The shareholders of Yes Bank have approved a resolution to reappoint Rana Kapoor as the managing director and chief executive officer of the bank for another three years.
The shareholders of Yes Bank have approved a resolution to reappoint Rana Kapoor as the managing director and chief executive officer of the bank for another three years effective September 1, 2018 at the 14th annual general meeting of the bank held on Tuesday.
Yes Bank said the re-appointment is subject to final approval by the Reserve Bank of India. Rana Kapoor’s current tenure as the managing director and chief executive officer comes to an end on August 31. He has been heading the bank that he founded in 2003, since inception.
Prior to setting up Yes Bank, Kapoor was the managing director, chief executive officer and managing partner of Rabo India Finance, a corporate finance and investment banking organisation. He sold his shareholding in the company to Rabobank, Netherlands, in early 2003. Even earlier, he was the general manager and country head of ANZ Grindlay’s investment bank and had also worked for 15 years at Bank of America, where he last headed the bank’s wholesale banking business.
Yes Bank’s shareholders also approved, through a special resolution, the proposal to raise funds up to a total amount of Rs 30,000 crore in foreign or Indian currencies by issuing debt securities including non-convertible debentures, medium term notes and bonds. They also approved to raise the total borrowing limit of the bank to Rs 1,10,000 crore.
Among other resolutions, the shareholders also approved a dividend payout at a rate of `2.7 per equity share of `2 each, as recommended by the board of directors of the bank. “We are extremely satisfied with the trust and faith shown by the institutional and retail shareholders in the board of directors & management, the bank’s business and financial performance, growth plans and decisions to maintain the highest professional standards,” Ashok Chawla, non-executive chairman of Yes Bank said.
The annual general meeting was attended by all the nine board of directors, including Ashok Chawla, Rana Kapoor and others. In the latest quarter, Yes Bank reported a net profit of Rs 1,179.44 crore, up 29% from the same quarter last year, on the back of a 31% year-on-year rise in net interest income to Rs 2,154.2 crore. During the March quarter, the bank’s gross non-performing asset (NPA) ratio fell to 1.28% from 1.72% in the previous quarter, and the net NPA ratio dropped 29 basis points to 0.64%