This outcome reflects the Bank's resilient performance, strategic foresight, and dedication to enhancing shareholder value.
FinTech BizNews Service
Mumbai, August 23, 2024: The Shareholders of YES BANK, has approved all the 9 Resolutions with an overwhelming majority, during the Bank’s 20th Annual General Meeting (AGM) held virtually on Friday, August 23, 2024. The outcome reflects a summation of remote E-voting and voting through electronic means at the AGM.
The Shareholders approved the following:
Ordinary Business | |
1.
| Adopted: a. the audited standalone financial statements of the Bank for the financial year ended March 31, 2024 and the Reports of the Board of Directors and the Auditors thereon; and b. the audited consolidated financial statements of the Bank for the financial year ended March 31, 2024 and the Report of the Auditors thereon. |
2. | Appointed a director in the place of Ms. Shweta Jalan, who retired by rotation and, being eligible, offered herself for re-appointment |
3. | Appointed M/s CNK & Associates LLP, Chartered Accountants, as one of the Joint Statutory Auditors
Special Business: |
4. | Approved material related party transactions with State Bank of India and material modification(s) thereto (Ordinary Resolution) |
5. | Approved the revised remuneration of Mr. Prashant Kumar (DIN: 07562475), Managing Director & Chief Executive Officer (Ordinary Resolution) |
6. | Approved the revised remuneration of Mr. Rajan Pental (DIN : 08432870) as an Executive Director of the Bank (Ordinary Resolution) |
7. | Approved revision in ceiling of fixed remuneration to Non-Executive Directors (NEDs) of the Bank (Ordinary Resolution) |
8. | Authorised capital raising through an issuance of debt instruments (Special Resolution) |
9. | Approved the ‘YBL Restricted Stock Units Plan 2024’ (Special Resolution) |
Speaking on the occasion, Mr. Rama Subramaniam Gandhi, Non-Executive, Part-time Chairman, Independent Director of YES BANK said,
Over the last eighteen months, the Bank has continued to perform with resilience, and it remains committed to the cause of enhancing shareholder value and customer experience. In my capacity as the Chairman of YES BANK, I have witnessed the immense strength and adaptability by the team of YES BANKers, who have worked tirelessly to deliver a third consecutive year of full-year profitability in FY 2023-24.
Together, the Bank has successfully navigated through multiple challenges and at the same time, leveraged on many opportunities presented by the ever-changing external macroeconomic environment. Moreover, it is important to appreciate the loyalty of our customers and laud the continuous support extended by our shareholders as well as regulatory authorities. It is this all-round patronage that places YES BANK in a sweet spot as YES BANK moves towards sustaining this pace of progress in FY2024-25 and beyond.
Looking back at FY 2023-24, geopolitical conflicts heightened uncertainties across global markets and pushed economies to pursue monetary policy tightening measures. As a result, global GDP expanded by 3.2% in CY 2023, even as emerging economies once again grew at a faster clip to more advanced economies. India powered through with a GDP growth of 8.2% in FY23-24, amply supported by government-led capex spending, proactive measures aimed at stifling inflation and robust urban as well as rural demand.
As a Bank, YES BANK too progressed well in terms of profitability improvement, making further advancements across most financial and operating metrics in FY23-24. YES BANK’s balance sheet surpassed the ₹4 lakh crore mark, with robust growth in deposits. The biggest barometer of trust and confidence in a bank by a customer is about getting deposits and I feel immensely proud to highlight that Bank’s deposit growth for FY2023-24 stood at 23 percent, higher than most of the peer banks. Bank’s retail & branch baking led deposits comprises approximately 55 percent of the Bank’s Total Deposits and wholesale would be about 45 percent. This growth in retail deposits has been made possible due to efforts made to expand the Bank’s physical presence and the strong YES BANK brand.
The Bank added 85 branches in FY 2023-24 and contributed immensely to growth in both deposits and advances, which stood at 22.5% y-o-y and 13.8% y-o-y respectively. Moreover, this financial performance was complimented by a marked improvement in asset quality standards; with Net NPA and net carrying value of Security Receipts (SRs), as a percentage of advances, reducing from 2.4% as at March 31, 2023 to 1.1% as at March 31, 2024, with Net NPA further coming down to 0.6%.
