Yes Bank MD & CEO Prashant Kumar said the bank aims to exceed the target of recovery and upgrade 5,000 crore in FY23. While the bank expects further improvement in the retail and MSME advance mix, and aims at a CASA ratio of 35%. The bank on Wednesday announced its annual report for FY22.
On the FY22 performance, Kumar said in the annual report, “Yes Bank has ended the year with a profit of the first full year of 1,066 crores and continued our efforts to create business in all areas of banking.”
“Maximizing market share in the digital payments space has been our solid strategy in line with Digital India. In fact, the bank processes almost every third digital transaction done in the country,” Kumar said.
At the end of FY22, Yes Bank’s Deposit stood at 197,192 crore, which is 21% higher than the previous year. Advances exhibited a significant upward trend at Rs 181,052 crore for the year, up 8% over the previous year’s figures.
With a total of 10 lakh CASA accounts opened and 11 lakh retail FD accounts opened during the year, the number of accounts acquired has maintained a strong run-rate. Kumar said the uptrend has been achieved despite the banking sector offering lower interest rates.
Further, he said, “retail assets continue to be a mixed portfolio spread across secured business loans, auto loans, commercial vehicle loans, personal loans, construction equipment loans and credit cards. The bank reported approx. 33,000 crore in fresh approvals/disbursement in retail assets in FY 2021-22.”
Going forward, Kumar said, “Our constant endeavor is to provide the best value to our stakeholders and respect the trust placed by them in us.”
“To strengthen our commitment to all our stakeholders, we have shared our strategic objectives for FY 2022-23, with CASA ratio at 35%, retail and MSME advance mix to >400 from the current 60:40. BPS, inclusive of advances, year-on-year growth of >15% with corporate advances growth of 10% and retail, SME and medium enterprises growth growth >25%, Sustainable CD Ratio <100%, वसूली और उन्नयन> 5,000 crore and ROA >0.75%,” Kumar said.
On BSE, Yes Bank shares ended on 12.75 each, an increase of 0.31%.