Close
  • About Us
  • Auto Trender
  • Careers
  • Downloads
  • Refer & Earn
  • Contact Us
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Sep 27 2022 12:33
    57,257.70 +112.48 ( +0.20%)
  • NIFTY Sep 27 2022 12:29
    17,022.70 +6.40 ( +0.04%)
  • SENSEX Sep 27 2022 12:33
    57,257.70 +112.48 ( +0.20%)
  • NIFTY Sep 27 2022 12:29
    17,022.70 +6.40 ( +0.04%)
  • Nasdaq Sep 27 2022 04:30
    10,802.92 -65.01 (-0.60%)
  • DJIA Sep 27 2022 04:30
    29,260.81 -329.60 (-1.11%)
  • S&P 500 Sep 27 2022 04:30
    3,655.04 -38.19 (-1.03%)
  • Hang Seng Sep 26 2022 02:10
    17,855.14 -78.13 (-0.44%)
  • Crude Oil Sep 27 2022 12:34
    6,376.00 +42.00 ( +0.66%)
  • Gold Sep 27 2022 12:34
    49,353.00 +203.00 ( +0.41%)
  • Silver Sep 27 2022 12:34
    55,875.00 +523.00 ( +0.94%)
  • Copper Sep 27 2022 12:33
    628.75 +6.35 ( +1.02%)
  • Pound / Rupee Dec 23 2016 22:30
    88.07 -1.62 (-1.80%)
  • Dollar / Rupee Dec 23 2016 22:30
    81.24 +1.62 ( +2.03%)
  • Euro / Rupee Dec 23 2016 22:30
    78.70 +0.35 ( +0.45%)
  • Yen / Rupee Dec 23 2016 22:30
    0.57 +0.01 ( +1.82%)

Yes Bank Ltd

BSE Code : 532648 | NSE Symbol : YESBANK | ISIN:INE528G01035| SECTOR : Banks |

NSE BSE
 
SMC up arrow

15.70

0.20 (1.29%) Volume 39162277

27-Sep-2022 12:29:58

Prev. Close

15.50

Open Price

15.60

Bid Price (QTY)

15.65(1062501)

Offer Price (QTY)

15.70(536216)

 

Today’s High/Low 15.80 - 15.45

52 wk High/Low 18.20 - 12.10

Key Stats

MARKET CAP (RS CR) 38835.52
P/E 32.98
BOOK VALUE (RS) 13.6295976
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0.47
PRICE/BOOK 1.13723093336226
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%) 36.45
4

News & Announcements

23-Sep-2022

Yes Bank Ltd - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

19-Sep-2022

Yes Bank allots 6.52 lakh equity shares under ESOP

30-Aug-2022

Yes Bank receives upgrade in credit ratings from CRISIL

30-Aug-2022

CRISIL upgrades ratings of Yes Bank; revises outlook to 'positive'

19-Sep-2022

Yes Bank allots 6.52 lakh equity shares under ESOP

30-Aug-2022

Yes Bank receives upgrade in credit ratings from CRISIL

27-Aug-2022

Yes Bank receives upgrade in LT issuer ratings

25-Aug-2022

Yes Bank allots 1.93 lakh equity shares under ESOP

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
AU Small Finance Bank Ltd 540611 AUBANK
Axis Bank Ltd 532215 AXISBANK
Bandhan Bank Ltd 541153 BANDHANBNK
Bank of Madura Ltd (Merged) 531966 BANKMADURA
Bank of Punjab Ltd(merged) 500070 BANKPUNJAB
Bank of Rajasthan Ltd(merged) 500019 BANKRAJAS
Centurion Bank of Punjab Ltd(merged) 532273 CENTBOP
City Union Bank Ltd 532210 CUB
CSB Bank Ltd 542867 CSBBANK
DCB Bank Ltd 532772 DCBBANK
Dhanlaxmi Bank Ltd 532180 DHANBANK
Equitas Small Finance Bank Ltd 543243 EQUITASBNK
Federal Bank Ltd 500469 FEDERALBNK
Fino Payments Bank Ltd 543386 FINOPB
Global Trust Bank Ltd (Merged) 500161 GLOBLTRUST
HDFC Bank Ltd 500180 HDFCBANK
ICICI Bank Ltd 532174 ICICIBANK
IDBI Bank Ltd(merged) 532235 IDBIBANK
IDBI Bank Ltd 500116 IDBI
IDFC First Bank Ltd 539437 IDFCFIRSTB
IndusInd Bank Ltd 532187 INDUSINDBK
ING Vysya Bank Ltd(Merged) 531807 INGVYSYABK
Jammu and Kashmir Bank Ltd 532209 J&KBANK
Karnataka Bank Ltd 532652 KTKBANK
Karur Vysya Bank Ltd 590003 KARURVYSYA
Kotak Mahindra Bank Ltd 500247 KOTAKBANK
Lakshmi Vilas Bank Ltd(Merged) 534690 LAKSHVILAS
Nedungadi Bank Ltd (Merged) 511264 NEDUNGBANK
RBL Bank Ltd 540065 RBLBANK
South Indian Bank Ltd 532218 SOUTHBANK
Standard Chartered PLC 580001 STAN
Suryoday Small Finance Bank Ltd 543279 SURYODAY
Tamilnad Mercantile Bank Ltd 543596 TMB
Times Bank Ltd (merged) 532252 TIMESBANK
Ujjivan Small Finance Bank Ltd 542904 UJJIVANSFB
United Western Bank Ltd(merged) 500430 UNIWESTBNK

Share Holding

Category No. of shares Percentage
Total Foreign 3248370147 12.97
Total Institutions 11004880650 43.92
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1914180402 7.64
Total Promoters 0 0.00
Total Public & others 8887549782 35.47
Total 25054980981 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Yes Bank Ltd