Another key highlight was the substantial progression in achievement of targets of lending to Priority Sector Lending (PSL) achieved through a combination of organic efforts as well buying of PSL certificates by the Bank. I am pleased to further apprise you all that in Q1FY25, Bank reported NIL shortfall in Overall PSL as well as in sub-categories of SMF, NCF and Weaker Section.
As part of Bank’s mission to promote innovation in the digital banking space, YES BANK also launched a comprehensive mobile banking solution ‘iris by YES BANK’, with over 230 plus features and services accessible on a single platform. Not only does this enable our customers to perform banking functions on-the-go, but also enable them to enjoy unparalleled convenience and flexibility. Additionally, the introduction of YES Pay Next as an innovative UPI payment mobile banking application and the launch YES PAY BIZ as a unique payment solution further consolidated the bank’s leadership position in digital banking. Bank remains committed to continue leveraging technology and strategic partnerships to offer superior customer experiences and further enhance YES BANK’s positioning as a digital-first banking partner to millions of Indians.
On the ESG front, YES BANK has taken a lead by being the only Indian banking signatory to the UNEP FI Principles for Responsible Banking. The Bank is devoted to align its business with the Sustainable Development Goals adopted by India in accordance with the Paris Climate Agreement and has already set up a robust governance structure for integrating ESG and climate considerations. In the same spirit, YES BANK has strengthened its commitment to maintain the highest standards of Governance, Risk and Compliance, by implementing comprehensive policies and controls aimed at de-risking IT governance, customer service, green deposits, asset quality, and our investments. YES, BANK achieved the highest S&P Global ESG score and CDP rating for its climate disclosures amongst Indian banks for the second year in a row, underscoring the efforts made by the leadership team in fostering a strong culture of compliance and implementing best practices.
As YES BANK continues to adapt and evolve, the Bank’s refreshed brand identity introduced in FY23-24 reflects its core values and the Bank’s vision for the future. Our new logo symbolises YES BANK’s aspiration to soar to higher and embodies the modern, agile, and digitally forward approach.
To summarize, YES BANK of Today, is quite well placed to continue to progress higher. The Bank has already identified the underlying key financial imperatives that are critical for improving its Return on Assets (RoA).
It gives me immense pleasure to inform our Shareholders that the Government of India and the Reserve Bank of India have recently authorised YES BANK to collect Direct and Indirect Taxes on behalf of the Government. This approval is a validation of the Bank's digital prowess, the strength of the widespread branch network, that helps the Bank to further augment its suite of product and services, offered to our Retail, MSME and Corporate customers.
As I conclude, I wish to take this opportunity to congratulate the entire contingent of Indian athletes who represented India at the recently concluded Paris Olympics, particularly the 6 medal winners who brought glory to India at the biggest stage. As the official banking partner for Team India, we are honoured to have supported our athletes and this partnership reflects YES BANK’s commitment to elevating India’s presence on the global stage.
On behalf of the entire Board and the Management Team, I extend my warmest greetings and express our most sincere appreciation for your unwavering support and trust in the YES BANK franchise. As we transition to a brighter tomorrow, I once again thank you all for your continued support and reaffirm our dedication towards aspiring for further glory.
The 20th AGM of YES BANK held on Friday, August 23, 2024 was attended by all the 13 Board Members as under:
· Mr. Rama Subramaniam Gandhi, Non-Executive, Part-time Chairman, Independent Director
· Mr. Prashant Kumar, Managing Director and CEO
· Mr. Atul Malik
· Ms. Rekha Murthy
· Mr. Sharad Sharma
· Mr. Sandeep Tewari
· Mr. Thekepat Keshav Kumar
· Mr. Sadashiv Srinivas Rao
· Ms. Nandita Gurjar
· Mr. Sanjay Khemani
· Mr. Sunil Kaul
· Ms. Shweta Jalan
· Mr. Rajan Pental
