Yes Bank CEO Prashant Kumar Confident about Future Performance

Yes Bank CEO Prashant Kumar Confident about Future Performance

Yes Bank CEO Prashant Kumar has shared his optimism about the future of the troubled private sector lender. Before the troubles for Yes Bank became evident, it was one of the fastest growing banks in private sector and the stock performance offered amazing returns to long term investors. However, the things have been really bad for Yes Bank investors after RBI took over the control of the bank and appointed a new board. CEO Prashant Kumar had a massive task ahead of him to revive the bank and his job has still not finished. However, Kumar has presented optimistic view about the bank and its future.

Kumar added that during the second half of the current fiscal, Yes Bank would perform much better. The bank registered profit of Rs 129 crore for the quarter ending September 2020 compared to Rs 600 crore loss for September 2019. For the quarter ending June 2020, Yes Bank reported Rs 45 crore profit.

Yes Bank has managed to improve its client base in the recent months. Kumar added, “We have opened almost 60,000 new accounts on the current account/savings account (CASA) side during September and we are targeting to take it to 1 lakh new customers adding to the bank every month and we are going to achieve this by December or January.”

Net interest income for Yes Bank declined by 9.7 percent in the last quarter compared to the same quarter last year. The stock has been staying under pressure. It would take couple of more quarters for the bank to report strong performance and the stock price should follow.