Yes Bank Ltd is engaged in providing a range of banking and financial services. The Bank operates in four segments: Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury segment includes investments, all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other Banks and financial institutions. The Corporate/Wholesale Banking segment includes lending, deposit taking and other services offered to corporate customers. The Retail Banking segment includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations segment includes para banking activities, such as third-party product distribution and merchant banking. Yes Bank's branch network stood at 1,050 branches and its ATM network stood at 1,724 as on 31 December 2017, which includes 573 Bunch Note Acceptors/Cash Recyclers. The branch and ATM network is spread in 29 states and 7 Union Territories. Yes Bank Ltd was incorporated on November 21, 2003. The bank was founded by Rana Kapoor. The Bank obtained certificate of commencement of business on January 21, 2004. In the year 2005, they forayed into retail banking with launch of International Gold and Silver debit card in partnership with MasterCard International. In June 2005, they came out with the public issue and their shares were listed on the stock exchanges. In December 2005, the Bank bagged Corporate Dossier award from Economic Times. In the year 2006, the Bank received Financial Express Awards for India's Best Banks. In April 2007, they made a tie-up with the Agriculture Insurance Company of India (AIC). The Bank was ranked as the No 1 Emerging Markets Sustainable Bank of the Year-Asia at the FT/IFC Washington Sustainable Banking Awards, 2008 in London. The Bank was ranked as the No 1 Bank in the Business Today-KPMG Best Banks Annual Survey, 2008. During the year 2008-09, the Bank opened 50 new branches and 18 new off-site ATMs. During the year 2009-10, the Bank opened 33 new branches. They opened 64 Branches during the year 2010-11. As of March 31, 2011, they operated 214 branches across 164 cities in India, and approximately 250 automated teller machines (ATMs). At the beginning of Financial Year 2010-11, the Bank embarked on an ambitious journey into the next phase of growth and launched YES BANK - VERSION 2.0, Building the Best Quality Bank of the World in India. Version 2.0 is clearly the most stimulating phase in the life cycle of YES BANK with a vision of establishing 750 branches, 3000 ATMs, 12,000 employees, Rs 125,000 Cr. Deposit base, Rs 100,000 Cr. Loan book and a Rs 150,000 Cr. Balance Sheet size by 2015. On 18 September 2013, Yes Bank announced that it has successfully closed equivalent to USD 255 million by way of Dual Currency, Multi-tenor Syndicated Foreign Currency Loan Facility. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks representing 8 countries across US, Europe, Middle East, Asia and Australia. The said facility shall be utilized for general corporate purposes and trade finance for our valued clients. On 31 March 2014, Yes Bank announced that it has recently raised additional USD 34 million from DEG, through a long term senior loan agreement for a tenor of 6 years. This loan arrangement follows Yes Bank raising dual tranche USD 150 million from IFC, Washington, a member of the World Bank Group, for tenor of 2 and 7 years, in December 2013. Yes Bank was the first institution globally to receive funding through IFC's Managed Co-Lending Portfolio Program and the first Indian bank to raise loan under IFC's A/B loan facility. On 30 May 2004, Yes Bank announced that it has successfully closed a qualified institutional placement to raise USD 500 million (Rs 2942 crore) at issue price of Rs 550 per share. On 18 July 2014, Yes Bank and TRANSFAST, a leading international money transfer company, announced the launch of online money transfer services with instant deposits to customer accounts with any bank in India through innovative technology offered by Yes Bank and running on the National Payments Corporation of India (NPCI) core platform. This service facilitates real-time deposits of funds to all banks currently connected to the NPCI platform for inward remittances and is available 24 hours a day/7 days a week/365 days a year, setting a new standard money transfer services. On 15 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency ICRA for its various long term debt programmes. The rating upgrades factor in Yes Bank's continued robust operating performance with its ability to maintain strong asset quality indicators through cycles and improving CASA base with increasing granularity in the liability franchise. The ratings also factor in the highly successful recent equity mobilisation of USD 500 million by the bank that further strengthens its capitalisation profile. On 30 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency Credit Analysis & Research (CARE) for its lower Tier II, upper Tier II and perpetual bonds. The ratings upgrade comes due to Yes Bank's consistent profitability performance, capital-raising ability and steady asset quality across economic cycles. On 20 October 2014, Yes Bank announced that it has successfully raised equivalent of USD 422 million by way of Dual Currency Multi-tenor Syndicated Loan Facility. The facility has a maturity of 1, 2 and 3 years. The loan has been widely distributed, with commitments being received from 21 banks, representing 14 countries across the US, Europe, Africa, Middle East, Japan, Taiwan & Australia, with larger commitment coming in the 2 & 3 year tranches. The said facility shall be utilized for general corporate purposes. On 23 December 2014, Yes Bank announced that it has successfully raised USD 200 million unsecured loan facility from the Asian Development Bank. The loan will be used by Yes Bank to lend the Indian rupee equivalent amount to finance working capital and investment loans targeted towards small farm households and rural women in Self Help Groups (SHGs). On 25 February 2015, Yes Bank announced that it has successfully issued India's first ever Green Infrastructure Bonds raising an amount of Rs 1000 crore. The issue launched on 16 February 2015 for Rs 500 crore plus green shoe option witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds, resulting in a total subscription of Rs 1000 crore and was closed on 24 February 2015. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance Green Infrastructure Projects in Renewable Energy including Solar Power, Wind Power, Biomass, and Small Hydel Projects. The Board of Directors of Yes Bank at its meeting held on 22 April 2015 approved the proposal to seek final approval of shareholders for increase in the limit for the FII/FPI of upto 74% of the paid up share capital of the bank from the existing limit of 49% of the paid up share capital. In another decision, the Board empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to US$ 1 billion in one or more tranches on such terms and conditions as it may deem fit. The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), or by any other appropriate mode as decided by the Capital Raising Committee. The Board also approved sponsored Level I Depository Receipt (DR) issuance programme of upto 10 million DRs, with conversion of 2 equity shares to 1 DR, pursuant to the Depository Receipts Scheme, 2014 (the Scheme) for facilitating issue of depository receipts (the DR) outside India against underlying existing equity shares through a Foreign Depository through sponsored/unsponsored route. On 14 July 2015, Yes Bank announced that it has received approval from the Reserve Bank of India to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). Establishing the IBU will propel Yes Bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency (FCY) funding. It will also allow Yes Bank to raise FCY funding through MTNs and other routes as appropriate. On 5 August 2015, Yes Bank announced that it has raised Rs 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation, Washington. This is the first investment by IFC in an Emerging Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance green infrastructure projects like solar power and wind power in the renewable energy space. Speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2015 in Chennai, Rana Kapoor, MD & CEO of Yes Bank announced on 9 September 2015 the planned launch of Yes Bank's single largest National Centralised Operations Management and Services Delivery facility in Ambattur - Chennai. This Chennai facility which is envisaged as the future of Banking Services, Operations & technology of the world, in India, will be spread across 4 lac square ft space. As the anchor tenant, the tower will be named Yes Bank Tower Centre of Management Excellence and will be expanded to 9 lac sq ft in the second phase by March 2018. The Phase 1 of the facility is expected to become operational by Q1 FY 2017. On 27 October 2015, Yes Bank announced that it has operationalised its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec City (GIFT), thus becoming the first bank to have begun its operations by setting up an IBU in GIFT city. On 31 December 2015, Yes Bank announced that the bank has successfully raised Rs 1500 crore of Basel III compliant Tier II bonds. The bonds will be listed on the BSE Limited. On 30 November 2015, Yes Bank announced that it has signed an agreement with the Overseas Private Investment Corporation (OPIC), the US government's Development Finance Institution, for debt financing of $245 million to increase lending to micro, small and medium enterprises (MSMEs) in India. US-based lender Wells Fargo Bank, N.A. will act as sponsor and co-lender to the project, providing a loan of $20 million, bringing the total facility amount to $265 million. Specifically, half of the financing will be used to support either Micro-SMEs or SMEs in underserved rural and urban markets. On 19 January 2016, Yes Bank formalised the Memorandum of Understanding signed with The London Stock Exchange during Prime Minister Narendra Modi's UK visit in November 2015, to develop bond and equity issuance, with particular focus on the relatively untapped sector of Green Infrastructure Finance. As part of the agreement with London Stock Exchange Group, Yes Bank confirmed that it plans to list a Green Bond of up to $500 million on London Stock Exchange by December 2016. On 3 March 2016, Yes Bank announced that it has acquired 5 lakh equity shares of Institutional Investor Advisory Services (IiAS) from BSE Limited which is equivalent to 5.006% of the paid-up capital of IiAS. IiAS is a proxy advisory firm, dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions. On 27 July 2016, Yes Bank announced that it has received an inprinciple approval from the Securities & Exchange Board of India (SEBI) to sponsor a mutual fund and to setup an Asset Management Company (AMC) and a Trustee Company. The AMC and the Trust Company will be set up as wholly owned subsidiaries of the bank. Yes Bank said that the AMC will further strengthen Yes Bank's expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable fund management franchise. Earlier, in October 2015, Yes Bank received approval from the Reserve Bank of India to sponsor a Mutual Fund and to setup Asset Management Company (AMC) and a Trustee Company. On 8 September 2016, Yes Bank announced its decision to defer qualified institutions placement (QIP) of its equity shares due to heightened volatility in stock price during early course of trading hours on that day. On 27 September 2016, Yes Bank announced that it will raise Rs 330 crore (approximately USD 50 million equivalent) through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. FMO will be investing in Yes Bank's bonds through FMO's own sustainable bonds. The amount raised will be used by Yes Bank to finance green infrastructure, including solar and wind projects in the renewable energy space. This issuance would be externally assured by a reputed third party. An external annual review and monitoring would be undertaken on the use of proceeds in line with the Green Bond Principles 2016. On 4 October 2016, Yes Bank announced that it has successfully raised Rs 2135 crore (including green shoe of Rs 1135 crore) by issuing Senior Long-term Infrastructure Bonds on private placement basis. The proceeds from the Infrastructure Bonds will be used to finance long term projects in infrastructure and its allied sub-sectors, in accordance with the guidelines issued by the Reserve Bank of India. On 2 November 2016, Yes Bank announced that it has generated $ 650 million worth of business outstanding (Customer Assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). Yes Bank was the first bank to start operations in GIFT City in October 2015. On 29 March 2017, Yes Bank announced closure of qualified institutions placement (QIP) of its equity shares. The bank successfully raised Rs 4906.65 crore from issue of 3.27 crore shares at the issue price of Rs 1,500 per share. The Capital Raising Committee of the Board of Yes Bank on 16 October 2017 approved the issue of Perpetual Subordinated Unsecured Non Convertible BASEL III compliant Additional Tier I Bonds in the nature of Debentures of Rs 10 lakh each aggregating to Rs 3000 crore, with a Green shoe option to retain oversubscription to the extent of an additional Rs 3000 crore. The Board of Directors of Yes Bank at its meeting held on 26 July 2017 approved sub-division of equity shares from 1 equity share of Rs 10 each into 5 equity shares of Rs 2 each. On 21 November 2017, Yes Bank announced that it has raised USD 400 million through two syndicated loan transactions in Taiwan and Japan, comprising USD 250 million from Taiwanese banks and JPY 16.5 billion (USD 150 million) from Japan. On 23 November 2017, Yes Bank announced that it has been included in the MSCI All Country World Index (ACWI) - ESG Leaders Index and MSCI ACWI SRI Index. This makes the bank the first and only Indian bank to be part of the three global ESG benchmark indices - MSCI ESG/SRI, DJSI and FTSE4Good in 2017. On 29 November 2017, Yes Bank announced that the Capital Raising Committee of the Board of the bank at its meeting held on 29 November 2017 has considered and approved the bank's proposal to set up the Medium Term Note (MTN) Programme for an amount of USD 1 billion to eligible investors, from time to time, in one or more tranches and/or series, under the MTN programme of the Bank within limits permitted by regulatory authorities. On 12 December 2017, Yes Bank subscribed to and was allotted 9.4 lakh equity shares constituting 5.62% of the post-issue paid-up capital of OPOSL under the anchor investor portion in the initial public offer of OPOSL on the Emerge platform of National Stock Exchange of India. OPOSL is primarily a domestic BPO mainly engaged in outsourcing services which includes inbound and outbound call, bank office/transaction processing, data management services and business analytics catering to clients across industries including telecommunications, BFSI, travel, manufacturing, E-commerce etc. On 18 December 2017, Yes Bank made its entry in the 30-share S&P BSE Sensex. On 19 December 2017, Yes Bank announced that expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank (EIB) and Yes Bank. Yes Bank will manage the co-financing programme for construction of new solar power plants and wind farms across the country. This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market. On 17 January 2018, Yes Bank announced that it has signed solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution Limited (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023. On 7 February 2018, Yes Bank announced that it has successfully completed issuance of its maiden USD 600 million bond issue in the international debt markets. The bonds received an overwhelming response from international investors and saw a final order book, at a spread of 130 basis points, being oversubscribed by more than 1.83 times from over 90 accounts. The proceeds will be used to fund the bank's IFSC Banking Unit (IBU) in Gift City and expand IBU's rapidly growing business opportunities. Earlier, the Capital Raising Committee of the Board of the bank on 2 February 2018 approved the issuance and allotment of fixed rate notes for an aggregate principal amount of USD 600 nillion under the Medium Term Note programme of the bank. On 14 February 2018, Yes Bank announced the listing of the bank's debut USD 600 million bond issue under its maiden USD 1 billion MTN programme on Global Securities Market (GSM), India's first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City (GIFT City) IFSC. On 16 February 2016, Yes Bank clarified to the stock exchanges that the bank has nil exposure to the entities that were associated with the fraud in the gems and jewellery sector. The Capital Raising Committee of the Board of Yes Bank on 21 February 2018 approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III compliant Tier 2 Bonds, in the nature of debentures, of Rs 10 lakh each aggregating to Rs 3000 crore. On 13 March 2018, Yes Bank announced that has acquired 8.97 crore equity shares, constituting 17.31% of the paid-up share capital of Fortis Healthcare Limited, pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank. On 15 March 2018, Yes Bank announced that it has sold 1.12 crore shares, constituting 2.17% of the paid up share capital of Fortis Healthcare Limited, in various tranches last being on 15 March 2018. On 16 March 2018, Yes Bank announced that Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., achieved financial closure for its 250 MW solar power project to be located in Rewa District of Madhya Pradesh with Yes Bank for financial assistance in the form of project debt to the extent of Rs 750 crore and from other financial institutions up to Rs 200 crore. The Capital Raising Committee of the Board of Yes Bank on 21 March 2018 approved a proposed drawdown of the second tranche under the US$ 1 billion Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities.

