According to Prashant Kumar, the Managing Director and Chief Executive Officer of Yes Bank, the financial institution plans to realize recoveries and improvements of more than 5,000 crores in FY23. Although the Bank anticipates an even more significant improvement in the Retail and MSME Advances Mix, its primary objective is to achieve a CASA ratio of 35%. On Wednesday, the Bank released the annual report that it had prepared for the FY22 fiscal year.
In the annual report for FY22, Kumar stated the following regarding the company’s performance: “YES BANK has finished the year with a first Full Year profit of 1,066 crores and continued its efforts to expand companies across all areas of banking.”
“Our coordinated strategy following the Digital India initiative has been to maximize the increase of market share in the digital payments arena. The Bank is responsible for processing roughly every third digital transaction in the nation, “Kumar remarked. The total amount of deposits held by Yes Bank as of the end of the fiscal year 22 was 197,192 crore, representing an increase of 21 per cent in comparison to the previous year. The total amount of advances for the year finished at Rs181,052 crore, representing a significant upward trend and an 8 per cent rise over the data for the previous year.
A healthy run-rate in the number of accounts obtained has been maintained, with 10 million CASA accounts and 11 million retail FD accounts being opened throughout the year. According to Kumar, this growth has been accomplished despite the historically low-interest rates now being offered by the banking industry. In addition, he said, “Retail assets continue to constitute a diversified portfolio by being distributed across secured business loans, auto loans, commercial vehicle loans, personal loans, construction equipment loans, and credit card debt. During the fiscal year 2021–2022, the Bank reported almost 33,000 crores in new sanctions and disbursements for retail assets.”
Regarding the future, Kumar stated, “Our ongoing endeavour is to give the highest value to our stakeholders and to honour the trust that they have placed in us.” “To strengthen our commitment to all of our stakeholders, we have shared our strategic objectives for FY 2022-23, which include CASA ratio at 35 per cent, Retail & MSME Advances Mix to further improve by more than 400 bps from the current 60:40. Advances YoY growth more significant than 15 per cent with corporate advances growth at 10 per cent and Retail, SME and Medium Enterprises advance growth more significant than 25 per cent, Sustain CD ratio less than 100 per cent, Recoveries and Upgrades greater than 5,000, and Susta.
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