Private sector lender YES Bank on Monday refuted “unfounded speculation” and stressed that its financial position is “sound and stable” with adequate liquidity.

The statement comes ahead of the bank’s first quarter results which will be announced on July 17.

YES Bank’s shares have been on a downward spiral and are now trading below ₹100 apiece levels after it posted a maiden loss of ₹1,506 crore in the March 2019 quarter and its rating was placed for review for a downgrade by Moody’s due to high exposure to NBFC and real estate sectors.

“The financial position of YES Bank is sound and stable and its liquidity and operating performance continue to be robust,” the board of directors said. The bank also said there has been a lot of “unfounded speculation” about its asset quality, management stability and future prospects.

Calling it a “deliberate and malicious attempt to create instability in the institution by undermining investor and client confidence”, YES Bank said it has also apprised the “authorities” of the issue.

YES Bank also announced the appointments of Rajeev Uberoi as Senior Group President, Governance and Controls, and Anurag Adlakha as Senior Group President and Head,Financial Management and Strategy.

Both are external hires and will report directly to Ravneet Gill, the bank’s Managing Director and CEO. Uberoi had last served as the general counsel and head of IDFC Bank, while Adlakha was the chief financial officer of Jana Small Finance Bank

On Monday, YES Bank’s scrip gained 5.56 per cent to close at ₹93.10 apiece on the BSE against a 2.01-per cent fall in the benchmark.

 

 

 

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