Yes Bank Ltd Chairman Speech

A new beginning with unbounded opportunities

Dear Shareholders,

YES BANK has now traversed beyond two years on its extraordinary transformational journey post the Bank's Reconstruction in March 2020. After deftly navigating a challenging macro scenario in the wake of COVID-19 and other extraneous factors, your Bank is now well placed to deliver accelerated solid growth into the future in an inclusive and sustainable way. Despite several challenges, the Bank turned a significant corner and achieved a historic milestone of returning to robust profitability after a gap of two years.

To ensure seamless and quality growth from hereon, our top priorities would be to extend the boundaries of safe and easy banking, establish new paradigms of customer satisfaction, sharpen our operating performance, and foster innovation and digitisation that will give strong momentum to our fast-emerging business evolution. Your Bank will continue to ensure that this quality and sustainable growth is achieved by maintaining the highest standards of governance, compliance, and risk assurance.

EXTERNAL ENVIRONMENT

FY 2021-22 has been a year of resurgence for the economy, and our growth curve has gained from this upswing. After a year of contraction of 6.6% in 2020-21, the Indian economy is back on track in FY 2021-22 and has grown by 8.7%. Agricultural growth remained in the positive territory through the period of the COVID-19 restrictions. Manufacturing sector growth was at 9.9% in FY 2021-22, after being in a contraction zone in the previous year while Services sector growth was strong at 8.4% in FY 2021-22, recovering from a 7.8% contraction in FY 2020-21.

The new fiscal has started with its challenges as the world economy remains on edge against global inflationary pressures and the unexpected Russia-Ukraine conflict and its broader geopolitical implications. With oil and commodity prices ratcheting up, India's macro fundamentals are also likely to be under pressure, especially as inflationary contagion worsens and external sector vulnerability increases. Consequential potential adverse impact and volatility of fixed income and capital markets will need to be closely monitored. However, as per estimates by multilateral agencies, India would maintain its position among the fastest-growing economies globally, with RBI holding adequate stock of foreign exchange reserves to contain external sector vulnerabilities. Even with all these global uncertainties, we expect the government to continue its reforms process and support robust economic growth through calibrated public capital expenditure and continued policy modifications for ease of doing business.

Given the growing uncertainties over global and domestic risks, your Bank will maintain a strong vigil for unexpected risks. Over the past two years, we have steered through a very complex situation and developed robust risk processes. Therefore, the Bank remains confident of achieving its full potential in the current financial year by tapping into emerging growth

Balance Sheet crosses D3 lakh crore during the year and GNPA ratio improves to 13.9% vs 15.4% last year.

Opportunities and extending full support and services to the underserved.

TRANSFORMATION YIELDING STRONG RESULTS

The Bank's transformation journey is now near complete, and the restructuring is yielding strong results. While the year that followed the start of this transformation was about building more robust internal structures, risk management mechanisms and growing public trust, this year's focus has been on delivering on the promise and setting a definitive growth agenda for the future.

Your Bank has performed successfully across several key parameters despite the COVID-19 pandemic and other headwinds that slowed economic growth over the year. The Bank reported a net profit of Rs.1,066 crore in FY 2021-22-this is the first full year of profitability reported since FY19. Strong growth is reflected across total assets, advances, deposits, and the strategic objective of our advances mix between Retail and MSME to Corporate at 60:40 has been achieved. Our deposits growth has been leapfrogging ahead, with current account deposits growing by 39% and savings accounts deposits by 48% YoY. Our retail book has become more diversified this year, and we continue to keep a hawk-eye focus on the quality and collections under this book. The Bank's balance sheet crossed Rs.3 lakh crore for the first time since September 2019. GNPA ratio has improved to 13.9% vs 15.4% last year. These positive indicators

The next wave of digitisation in banking will be catalysed by intelligent platforms that extend serviceability and unlock new customer segments and business opportunities. Both our retail and wholesale businesses are designed to leverage this force multiplier.

Spotlight YES BANK'S transformation after the turbulence of the recent years, and we are deeply grateful to all our stakeholders for standing with us and demonstrating faith in us. We endeavour to deliver on our mission of being a customer-centric, service-driven bank catering to the future needs of India. For tomorrow belongs to those who shape it today.

RIDING THE TECH WAVE

The next wave of digitisation in banking will be catalysed by intelligent platforms that extend serviceability and unlock new customer segments and business opportunities. Both our retail and wholesale businesses are designed to leverage this force multiplier. A strong foundation has already been built with an extensive pan-India network of 1,122 branches. Our physical reach underpins the vast digital ecosystem that we carefully weld together as our digital frontend. The full-service virtual front end includes the Loan in Seconds platform and automated service initiatives like YES Robot and the CRM platform-YES Genie, resulting in lower turnaround times and higher productivity. We are already witnessing the gains, and in FY 2021-22, 74% of our new CASA accounts were sourced digitally.

PRODUCT AND SERVICE DIFFERENTIATION

A digitally advanced, feature-loaded frontend also requires a different perspective on products and services. We enable this through our indigenously developed single banking interface Insights2Engage. It uses business intelligence and analytics to generate personalized customer experiences and service differentiation. The interface intuitively transforms to create a service experience and cross-sell opportunities that emanate from an intelligent and correlated understanding of customers' banking profiles, unique customer histories and demographics.

