Private sector lender Yes Bank on Thursday announced the appointment of Ravneet Gill as its new Managing Director (MD) and Chief Executive Officer (CEO) with effect from March 1, 2019.

Gill, who will be taking the reins from the lender’s founder MD and CEO Rana Kapoor, is the CEO of Deutsche Bank’s India operations.

“The Bank has received RBI approval for its new MD and CEO, Mr. Ravneet Singh Gill for him to join on or before March 1, 2019. The Board will convene on January 29, 2019 to finalise the interim transition,”Yes Bank said in a release.

Kapoor is set to step down after January 31, 2019.

Meanwhile, the private sector lender also registered a 6.9 per cent drop in its net profits for the third quarter of the fiscal at Rs 1,001.85 crore due to high provisions. Its net profits stood at Rs 1,076.87 crore in the same period a year ago.

The bank's net interest income grew 41.2 per cent to Rs 2,666.4 crore in the third quarter this year, compared to a year ago while the net interest margin was stable at 3.3 per cent.

However, provisions rose to Rs 550.23 crore in the quarter ended December 31, 2018 compared to Rs 421.32 crore in the same period a year ago.

Yes Bank also has an outstanding funded exposure of Rs 2529.73 crore as on December 31, 2018 to various SPVs of IL&FS, though it did not name it specifically.

Of this exposure, it has classified Rs 1913 crore of advances as non performing assets with a specific provision of Rs 478.25 crore.

Accordingly, its gross non-performing assets (NPAs) rose to 2.1 per cent of gross assets as on December 31, 2018 from 1.72 per cent a year ago. Net NPAs also rose to 1.18 per cent of net advances as on December 31, 2018.

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