Business

Ranveet Gill  Becomes The New 'MD & CEO' Of Yes Bank

HARSH RANJAN | 0
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| January 24 , 2019 , 16:09 IST

Ranveet Singh Gill, the veteran banker has been appointed as the new MD and CEO of Yes Bank.

Yes, Bank also received approval from RBI for the tenure of its current MD&CEO till January 31, 2019, and for appointing a successor by February 01, 2019.

 

Yes, Bank said in a statement, “The Bank has received RBI approval for its new MD & CEO, Mr Ravneet Singh Gill for him to join on or before March 1, 2019."

Mr Gill, currently the chief of Deutsche Bank’s India operations, will replace Rana Kapoor. Gill joined Deutsche Bank in 1991 and has worked across different businesses including corporate banking, capital markets and wealth management.

In September last year, RBI had asked Rana Kapoor, Managing Director & CEO of Yes Bank, to step down by the end of January, sending its stock plunging and causing several resignations from its board. The central bank had asked the lender to find a new CEO by February 1.

Yes Bank today also today announced its quarterly results. The private sector bank posted a 7% fall in third-quarter net profit as it set aside higher provisions.

Net profit fell to ₹1,002 crore in the three months to December 31 from ₹1,077 crore a year earlier. That missed analysts' average estimate of ₹1,060 crore according to Reuters estimate.

CEO and MD Rana Kapoor commented on the financial he  said, “Yes Bank has once again delivered satisfactory performance across income growth, margins, profitability and capital accretion, despite the recognition and provision impact from a stressed Infrastructure conglomerate."

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"Retail Assets growth momentum continues, while growth in Corporate business segments has been rebalanced after witnessing strong market share driven growth over the last few preceding quarters. Yes Bank shares surged 11% to ₹220 in afternoon trade today," he added.