Every customer is served with deep knowledge, in lesser time and with a higher conversion success. In this way, we are also transforming the sales and customer handling functions, making them more intimate, client-focused, and available on tap.

CUSTOMER SEGMENTS OF INTEREST

The banking space in India is ripe for disruptions, big and small. One kind of disruption is to bring unbanked customers into the fold-either through first-time access or by making inroads through synergistic service lines. Rural and semi-urban India holds enormous promise for driving value growth and profitability. We have been deepening our branch presence in rural regions and strategically partnering with technology providers for co-origination and cross-sell retail and SME assets, insurance, securities, and wealth offerings. We are also working as an ecosystem co-creator and enabler. YES bank's Agri Infinity programme aims to co-developing digital financial solutions for the food and agriculture ecosystem by mentoring entrepreneurial ventures in the field.

The MSME segment continues to remain attractive for us. The micro, small and medium businesses suffered the brunt of the COVID-19-related economic downturn. But there are some strong positives in their favour. They are also early and intensive users of tech-based banking. MSMEs have been able to pivot around quickly with a helping hand from the government. MSME business made up 24% of our advances base in FY 2021-22, and we see a huge potential for product volumes and customer size in this segment.

We are offering our entire product suite across all customer segments-HNIs, affluent, NRIs, mass, rural and inclusive banking, and retain the flexibility to roll out tailor-made solutions for specific customer groups. This is easier with our tech-enabled functionalities and a fully loaded digital frontend. Self-assist digital tools like the MSME App, Trade-On-Net, and FX Online illustrate the power of such customizability, helping internal

The banking space in India is ripe for disruptions, big and small.

One kind of disruption is to bring unbanked customers into the fold-either through first-time access or by making inroads through synergistic service lines. Rural and semi-urban India holds enormous promise for driving value growth and profitability.

business generation and a steady growth within the MSME segment.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PERFORMANCE

The Bank continues to reinforce its focus on ESG performance and leadership. During the year, the Bank constituted a Board level Corporate Social Responsibility and Environmental Social & Governance Committee to strengthen ESG governance and enhance the integration of environmental and social considerations into its business. To align with India's bold target of achieving net zero emissions by 2070, the Bank has pledged to reduce greenhouse gas emissions from its operations to net-zero by 2030. The Bank has also developed a carbon intensity target mix for its renewable and non-renewable energy generation portfolio to align with global 1.5-degree decarbonisation pathways. It also continues to build capacities toward climate risk measurement and mitigation. YES BANK believes that financial institutions have a significant role in building a climate-resilient, sustainable economy. The Bank continues to engage with stakeholders across the spectrum to create frameworks for mainstreaming sustainable finance and, in FY 202122, co-led the workstream Rs.Building Resilience in the Financial Sector' as part of the Task Force on Sustainable Finance, constituted by the Department of Economic Affairs, Ministry of Finance, Government of India.

REIMAGINING THE BANK

In conclusion, I am happy to report that the Bank continues to make confident strides within the domestic banking industry while simultaneously charting a new course of reimagining banking for India-and Bharat. Our strategy is to touch the future through the building blocks that we lay now. The Bank's technologically solid architecture has made us light on our feet, prescient on trends and opportunities, and quicker to closure, which is bearing fruit. YES BANK has restored market confidence through its performance in recent years-a feat recognised by rating agencies with outlooks turning positive on our capabilities as we continue to build businesses for the future.

OUR GRATITUDE

With lessons of the past now well integrated, we have emerged as a more innovative and more robust organization that is keenly aware of what is next and how to get there. I remain grateful for the confidence you have shown both in the new leadership and in the Bank's capabilities, and in your willingness to evaluate us on the strength of our achievements. As we go on to discover newer ways of creating value and consolidating our collective successes, I acknowledge and express gratitude for the trust placed on us by our esteemed customers, shareholders, regulators and all other stakeholders. That has helped guide us on our extraordinary journey in rejuvenating your Bank over the last two years. All of this would not have been possible without the exemplary commitment and conviction displayed by 24,346 YES BANKers, the enormous support of the regulators and my esteemed Board colleagues.

On behalf of YES BANK, I thank you for the opportunity to serve you and wish you continued success.

Best Regards,

SUNIL MEHTA

Chairman.

   

