The economic condition of the Yes Bank is gradually improving. Yes Bank made a net profit of Rs. 129.37 crores in the second quarter of FY 2020-21. Yes Bank has been benefited after an increase in debt. The bank had incurred a loss of Rs. 600 crores in the same period earlier in the year. Yes Bank told the stock markets that its total income during the period of criticism decline was 8,347. 50 crore to 5,952.1 crore. However, the NPA of the bank has increased during this. A number of works are being done to improve the bank's state, which has been reported by CEO Prashant Kumar from the bank.
The bank's CEO Prashant Kumar said that we have done a number of corrective actions from raising funds, he said, adding that the second-quarter results are encouraging. The bank is now in recovery mode and I am happy with its progress. About 7 months ago, when Prashant Kumar assumed the responsibility of the Yes Bank, the bank was facing economic problems. Prashant said that the Yes Bank is going to close its 50 branches to further improve the economic condition of the bank. Because in many places the branches are absolutely nearby, which is not necessary.
Under the new management, the private sector bank is running with the objective of cutting operating expenses by 20% in the current financial year 2020-21. For this, the bank is returning the non-essential sites taken on lease. In addition, the bank is discussing the fare afresh for all the 1,100 branches. In addition, Prashant Kumar said that the number of ATMs is also being harmonized. To increase the bank's capital, Prashant has set the objective of raising Rs 2 lakh crore by March 2021. He said that in this business year, Covid-19 has led to new assets of over Rs 9,000 crore in the stressed category.
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