Chasing ‘Large’ Dreams
The bank has struck a rich vein and come a long way despite years of an economic growth environment that can at best be described as patchy.
Since opening its doors in 2004, Yes Bank has become a sizeable bank with total assets rising up to Rs 1,65,263 crore. In fiscal ‘16, advances increased 32.87 per cent, when credit growth has been just about 15 per cent.
With that kind of growth, Yes Bank ranks as the ‘Best Mid-sized Bank’ runner-up in the BW Businessworld Best Bank Survey 2016.
Yes Bank says it is now set to capitalise on the opportunities arising from India’s re-invigorated economic environment. Its focus on knowledge banking and deep understanding of segments such as renewable energy and media puts it in a better place to provide its banking clients new-age products to suit their businesses.
It recently kicked off larger initiatives to tap the growing retail segment in India, launching a credit-card business and a slew of retail products such as home loans.
In the last few years, credit growth in India’s banking sector decelerated to less than 15 per cent, but Yes Bank continues to clock superior growth in advances, which grew 33 per cent in fiscal ’16; interest income grew 30 per cent, and its net worth 39.13 per cent.
“In contrast to the global slowdown, the Indian economy has successfully navigated the global uncertainties and emerged as a preferred destination for foreign investment,” said managing director and CEO Rana Kapoor in his message to investors in the 2016-17 annual report. Ready to tap the opportunity, the bank wants to become a large bank in the coming years. “In FY16, Yes Bank took multiple initiatives aimed at preparing itself for accelerated growth, focusing on action and quality to achieve size and scale as a large quality bank in India,” says Kapoor.
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