Yes Bank Ltd Company History

Yes Bank Ltd is engaged in providing a range of banking and financial services. The Bank operates in four segments: Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury segment includes investments, all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other Banks and financial institutions. The Corporate/Wholesale Banking segment includes lending, deposit taking and other services offered to corporate customers. The Retail Banking segment includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations segment includes para banking activities, such as third-party product distribution and merchant banking. Yes Bank's branch network stood at 1,050 branches and its ATM network stood at 1,724 as on 31 December 2017, which includes 573 Bunch Note Acceptors/Cash Recyclers. The branch and ATM network is spread in 29 states and 7 Union Territories. Yes Bank Ltd was incorporated on November 21, 2003. The bank was founded by Rana Kapoor. The Bank obtained certificate of commencement of business on January 21, 2004. In the year 2005, they forayed into retail banking with launch of International Gold and Silver debit card in partnership with MasterCard International. In June 2005, they came out with the public issue and their shares were listed on the stock exchanges. In December 2005, the Bank bagged Corporate Dossier award from Economic Times. In the year 2006, the Bank received Financial Express Awards for India's Best Banks. In April 2007, they made a tie-up with the Agriculture Insurance Company of India (AIC). The Bank was ranked as the No 1 Emerging Markets Sustainable Bank of the Year-Asia at the FT/IFC Washington Sustainable Banking Awards, 2008 in London. The Bank was ranked as the No 1 Bank in the Business Today-KPMG Best Banks Annual Survey, 2008. During the year 2008-09, the Bank opened 50 new branches and 18 new off-site ATMs. During the year 2009-10, the Bank opened 33 new branches. They opened 64 Branches during the year 2010-11. As of March 31, 2011, they operated 214 branches across 164 cities in India, and approximately 250 automated teller machines (ATMs). At the beginning of Financial Year 2010-11, the Bank embarked on an ambitious journey into the next phase of growth and launched YES BANK - VERSION 2.0, Building the Best Quality Bank of the World in India. Version 2.0 is clearly the most stimulating phase in the life cycle of YES BANK with a vision of establishing 750 branches, 3000 ATMs, 12,000 employees, Rs 125,000 Cr. Deposit base, Rs 100,000 Cr. Loan book and a Rs 150,000 Cr. Balance Sheet size by 2015. On 18 September 2013, Yes Bank announced that it has successfully closed equivalent to USD 255 million by way of Dual Currency, Multi-tenor Syndicated Foreign Currency Loan Facility. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks representing 8 countries across US, Europe, Middle East, Asia and Australia. The said facility shall be utilized for general corporate purposes and trade finance for our valued clients. On 31 March 2014, Yes Bank announced that it has recently raised additional USD 34 million from DEG, through a long term senior loan agreement for a tenor of 6 years. This loan arrangement follows Yes Bank raising dual tranche USD 150 million from IFC, Washington, a member of the World Bank Group, for tenor of 2 and 7 years, in December 2013. Yes Bank was the first institution globally to receive funding through IFC's Managed Co-Lending Portfolio Program and the first Indian bank to raise loan under IFC's A/B loan facility. On 30 May 2004, Yes Bank announced that it has successfully closed a qualified institutional placement to raise USD 500 million (Rs 2942 crore) at issue price of Rs 550 per share. On 18 July 2014, Yes Bank and TRANSFAST, a leading international money transfer company, announced the launch of online money transfer services with instant deposits to customer accounts with any bank in India through innovative technology offered by Yes Bank and running on the National Payments Corporation of India (NPCI) core platform. This service facilitates real-time deposits of funds to all banks currently connected to the NPCI platform for inward remittances and is available 24 hours a day/7 days a week/365 days a year, setting a new standard money transfer services. On 15 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency ICRA for its various long term debt programmes. The rating upgrades factor in Yes Bank's continued robust operating performance with its ability to maintain strong asset quality indicators through cycles and improving CASA base with increasing granularity in the liability franchise. The ratings also factor in the highly successful recent equity mobilisation of USD 500 million by the bank that further strengthens its capitalisation profile. On 30 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency Credit Analysis & Research (CARE) for its lower Tier II, upper Tier II and perpetual bonds. The ratings upgrade comes due to Yes Bank's consistent profitability performance, capital-raising ability and steady asset quality across economic cycles. On 20 October 2014, Yes Bank announced that it has successfully raised equivalent of USD 422 million by way of Dual Currency Multi-tenor Syndicated Loan Facility. The facility has a maturity of 1, 2 and 3 years. The loan has been widely distributed, with commitments being received from 21 banks, representing 14 countries across the US, Europe, Africa, Middle East, Japan, Taiwan & Australia, with larger commitment coming in the 2 & 3 year tranches. The said facility shall be utilized for general corporate purposes. On 23 December 2014, Yes Bank announced that it has successfully raised USD 200 million unsecured loan facility from the Asian Development Bank. The loan will be used by Yes Bank to lend the Indian rupee equivalent amount to finance working capital and investment loans targeted towards small farm households and rural women in Self Help Groups (SHGs). On 25 February 2015, Yes Bank announced that it has successfully issued India's first ever Green Infrastructure Bonds raising an amount of Rs 1000 crore. The issue launched on 16 February 2015 for Rs 500 crore plus green shoe option witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds, resulting in a total subscription of Rs 1000 crore and was closed on 24 February 2015. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance Green Infrastructure Projects in Renewable Energy including Solar Power, Wind Power, Biomass, and Small Hydel Projects. The Board of Directors of Yes Bank at its meeting held on 22 April 2015 approved the proposal to seek final approval of shareholders for increase in the limit for the FII/FPI of upto 74% of the paid up share capital of the bank from the existing limit of 49% of the paid up share capital. In another decision, the Board empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to US$ 1 billion in one or more tranches on such terms and conditions as it may deem fit. The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), or by any other appropriate mode as decided by the Capital Raising Committee. The Board also approved sponsored Level I Depository Receipt (DR) issuance programme of upto 10 million DRs, with conversion of 2 equity shares to 1 DR, pursuant to the Depository Receipts Scheme, 2014 (the Scheme) for facilitating issue of depository receipts (the DR) outside India against underlying existing equity shares through a Foreign Depository through sponsored/unsponsored route. On 14 July 2015, Yes Bank announced that it has received approval from the Reserve Bank of India to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). Establishing the IBU will propel Yes Bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency (FCY) funding. It will also allow Yes Bank to raise FCY funding through MTNs and other routes as appropriate. On 5 August 2015, Yes Bank announced that it has raised Rs 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation, Washington. This is the first investment by IFC in an Emerging Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance green infrastructure projects like solar power and wind power in the renewable energy space. Speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2015 in Chennai, Rana Kapoor, MD & CEO of Yes Bank announced on 9 September 2015 the planned launch of Yes Bank's single largest National Centralised Operations Management and Services Delivery facility in Ambattur - Chennai. This Chennai facility which is envisaged as the future of Banking Services, Operations & technology of the world, in India, will be spread across 4 lac square ft space. As the anchor tenant, the tower will be named Yes Bank Tower Centre of Management Excellence and will be expanded to 9 lac sq ft in the second phase by March 2018. The Phase 1 of the facility is expected to become operational by Q1 FY 2017. On 27 October 2015, Yes Bank announced that it has operationalised its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec City (GIFT), thus becoming the first bank to have begun its operations by setting up an IBU in GIFT city. On 31 December 2015, Yes Bank announced that the bank has successfully raised Rs 1500 crore of Basel III compliant Tier II bonds. The bonds will be listed on the BSE Limited. On 30 November 2015, Yes Bank announced that it has signed an agreement with the Overseas Private Investment Corporation (OPIC), the US government's Development Finance Institution, for debt financing of $245 million to increase lending to micro, small and medium enterprises (MSMEs) in India. US-based lender Wells Fargo Bank, N.A. will act as sponsor and co-lender to the project, providing a loan of $20 million, bringing the total facility amount to $265 million. Specifically, half of the financing will be used to support either Micro-SMEs or SMEs in underserved rural and urban markets. On 19 January 2016, Yes Bank formalised the Memorandum of Understanding signed with The London Stock Exchange during Prime Minister Narendra Modi's UK visit in November 2015, to develop bond and equity issuance, with particular focus on the relatively untapped sector of Green Infrastructure Finance. As part of the agreement with London Stock Exchange Group, Yes Bank confirmed that it plans to list a Green Bond of up to $500 million on London Stock Exchange by December 2016. On 3 March 2016, Yes Bank announced that it has acquired 5 lakh equity shares of Institutional Investor Advisory Services (IiAS) from BSE Limited which is equivalent to 5.006% of the paid-up capital of IiAS. IiAS is a proxy advisory firm, dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions. On 27 July 2016, Yes Bank announced that it has received an inprinciple approval from the Securities & Exchange Board of India (SEBI) to sponsor a mutual fund and to setup an Asset Management Company (AMC) and a Trustee Company. The AMC and the Trust Company will be set up as wholly owned subsidiaries of the bank. Yes Bank said that the AMC will further strengthen Yes Bank's expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable fund management franchise. Earlier, in October 2015, Yes Bank received approval from the Reserve Bank of India to sponsor a Mutual Fund and to setup Asset Management Company (AMC) and a Trustee Company. On 8 September 2016, Yes Bank announced its decision to defer qualified institutions placement (QIP) of its equity shares due to heightened volatility in stock price during early course of trading hours on that day. On 27 September 2016, Yes Bank announced that it will raise Rs 330 crore (approximately USD 50 million equivalent) through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. FMO will be investing in Yes Bank's bonds through FMO's own sustainable bonds. The amount raised will be used by Yes Bank to finance green infrastructure, including solar and wind projects in the renewable energy space. This issuance would be externally assured by a reputed third party. An external annual review and monitoring would be undertaken on the use of proceeds in line with the Green Bond Principles 2016. On 4 October 2016, Yes Bank announced that it has successfully raised Rs 2135 crore (including green shoe of Rs 1135 crore) by issuing Senior Long-term Infrastructure Bonds on private placement basis. The proceeds from the Infrastructure Bonds will be used to finance long term projects in infrastructure and its allied sub-sectors, in accordance with the guidelines issued by the Reserve Bank of India. On 2 November 2016, Yes Bank announced that it has generated $ 650 million worth of business outstanding (Customer Assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). Yes Bank was the first bank to start operations in GIFT City in October 2015. On 29 March 2017, Yes Bank announced closure of qualified institutions placement (QIP) of its equity shares. The bank successfully raised Rs 4906.65 crore from issue of 3.27 crore shares at the issue price of Rs 1,500 per share. The Capital Raising Committee of the Board of Yes Bank on 16 October 2017 approved the issue of Perpetual Subordinated Unsecured Non Convertible BASEL III compliant Additional Tier I Bonds in the nature of Debentures of Rs 10 lakh each aggregating to Rs 3000 crore, with a Green shoe option to retain oversubscription to the extent of an additional Rs 3000 crore. The Board of Directors of Yes Bank at its meeting held on 26 July 2017 approved sub-division of equity shares from 1 equity share of Rs 10 each into 5 equity shares of Rs 2 each. On 21 November 2017, Yes Bank announced that it has raised USD 400 million through two syndicated loan transactions in Taiwan and Japan, comprising USD 250 million from Taiwanese banks and JPY 16.5 billion (USD 150 million) from Japan. On 23 November 2017, Yes Bank announced that it has been included in the MSCI All Country World Index (ACWI) - ESG Leaders Index and MSCI ACWI SRI Index. This makes the bank the first and only Indian bank to be part of the three global ESG benchmark indices - MSCI ESG/SRI, DJSI and FTSE4Good in 2017. On 29 November 2017, Yes Bank announced that the Capital Raising Committee of the Board of the bank at its meeting held on 29 November 2017 has considered and approved the bank's proposal to set up the Medium Term Note (MTN) Programme for an amount of USD 1 billion to eligible investors, from time to time, in one or more tranches and/or series, under the MTN programme of the Bank within limits permitted by regulatory authorities. On 12 December 2017, Yes Bank subscribed to and was allotted 9.4 lakh equity shares constituting 5.62% of the post-issue paid-up capital of OPOSL under the anchor investor portion in the initial public offer of OPOSL on the Emerge platform of National Stock Exchange of India. OPOSL is primarily a domestic BPO mainly engaged in outsourcing services which includes inbound and outbound call, bank office/transaction processing, data management services and business analytics catering to clients across industries including telecommunications, BFSI, travel, manufacturing, E-commerce etc. On 18 December 2017, Yes Bank made its entry in the 30-share S&P BSE Sensex. On 19 December 2017, Yes Bank announced that expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank (EIB) and Yes Bank. Yes Bank will manage the co-financing programme for construction of new solar power plants and wind farms across the country. This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market. On 17 January 2018, Yes Bank announced that it has signed solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution Limited (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023. On 7 February 2018, Yes Bank announced that it has successfully completed issuance of its maiden USD 600 million bond issue in the international debt markets. The bonds received an overwhelming response from international investors and saw a final order book, at a spread of 130 basis points, being oversubscribed by more than 1.83 times from over 90 accounts. The proceeds will be used to fund the bank's IFSC Banking Unit (IBU) in Gift City and expand IBU's rapidly growing business opportunities. Earlier, the Capital Raising Committee of the Board of the bank on 2 February 2018 approved the issuance and allotment of fixed rate notes for an aggregate principal amount of USD 600 nillion under the Medium Term Note programme of the bank. On 14 February 2018, Yes Bank announced the listing of the bank's debut USD 600 million bond issue under its maiden USD 1 billion MTN programme on Global Securities Market (GSM), India's first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City (GIFT City) IFSC. On 16 February 2016, Yes Bank clarified to the stock exchanges that the bank has nil exposure to the entities that were associated with the fraud in the gems and jewellery sector. The Capital Raising Committee of the Board of Yes Bank on 21 February 2018 approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III compliant Tier 2 Bonds, in the nature of debentures, of Rs 10 lakh each aggregating to Rs 3000 crore. On 13 March 2018, Yes Bank announced that has acquired 8.97 crore equity shares, constituting 17.31% of the paid-up share capital of Fortis Healthcare Limited, pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank. On 15 March 2018, Yes Bank announced that it has sold 1.12 crore shares, constituting 2.17% of the paid up share capital of Fortis Healthcare Limited, in various tranches last being on 15 March 2018. On 16 March 2018, Yes Bank announced that Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., achieved financial closure for its 250 MW solar power project to be located in Rewa District of Madhya Pradesh with Yes Bank for financial assistance in the form of project debt to the extent of Rs 750 crore and from other financial institutions up to Rs 200 crore. The Capital Raising Committee of the Board of Yes Bank on 21 March 2018 approved a proposed drawdown of the second tranche under the US$ 1 billion Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities.

