Yes Bank Names Ravneet Singh Gill As New CEO To Replace Rana Kapoor

Yes Bank on Thursday named Ravneet Singh Gill as its new managing director and CEO. In a regulatory filing, the private sector bank said it has received approval of the Reserve Bank of India (RBI) for Mr Gill to join on or before March 1, 2019. “The Bank has received RBI approval for its new MD & CEO, Mr. Ravneet Singh Gill for him to join on or before March 1, 2019 (Release regarding the same will be shared subsequently),” Yes Bank said in its filing to the BSE (Bombay Stock Exchange).

Mr Gill, head of Deutsche Bank India, will replace Yes Bank CEO Rana Kapoor.

Yes Bank had earlier this month said it had finalised the potential candidates for the position of chief executive officer to replace the incumbent Mr Kapoor, without disclosing names. The RBI had asked the lender to find a new CEO by February 1.

The bank also posted a nearly 7 per cent fall in its net profit for the quarter ended December 31, 2018.

Yes Bank's net profit stood at Rs 1,002 crore ($140.73 million) in the three-month period, according to the statement. Net profit for the corresponding period a year ago was at Rs 1,077 crore.

The bank's net profit fell short of analysts' estimates. 

Analysts had estimated the bank to report a profit of Rs 1,060 crore for the quarter ended December 31, 2018, news agency Reuters ported citing data from Refinitiv.

Yes Bank shares closed 14.3 per cent higher at Rs 225.50 apiece on the NSE, outperforming the market which settled 0.2 per cent higher.

(With agency inputs)