YES Bank invests in technologies
Rana Kapoor: YES Bank continues to invest in customer-oriented technologies.
YES Bank is continuing to invest significantly in new-age mediums and digital technologies to achieve a heightened customer engagement and experience.
Some of the Bank’s key digital initiatives revolutionizing payments ecosphere are as follows:
YES Money program: One of the largest Domestic Remittance program encompassing over 5.1 million customers with a cumulative transaction throughput of Rs.13,000 Crores.
Over 2.4 million YES Bank co-branded Virtual prepaid Cards issued on the Mastercard platform since launch in January 2016, the “largest virtual prepaid card” program in the world.
Over 34 million YES Bank powered Freecharge Wallets issued since launch in September 2015.
Launched “QR Code” based Proximity Payments in collaboration with Click & Pay.
Expansion & Knowledge Initiatives
Total headcount stands at 16,421 as at June 30, 2016, an increase of 1,421 employees in the quarter and 4,878 incremental employees since June 30. 2015.
The Bank’s branch network stood at 900 branches as on June 30, 2016, an addition of 40 branches in the quarter.
Total ATM network stands at 1,680 as on June 30, 2016, of which 428 are Bunch Note Acceptors (BNA)/Recyclers.
YES BANK has received RBI approval post approval from the CCEA (Govt. of India) to raise its Foreign Investment Limit to 74%. This has made YES BANK the FIRST Bank in India to have an operational fully fungible composite foreign ownership limit of 74%.
YES BANK has received an in-principle approval from the Securities & Exchange Board of India (SEBI) to sponsor a Mutual Fund and to setup an Asset Management Company (AMC), and a Trustee Company.
The AMC and the Trust Company shall be set up as wholly owned subsidiaries of YES BANK Limited. This is further to the Reserve Bank of India (RBI) approval for AMC granted to YES BANK in October 2015
YES BANK has announced commitment of Rs250 Crores towards two key focus areas of livelihood and water security, and environment sustainability by 2020 through its focused and intensified CSR and Sustainability action.
YES BANK has pledged GBP 1 million to the London School of Economics and Political Science (LSE) to support the IG Patel Chair – named in honour of the former Governor of the Reserve Bank of India and former Director of LSE. The funding from YES BANK will also support the work of the LSE India Observatory, which was established in 2007 to continue to develop and enhance research and programmes related to India’s economy, politics and society with a specific focus on Climate Change and Sustainability.
Announcing these initiatives and Q1FY17 results at its meeting held in Mumbai July 27, 2016, Rana Kapoor, Managing Director & CEO, YES BANK said: “The bank has delivered another highly satisfactory quarter of financial performance reflected in strong & quality growth, sustained profitability and continued resilience in asset quality.
The bank’s net Interest Income (NII) for Q1FY17 increased by 24.2% y-o-y to Rs. 1,316.6 Crores on account of strong growth.
Total Net Income increased by 38.1% y-o-y to Rs2,217.1 Crores in Q1FY17.
Operating profit for Q1FY17 increased by 43.9% y-o-y to Rs. 1,306.8 Crores.
Net Profit in Q1FY17 was up 32.8% y-o-y to Rs731.8 Crores. fii-news.com