Yes Bank Ltd Directors Reports

TO,

THE MEMBERS,

Your Director's are pleased to present the Eighteenth Annual Report on the business and operations of the Bank together with the audited financial statements (standalone as well as consolidated) for the financial year ended March 31, 2022.

BUSINESS OVERVIEW

FY 2021-22 was the second year of the new journey of YES Bank under the new management post the Yes Bank Limited Reconstruction Scheme, 2020 ("Scheme") which was implemented in March 2020. The first year was the year of rebuilding the Bank while this year has been the year of growing the Bank. The Directors are pleased to inform the shareholders that the Bank's Total Assets in FY 2021-22 crossed Rs. 3 lakh Crore, deposits at nearly Rs. 2 lakh Crore and CASA ratio at 31%.

The Bank is on a transformation journey and has emerged as a re-energised, recapitalised and recalibrated organisation, by leveraging on a unique opportunity to learn from past challenges and become stronger, while continuing to fulfill its unwavering commitment towards its customers and stakeholders. The Bank is on track to achieve its Strategic Objectives and none of this would have been possible without the confidence reposed of the Bank's customers, depositors and investors. The confidence of stakeholders has not only been seen through the improving financial performance of the Bank during the last year, but also through external validation in the form of Credit Rating upgrades, successful client win-backs and acquisition strategy, re-inclusion of the stock in marquee indices amongst others.

The Bank undertook multiple initiatives to grow the Bank's business and launched tailored propositions for its customers -

• Continued to deepen customer relationship and wallet share for existing Bank customers, while focusing on attractive tailored propositions for new customers such as the newly launched Yes Private & YES Family programmes

• Enhanced digital customer sales and servicing model and enable remote interactions for key processes such as the launch of video KYC for account opening, WhatsApp Banking, remote payment service for merchants.

• Kickstarted and/or implemented many key initiatives in customer personalisation using Chatbots, data analytics, innovation in Cloud platforms, intelligent automation through robotics etc.

• Committed to reduce green-house gas emissions to net zero by 2030

• Ranked No. 2 amongst Large-Sized Banks in the Best places to work in India 2021 awards, conducted by AmbitionBox.com

• Among the 100 Best Emerging Market Performers as assessed by VE, part of Moody's ESG

The Bank continued its efforts towards building a stronger retail franchise with contribution of retail advances compared to total advances, increased to 36% in FY 2021 -22 compared to 30% in FY 2020-21. Digitisation remains the Bank's key pillar to grow the Retail, MSME and the Transaction Banking businesses. The Wholesale Bank has seen new sanctions/disbursements of Rs. 16,000 crore in FY2021-22 with focus on working capital financing to higher rated corporates. The Bank has significant presence within the new-age payments space with the highest market share of 43% in UPI transactions (by volume) in FY 2021-22.

STATE OF THE AFFAIRS OF THE BANK

The Bank's fundamentals have strengthened and it has emerged from the crisis as a financially sound, well capitalised, well governed institution, with customer centricity and digital at the heart of its strategy. The Bank remains focused on its priorities and looks to continue this momentum onwards and upwards so that it can deliver on its strategic objectives while creating superior value for all its stakeholders.

Strategic Objectives for FY23 and Medium Term

1. CASA ratio at 35% for FY23 and > 40% in the medium term

2. Granular Advances: Retail/MSME to further improve by > 400 bps in FY23

3. Advances Growth of > 15% in FY23 of which Corporate growth of 10% and Medium Enterprises, SME and Retail to grow > 25%

4. Focused Stressed Assets Recoveries and Upgrades > Rs. 5,000 crore in FY23

5. ROA > 0.75% in FY23 and Medium term target of 1%-1.5%

BUSINESS OUTLOOK

• Corporate credit growth trajectory is expected to have an upshift on the back of significant increase in capex outlay in Union Budget with a sharp focus on public infrastructure as well as Production Linked Incentives (PLI) scheme announced for 13 key sectors by the government.

• Improved resilience of the banking system is likely to support stronger credit growth to MSME's and retail segments. Home Loans will be a major driver of credit growth as demand for residential purchases is expected to continue growing. Unsecured Lending is also expected to see improvement as the segment will continue to be attractive on a risk-adjusted return basis.

• Overall, the Indian Banking Sector is well positioned to fund faster credit growth, with healthy capital buffers, high profitability metrics, and waning asset quality pressures. These factors together with a strong deposits growth augur well for the Banking sector.

• While, the above-mentioned are positive for the sector, there are also certain risks that could impact the sector, such as a fresh surge in COVID-19 cases on the back of new variants, continued geopolitical tensions that could impact many downstream sectors (some of which are already under pressure because of increased commodity prices); and, finally higher-than-expected slowdown in private consumption.

CHANGE IN THE NATURE OF BUSINESS

During the year under review, there has been no change in the nature of business of the Bank.

FINANCIAL PERFORMANCE (STANDALONE)

(R. in million)
Particulars April 01, 2021 to March 31, 2022 April 01, 2020 to March 31, 2021 Change
Deposits 1,971,917.33 1,629,466.42 342,450.91
Borrowings 722,045.84 639,490.85 82,554.99
Advances 1,810,519.91 1,668,929.94 141,589.97
Total Assets/Liabilities 3,182,202.25 2,735,427.65 446,774.60
Net Interest Income 64,978.54 74,286.02 (9,307.48)
Non Interest Income 32,624.69 30,116.94 2,507.75
Operating profit 29,159.29 46,482.81 (17,323.52)
Provisions and Contingencies 14,800.81 93,833.55 (79,032.74)
Profit before Tax 14,358.48 (47,350.74) 61,709.22
Provision for taxes 3,696.36 (12,728.47) 16,424.83
NET PROFIT 10,662.12 (34,622.27) 45,284.39
Add: Surpius/(Deficit) brought forward from last period (108,719.60) (68,973.88) (39,745.72)
Amount available for appropriation (98,057.48) (103,596.15) 5,538.67
Appropriations
Statutory Reserve under Section 17 of the Banking Regulation Act, 1949 2,665.53 - 2,665.53
Capital Reserve 108.31 4,969.76 (4,861.45)
Investment Reserve 34.30 153.70 (119.40)
Investment Fluctuation Reserve 1,347.89 - 1,347.89
Surplus carried to Balance Sheet (102,213.50) (108,719.60) 6,506.10
Key Performance Indicators
Net Interest Margin 2.3% 2.8%
Return on Annual Average Assets 0.36% (1.30%)
Return on Equity 3.19% (11.42%)
Cost to Income Ratio 70.1% 55.5%

Net Profit for FY 2021-22 is Rs. 10,662 million as compared to loss of Rs. 34,622.27 million for the FY 2020-21. However the Bank's operating profit decreased by 37.3% YoY on back of NII contraction and higher operating expenses. Further the Bank has provided Rs. 15,088.98 million towards non performing investments and non performing advances during the year.

