Yes Bank said that its board has recommended constitution of alternate board for approval of shareholders at the ensuing AGM.
The board of directors of the bank has resolved to convene the 18th annual general meeting (AGM) of the bank on Friday, 15 July 2022.
On the back of Yes Bank's turnaround and having achieved significant progress post the implementation of the Yes Bank Reconstruction Scheme March 2020, the board of directors of the bank appointed under the reconstruction scheme, have recommended to its shareholders, the formation of an alternate board in line with the directions of the scheme.
The alternate board is being constituted and will operate under the applicable laws & regulations as against the current board which was constituted and is functioning under the ambit of the reconstruction scheme.
Commenting on the occasion of the board's decision on forming the alternate board, the chairman of the board, Sunil Mehta, said YES Bank today accomplishes a significant milestone of coming out of the reconstruction scheme by initiating the process of formation of the alternate board.
The most satisfying and fulfilling outcome for us has been the renewed business momentum and trust we have regained with our customers, employees, regulators, investors and all our stakeholders. As demonstrated over the last several quarters, the Bank is now ready to grow profitably and sustainably. The bank now is fully ready to achieve its long term growth trajectory under the direction of the alternate board being formed.
Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.
The bank reported net profit of Rs 367.46 crore in Q4 FY22 as against net loss of Rs 3,787.75 crore reported in Q4 FY21. The private bank's total income rose 21.3% to Rs 5,829.22 crore in Q4 FY22 over Q4 FY21.
The scrip advanced 0.76% to currently trade at Rs 13.18 on the BSE.
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