29 Aug , 2021 By : Kanchan Joshi
Mumbai: Private lender Yes Bank has appropriately and expeditiously dealt with all legacy governance, compliance and risk issues to be “future-ready" for strong sustainable growth, chairman Sunil Mehta said at its recent annual general meeting.
“At Yes Bank, throughout last year, we made significant gains in optimizing our operations and costs, and strengthening key parameters, all of which reflect in the ratings upgrades by various agencies. Perhaps some of the most notable improvements have emerged from the very challenges that we collectively faced due to covid-19, which impelled us to do better, fast," said Mehta.
Several changes across functions, driven by board-level decisions, have brought about a transformation that has put the bank on course for continual improvement and innovation, he said.
“This is clearly demonstrated by the bank’s performance in the first quarter of this fiscal: a 355% profit surge year-on-year to ?207 crore, the highest in 10 quarters. The bank’s focus on digitization has been intense with a record 9.06 billion UPI transaction reflecting a 102% growth over the previous year, as a clear market leader in the industry. Overall, the operating profit for FY21 increased by 42% over previous year which amply demonstrated strong resurgence in bank’s operating performance," said Mehta.
According to him, the bank has delivered robust liabilities momentum with 55% growth in deposits over previous year which reflects very inspiring customer confidence across all segments.
“The accelerated digitization of key banking services has ensured that customers could access them from the safety and comfort of their homes. The bank has established very detailed protocols and taken multiple initiatives to keep our communities safe. Further ESG considerations have been integrated into bank’s core business strategy by addressing environmental and social risks as well," he added.
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