Net Interest income (NII) of the Bank decreased by 12.5% to Rs. 64,978.54 million during FY 2021-22 as compared to Rs. 74,286.02 million during FY 2020-21. The Net Interest Margin (NIM) was 2.3% in FY 2021-22. Non interest income consists of fee, trade income and gain on sale of securities. Non interest income increased by 8.3% from Rs. 30,116.94 million in FY 2020-21 to Rs. 32,624.69 million in FY 2021-22.

Operating expenses increased by 18.2% from Rs. 57,920.15 million in FY 2020-21 to Rs. 68,443.94 million in FY 2021-22. The employee cost increased from Rs. 24,303.78 million in FY 2020-21 to Rs. 28,556.91 in FY 2021-22. Other operating cost increased by 18.65% from Rs. 33,616.37 million in FY 2020-21 to Rs. 39,887.03 million in FY 2021-22.

Provisions and contingencies (excluding provision for taxes) decreased by 84.2% from Rs. 93,833.55 million in FY 2020-21 to Rs. 14,800.81 million in FY 2021-22 mainly due to reduction in provision for non-performing advances as compared to provisions made in FY 2020-21. Please refer to the section on Financial and Operating Performance in the Management Discussion and Analysis for a detailed analysis of financial data.

DIVIDEND

During FY 2021-22, the Bank had not declared any dividend on equity shares. RBI vide circular dated April 22, 2021 allowed banks to pay dividend for the financial year ended March 31, 2021, subject to the quantum of dividend being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in the RBI guidelines. However, during FY 2020-21, the Bank had reported a loss and as a consequence to that the Bank had not declared any dividend.

TRANSFER TO RESERVES

As per requirement of RBI regulations, the Bank has transferred the following amounts to various reserves during Financial Year ended March 31, 2022:

Amount transferred to Amount in Rs. million
Statutory Reserve 2,665.53
Capital Reserve 108.31
Investment Reserve 34.30
Investment Fluctuation Reserve 1,347.89

TRANSFER OF EQUITY SHARES, UNPAID/ UNCLAIMED DIVIDEND TO THE INVESTOR EDUCATION AND PROTECTION FUND

In accordance with the applicable provisions of the Companies Act, 2013 read with Rules made thereunder, during the FY 2021-22, the Bank has transferred to the credit of the Investor Education and Protection Fund ('IEPF') administered by the Central Government, 27,588 number of equity shares and unpaid dividend amount of Rs. 1,881,000 which had remained unclaimed/ unpaid for a period of seven (7) consecutive years.

CAPITAL RAISING & CAPITAL ADEQUACY RATIO (CAR)

During FY 2021 -22 the Bank has not raised any capital.

The Bank has not issued any equity shares with differential voting rights during the year.

During the year under review, the Bank has issued 47000 equity shares of face value Rs. 2 each pursuant to the exercise of stock options aggregating to Rs. 94,000/-.

Post allotment of aforesaid equity shares, the issued, subscribed and paid up share capital of the Bank stands at Rs. 50,109,905,962 comprising of 25,054,952,981 equity shares of Rs. 2 each as on March 31, 2022.

Movement in Share Captial & Capital Adequacy Ratio (CAR)

(R. in million)
Share Capital As at March 31, 2022 As at March 31, 2021
Opening Share Capital 50,109.81 25,100.94
Addition due to exercise of Stock Option 0.09 -
Addition due to shares issued for QIP/FPO - 25,008.87
Addition due to shares issued under Reconstruction scheme - -
Closing Share Capital 50,109.90 50,109.81

Capital Adequacy Ratio of your Bank stood at 17.4% as at March 31, 2022 as compared to 17.5% as at March 31, 2021. CET-1 /Tier I Capital Ratio at 11.6% and Tier II Capital Ratio was 5.8% as at March 31, 2022.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') is presented in a separate section forming part of the Annual Report.

RISK MANAGEMENT FRAMEWORK

The Bank's Enterprise Risk Management framework encompasses the following:

Risk Governance Framework: The Bank has implemented an Enterprise Risk Governance framework to ensure non-silo based management and oversight of Risk. The Bank's Risk Management philosophy is guided by the Three Lines of Defence:

- First Line of Defence-Business Management: Each business segment of the Bank has risk ownership and is responsible for assessment and management of risks and has the overall responsibility of the management and mitigation of the Risk. The segments are required to implement appropriate procedures to fulfil their risk governance responsibilities.

- Second Line of Defence-Independent functions: The Bank's independent oversight functions, such as, Risk Management, Credit Underwriting, Compliance, Legal, Fraud Containment Unit, etc. set standards for management and oversight of risks, including compliance with applicable laws, regulatory requirements and policies.

- Risk Management: Risk Management team reporting into the Chief Risk Officer establishes policies and guidelines for risk assessment and management and contributes to controls and tools to manage, measure and mitigate risks faced by the Bank. Risk Management comprises units such as Enterprise Risk Market Risk, Operational Risk, Legal Risk, Information Security, Portfolio Analytics, Retail, SME & Rural Policy, Risk Secretarial Unit, etc which are responsible for independent review, monitoring and reporting of all risk control parameters and taking appropriate corrective actions where necessary. These units also ensure compliance to internal policies and regulatory guidelines.

- Credit Underwriting: The Credit Risk team reporting into the Chief Credit Risk Officer ensures an independent assessment of credit proposals and is responsible for monitoring the credit quality of the Bank's portfolio and undertaking portfolio reviews. The Credit Risk team is a specialised function that is well staffed with individuals having the necessary experience as well as skillsets to provide a balanced view of credit proposals to the sanctioning authorities.

- Compliance: The Compliance unit is responsible for tracking implementation of all regulatory circulars/communication, review of new products & processes from regulatory perspective, conducting compliance reviews to ensure adherence to regulatory guidelines and monitoring progress in rectification of significant deficiencies (if any) pointed out by regulators in inspection reports as well as implementation of recommendations made therein. This ensures that the overall Compliance Risk of the Bank is managed and mitigated.

- FCU & AML: The Fraud Containment Unit (FCU) is responsible for prevention and detection of internal and external frauds in the areas of Liabilities, Product and Support functions. The unit conducts transaction monitoring, forensic scrutiny, employee awareness trainings and vulnerability assessments to help achieve the said objective. The Anti Money Laundering Unit (AML) is responsible for identifying and reporting of suspicious transactions and other regulatory reports such as Cash Transaction Report, Cross Border Wire Transfer Report, Not for Profit Organisation Transaction report etc. as prescribed under PMLA Act/Regulators, across all Business segments of the Bank. The AML unit is equipped with qualified, trained and experienced staff, which monitors various transactions undertaken by customers with a view to combat financial crimes and prevents misuse of the accounts for money laundering.

- Third Line of Defence-The Bank's Internal Audit Department independently reviews activities of the first two lines of defence based on a risk-based audit plan and methodology approved by the Audit Committee of the Board. Internal Audit Department provides independent assurance to the Audit Committee of the Board, top management and regulators regarding the effectiveness of the Bank's governance and controls framework designed for risk mitigation.

The Board of Directors of the Bank has overall responsibility for Risk Management. The Board oversees the Bank's Risk and related control environment, reviews and approves the policies designed as part of overseeing the Risk Management practices. The Board ensures that comprehensive policies, systems and controls are in place to identify, monitor and manage material risks at a Bank-wide level, with clearly defined risk limits. The Board has laid down Risk Appetite Statement which articulates the quantum of risk the Bank is willing and able to assume in its exposures and business activities in pursuit of its strategic objectives and desired returns. The Board has also established policies governing risk management, such as, Credit Policy, Asset Liability Management Policy, Operational Risk Management Policy, Information Security Policy, Enterprise Risk Management Policy, Group Risk Management Policy, Model Risk & Governance Policy, Risk Based Pricing Policy, Stress Testing Policy, etc. which establish the Risk Appetite Framework within the overall Risk Appetite Statement.

The Board has put in place four Board level Committees which inter-alia pertain to Risk Management, viz. Risk Management Committee (RMC), Audit Committee (AC), Fraud, Willful Defaulters and Non Co-operative Borrowers Monitoring Committee (FWD & NCBMC) and Board Credit Committee (BCC) to deal with risk management practices, policies, procedures and to have adequate oversight on the risks faced by the Bank.

The Board Committees have set up various Executive level committees for oversight over specific risks.

