Rana Kapoor's reign as the MD and CEO of Yes Bank, which was co-founded by him, ended unceremoniously on Thursday. The RBI had last September asked him to leave office by January 31. The private sector lender on Thursday appointed its non-executive director Ajai Kumar as his interim successor for a month till Ravneet Singh Gill from Deutsche Bank India takes over from March 1. Ajai Kumar had led state-run Syndicate Bank in the past.
Yes Bank on Thursday reported a 6.96% fall in net profit to Rs 1,001.85 crore in the quarter ended December 2018 as against the net profit of Rs 1,076.87 crore in the corresponding quarter last year. The bank on Thursday also named Ravneet Singh Gill, currently heading Deutsche Bank India, as the MD and CEO to succeed Rana Kapoor, whose term ends on January 31. The lender’s net interest income (NII) grew 41.2% year-on-year (y-o-y) to Rs 2,666.4 crore. Gross NPA increased to 2.1% of the total advances in the quarter, as compared with 1.72% in the year-ago period.