One of the early movers into the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), YES Bank Limited has done business worth over $1 billion through its International Business Unit (IBU) by the end of financial year 2016-17.

"Just in one and half years after being operational, we have done business of $1 billion in our IBU at the Gift City. We had revised our targets in October last year as the bank has received tremendous response from our customers in India and abroad," said Manish Vora, chief executive officer of the GIFT IFSC Banking Unit of YES Bank.

Global credit rating agency Moody's Investors Service on Monday said Yes Bank raising around Rs 4,900 crore last week strengthens its capitalisation and loss-absorbing buffer as well as supports credit growth.

"The capital increase is credit positive because it strengthens the bank's capitalisation and loss-absorbing buffers and supports the bank's credit growth," Moody's said.

Mumbai: Yes Bank Ltd has succeeded on its second attempt to raise capital, as friendlier conditions in financial markets allowed the Indian lender to put last year’s failed share offering behind it.

The Mumbai-based bank, led by billionaire chief executive officer Rana Kapoor, raised about $750 million through the sale of new shares at Rs1,500 each, an exchange filing late Wednesday showed. The decision to reduce the size of the sale helped smooth the deal, six months after Kapoor blamed a misunderstanding by his bankers for the failure of a $1 billion offering.

YES Bank was up nearly 2% at Rs 1,544.75 on the National Stock Exchange (NSE), after the private sector lender announced that its qualified institutional placement (QIP) offer has opened on Thursday. The stock is trading close to its record high of Rs 1,545.45 touched on March 16, 2017.

The floor price, as per the formula of capital market regulator Securities Exchange Board of India (SEBI) has been fixed at Rs 1,498.95 per share. “The bank may at its discretion offer a discount of 5% on the floor price of QIP,” YES Bank said in the filing.

YES Bank has come up with an initiative, Yes Aspire to Innovate, a scholarship programme which recognises and rewards 30 exceptional scholars for their entrepreneurial vision, leadership qualities and holistic academic performance. The Express Group is the media partner for the programme.

The programme offers a scholarship of Rs 2 lakh, a pre-placement interview opportunity and a year-long mentorship by the YES Bank senior leadership to each of the 30 scholars chosen from 15 select B-schools across the country.

The aggregate net profit of 16 private sector lenders for the December quarter fell 8.7% year-on-year (y-o-y) to R9,605.4 crore owing to higher provisions for non-performing assets, Capitaline data showed. According to the data, provisions of private banks in Q3 rose 71% y-o-y to R9,474 crore.

For instance, Axis Bank reported a 73% y-o-y fall in its December quarter net profit to R579.57 crore as its provisions rose more than five times over the same period last year. The bank’s gross non-performing assets (NPAs) for the quarter jumped 105 basis points (bps) sequentially to 5.22% of total advances. The bank’s watch list reduced 20% over the previous quarter and stood at R11,091 crore, leading to a rise in bad loans.

Shares of private sector banks were trading firm in otherwise range-bound market with IndusInd Bank and YES Bank hitting their respective record highs on the National Stock Exchange (NSE).

YES Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC Bank and HDFC Bank were trading higher by up to 3% as compared 0.17% rise in the Nifty 50 index. At 03:11 pm; Nifty Private Bank index was up 0.75% against 3% decline in the Nifty PSU Bank index.

YES Bank will be upgrading its systems "to provide you superior banking experience," the bank told its customers in an e-mail notification.

According to the email, the system upgradation is likely to take four days and the bank notified its customers that during the time of its systems upgrade, its Internet banking services will be unavailable.

BENGALURU: In order to take effective actions against increasing global warming and pollution levels, a series of workshops to sensitize Ministry of Micro, Small and Medium Enterprises (MSME) on efficient use of energy has been organized by YES Bank in partnership with Entrepreneurship Development Institute of India (EDII).

These workshops will be on 'benefits of adoption of social business practices, energy efficiency and occupation health and safety measures.' They will be conducted free of charge for MSME Associations across Bangalore by EDII.

YES Bank net up 30.6% in Q3 FY16 at Rs 882.6 crore compared to the Rs 675.7 crore posted in the same period last year.

In the October - December quarter, the bank's total income was up at Rs 5,229.96 crore versus Rs 4,122.12 crore in the same quarter last year.

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