17th AGM of YES BANK – Shareholders Fully Support all Resolutions

MUMBAI:
The General body of the Shareholders of YES BANK, has approved all the five (5) Resolutions with an overwhelming majority, in the 17th Annual General Meeting (AGM) held virtually on August 27, 2021. The outcome reflects a summation of remote E-voting and voting through electronic means at the AGM on August 27, 2021.

Mahesh Krishnamurti, Non- Executive Director and R. Gandhi, Additional Director appointed by RBI attended the AGM remotely.

The Shareholders approved the following:

Ordinary Business:

1) Adoption of Annual Audited standalone and consolidated financial statements of the Bank for the year ended March 31, 2021 (Ordinary Resolution);

2) Amendment in the terms of appointment of M/s M. P. Chitale & Co., Statutory Auditors in compliance with recent RBI circular on Appointment of Auditors (RBI Circular No. DoS.CO.ARG/SEC.01/08.91.001/2021- 22 dated April 27, 2021) (Ordinary Resolution);

3) Appointment of M/s Chokshi & Chokshi LLP, Chartered Accountants, as Joint Statutory Auditors (Ordinary Resolution);

Special Business:

4) Noted appointment of Mr. Ravindra Pandey (DIN – 07188637) as a Nominee Director (Ordinary Resolution); and

5) Authorized capital raising through issuance of debt securities (Special Resolution)

Speaking on the occasion, Sunil Mehta, Chairman, YES BANK said, “The Bank has crossed significant milestones in the past year – all because of the immense trust that our customers and stakeholders have reposed in the fundamentals of the institution. During an exceptional time that tested the resolve of all businesses across the globe, the Bank was able to post sequential gains for the first three quarters of FY21 and make the necessary provisions for stressed assets, so we don’t carry forward any burden into FY22.

On the economic outlook, while there exists some uncertainty on the likelihood of a third wave of COVID-19, the forward-looking surveys shared by RBI point towards positivity with respect to consumption projections and investment behavior of the private sector. There are encouraging indicators of demand returning to the economy. Capital expenditure targets of the Central Government are strong in FY22 which is expected to unleash a positive multiplier effect on the economy. Consequently, despite some challenges, opportunities for the banking sector have been significantly enhanced to serve and support growth of customers in rural and urban markets.

At YES BANK, all through last year, we made significant gains in optimising our operations and costs and strengthening key parameters, all of which reflect in the ratings upgrades by various agencies. Perhaps some of the most notable improvements have emerged from the very challenges that we collectively faced due to COVID-19, which impelled us to do better, fast. The Bank has appropriately and expeditiously dealt with all legacy governance, compliance and risk issues to be future ready for strong sustainable growth.

The Bank has delivered a robust liabilities momentum with 55% growth in deposits over previous year. This reflects very inspiring customer confidence across all segments. The accelerated digitisation of key banking services have ensured that customers could access them from the safety and comfort of their homes. The Bank has established very detailed protocols and taken multiple initiatives to keep our communities safe. Further ESG considerations have been integrated into Banks’s core business strategy by addressing environmental and social risks as well.

Several changes across functions, driven by Board level decisions, have brought about a transformation that has put the Bank on a course of continual improvement and innovation. This is clearly demonstrated by the Bank’s performance in the first quarter of this fiscal – a 355% profit surge year on year to Rs 207 crore, the highest in 10 quarters. The Bank’s focus on digitization has been intense with a record 9.06 billion UPI transaction reflecting 102% growth over previous year, as a clear market leader in the industry. Overall, the operating profit for FY21 increased by 42% over previous year which amply demonstrated strong resurgence in Bank’s operating performance.

As we continue to honour our promise to stakeholders, we have been able to enhance the value we bring to our customers through the Bank’s forward-looking vision and aspiration to serve all our customers efficiently and empathetically. The Bank has vigorously strengthened its position on its strategic priorities – capital, cost, liquidity, stressed assets, risk, governance and growth. I have full faith that as we progress on this exciting journey, the Bank will continue its positive transformation to ensure sustainable growth for all our stakeholders.”