset quality, which came up last after a realty player defaulted and leading to continued battering of its stocks which have lost more than three-fourths of its value in 2019.

In a statement, the bank termed concerns over asset quality, management stability and future prospects as "unfounded speculations" and it suspects this is a "deliberate and malicious attempt to create instability in the institution by undermining investor and client confidence".

Without specifying, it said the "authorities" have been apprised about the same.

"Our financial position is sound and stable and liquidity and operating performance continue to be robust," the bank board said in the statement.

ALSO READ: Yes Bank makes two senior management-level appointments

It also announced two senior-level appointments, including Rajeev Uberoi as the senior group president for governance and controls, and Anurag Adlakha as the head of financial management and strategy.

Uberoi had last served as the general counsel and head of IDFC Bank, while Adlakha was the chief financial officer of Jana Small Finance Bank and has also served in the same capacity at the Indian operations of British lenders Standard Chartered Bank and HSBC.

Managing director and chief executive Ravneet Gill, who joined from German lender Deutsche Bank, said the bank is embarking on its next phase of "strong growth".

Gill joined the bank in March after founder-chief executive Rana Kapoor was removed from the post by RBI due to shortcomings on governance practices, among others.

The bank scrip was trading 5.39 per cent up at Rs 92.95 on the BSE at 1503 hrs, as against a 2.08 per cent fall in the benchmark reflecting the jitters after the budget.

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