Yes Bank Extends Recovery On Bargain Buying

Yes Bank is in focus after extending a recovery following the steep declines in recent weeks

Yes Bank is in focus after extending a recovery from 28 month low. The stock was trading at Rs 214.50, up 6.60% on the BSE at 9.20 IST. The shares of Yes Bank jumped more than 9% in the last session on bargain after the steep declines in recent weeks. In a recent press update, the bank noted that it is fully geared for the MD&CEO's succession and pursuant to the Board of Directors meeting dated 25 September 2018, the two external experts of the Search & Selection Committee will be finalized by 7 October 2018. The Search & Selection Committee, assisted by a global leadership advisory firm, will evaluate both internal and external candidates and make suitable recommendations to the Board of Directors for onward submission to RBI.

 

Over the past few days, some unfounded speculations regarding the bank's asset quality have been brought to its notice, according to the bank. In this context, the management clarifies that the asset quality continues to be stable and reiterated its credit cost guidance at 50-70 bps for FY19 (76 bps for FY18).

The bank has a liquidity coverage ratio of ~101% as on September 30, 2018, which is 11% points in excess of the minimum regulatory requirement of 90%. The Bank's average daily LCR for Q2 FY19 was ~100%. The bank's liquidity position will further benefit from the recent RBI measures (announced on September 27, 2018) to ease systemic liquidity which will take effect on October 01, 2018, noted the bank further.

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