1. Apex Management Committee

2. Enterprise Risk, Reputation Risk and Model Assessment Committee

3. Management Credit Committee

4. Executive Credit Committee

5. Asset & Liability Committee

6. Operational Risk Management Committee

7. Standing Committee on Customer Service

8. Fraud & Suspicious Transaction Monitoring Committee

9. Committee for Classification of Wilful Defaulters & Non-Cooperative Borrowers

10. Accountability Review Committee

11. Whistle Blower, Disciplinary and Internal Committee

12. Steering Committee for IFRS (IndAS)

13. Product Process Approval Committee

14. IT Steering Committee

15. Security Council

16. Stressed Asset Monitoring Committee

17. Sustainability Council

18. Fraud Identification Committee

19. Governing Body for IBU (IFSC Banking Unit)

These Committees review various aspects / key risks and ensure that the best-in-class frameworks are in place to oversee day-to-day management of underlying business activities, transactions and associated risks while dealing with internal and external stakeholders. Further, Risk events, potential threats, performance of the Bank vis-a-vis Risk Limits and Risk Appetite, Risk Profile dashboard covering key risk indicators, etc. are presented to these Committees, with periodic trends highlighted along with level and direction of risk. The Bank also conducts a detailed Internal Capital Adequacy Assessment Policy ('ICAAP') review exercise at least on an annual basis to identify its Risk universe, review its Risk appetite in line with its business strategy as well as assess its internal controls and mitigation measures in place for the risks and capital requirements. The ICAAP document is approved by the RMC and the Board.

Additionally, in line with best Risk Governance practices, the Bank has segregated credit underwriting and risk management verticals. The underwriting vertical consisting of Credit Units is headed by the Chief Credit Risk Officer (CCRO) and the risk controls and policy vertical consisting of various independent control units is headed by the Chief Risk Officer (CRO). The CRO reports to the Risk Management Committee while the CCRO reports to the MD&CEO.

DEPOSITS

Being a banking company, the disclosures required as per Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules, 2014, read with Sections 73 and 74 of the Companies Act, 2013 are not applicable to your Bank.

AWARDS AND RECOGNITION

During the year under review, the Bank was recognised in various ways/by various institutions and some of the key awards presented to the Bank are listed below:

• Best Cash Management Project in India by the Asian Banker Banker's Choice Awards

• CIO Circle of Excellence by CNBC TV18

• Best ERP Integration Initiative-Global Transaction Banking Innovation Awards 2021

• Most Innovative Transaction Banking Solution for Liquidity Management in COVID-19-Global Transaction Banking Innovation Awards 2021

• Most Innovative Working Capital Solution in COVID-19-Global Transaction Banking Innovation Awards 2021

• Best Cloud Adoption in Medium Bank Category by IBA

• Best IT Risk Management and Cyber Security Initiatives in Medium Bank Category by IBA

• India Domestic Transaction Banking Initiative of the Year award organised by Asian Banking and Finance

Included in the 100 Best Emerging Market Performers Ranking for its ESG practices, as assessed by V.E, part of Moody's ESG Solutions

DIVERGENCE IN ASSET CLASSIFICATION AND PROVISIONING FOR NPAS

Based on the condition mentioned in RBI circular, no disclosure on divergence in asset classification and provisioning for NPAs is required with respect to RBI's supervisory process for the year ended March 31, 2021.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on March 31, 2022, the Bank had one wholly-owned subsidiary, YES Securities (India) Limited ('YSIL').

During the year under review, the Bank divested its 100% stake in YES Asset Management (India) Limited ('YAMIL') and YES Trustee Limited ('YTL'), the wholly owned subsidiaries of the Bank to GPL Finance and Investments Ltd ("GPL"), pursuant to share purchase agreement dated August 21, 2020. White Oak Investment Management Pvt Ltd. owns 99% of GPL. The ultimate beneficial owner of the GPL is Mr. Prashant Khemka who owns 99.99% of the White Oak Investment Management Pvt Ltd.

Accordingly, YAMIL and YTL ceased to be the Subsidiaries of the Bank effective from November 1, 2021.

The Bank does not have any material subsidiary, associate and joint venture company. There were no entities which became the Bank's Subsidiaries, associates or joint ventures during the year.

Performance and Financial Position of YSIL is given in Management Discussion & Analysis which forms part of this Annual Report.

The brief details about business of the subsidiary is as under:

YES Securities (India) Limited (YSIL)

YES Securities (India) Limited (YSIL) offers retail, HNI and corporate customers a comprehensive range of products and services, encompassing Wealth Broking, Investment Advisory, Investment Banking (including a dedicated

Sustainable Investment Banking practice), Merchant Banking, Research and Institutional Equities services. YSIL is a SEBI registered Securities Broker holding membership of National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Multi Commodity Exchange (MCX) & National Commodity & Derivatives Exchange (NCDEX). YSIL is also registered with SEBI as Category I Merchant Banker, Investment Adviser, Research Analyst as well as Depository Participant with CDSL.YSIL is also Sponsor & Investment manager to YSL Alternates Alpha plus Fund which is a SEBI registered Category III AIF.

The Consolidated Financial Statements of the Bank and its Subsidiary company for the Financial Year ended March 31, 2022 prepared in accordance with the requirement of Section 129(3) of the Companies Act, 2013 shall be laid before the ensuing AGM and it forms part of this Annual Report.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of Financial Statements of subsidiary company of the Bank in Form AOC-1 forms part of the Annual Report. The Financial Statements of the subsidiary of the Bank are available on the website of the Bank (www. yesbank.in). Financials of Bank and its subsidiary shall also be available for inspection by members or trustees of the holders of any debentures/bonds of the Bank at its Registered office.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Bank has implemented adequate procedures and internal controls which provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements. The Bank also ensures that internal controls are operating effectively. There is utmost attention accorded to Internal Financial Controls at both, the highest levels at Management as well as the Audit Committee of the Board. There is no material weakness in the Bank's framework with respect to Internal Financial Controls over Financial Reporting and the Bank shall continue to review its overall control framework on an ongoing basis to ensure robustness and effectiveness of its controls.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE BANK

There are no material changes and commitments, affecting the financial position of the Bank which has occurred between the end of the financial year of the Bank i.e. March 31, 2022 and the date of the Directors' Report i.e. May 06, 2022.

ESTIMATION OF UNCERTAINTIES RELATING TO THE GLOBAL HEALTH PANDEMIC FROM COVID-19

The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. In FY 2021-22, India witnessed two more waves of the COVID-19 pandemic and the reimposition of localised/regional lock-down measures in certain parts of the country. Currently, while the number of new COVID-19 cases have reduced significantly and the Government of India has withdrawn most of the COVID-19 related restrictions, however, the extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on ongoing as well as future developments, which are uncertain.

RATINGS OF VARIOUS DEBT INSTRUMENTS

The Credit Rating and change/revision in the Credit Ratings for various debt instruments issued by the Bank from time to time are provided in the Corporate Governance Report forming part of the Annual Report.

LOANS, GUARANTEES OR INVESTMENTS IN SECURITIES

Pursuant to Section 186(11) of the Companies Act, 2013, loans made, guarantees given or securities provided or acquisition of securities by a Banking company in the ordinary course of its business are exempted from disclosure requirements under Section 134(3) (g) of the Companies Act, 2013.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There were no materially significant transactions with related parties including directors, key managerial personnel, subsidiaries or relatives of the Directors during the financial year which could lead to a potential conflict of interest between the Bank and these parties. The details of the transactions with related parties, if any, were placed before the Audit Committee from time to time. There were no material transactions entered into individually or taken together with the previous transactions during the financial year with related parties, which were not in the ordinary course of business of the Bank, nor were there any transactions with related parties, which were not at arm's length basis. Accordingly, the disclosure in Form AOC-2 is not applicable to the Bank for the year under review. Suitable disclosure as required by the Accounting Standards (AS-18) has been made in the notes to the Financial Statements.

Prior omnibus approval for normal banking transactions is also obtained from the Audit Committee for the related party transactions which are repetitive in nature as well as for the normal banking transactions which cannot be foreseen and accordingly the required disclosures are made to the Committee for their approval.

The policy on dealing with Related Party Transactions as approved by the Audit Committee and the Board of Directors is uploaded on the website of the Bank and can be accessed at https://www.yesbank.in/pdf/policies_ pdf6.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the FY 2021 -22, the Bank co-opted Mr. Atul Malik and Ms. Rekha Murthy as Non-Executive Directors ('NEDs') with effect from August 30, 2021 and Mr. Sharad Sharma as NED with effect from November 1, 2021 in accordance with Clause 5 (5) of the Scheme read with Memorandum and Articles of Association of the Bank.

Further, pursuant to the powers conferred under sub-section (1) of Section 36AB of the Banking Regulation Act, 1949 the Reserve Bank of India has vide its order dated March 17, 2022 extended the term of appointment of Mr. Rama Subramaniam Gandhi and Mr. Ananth Narayan Gopalakrishnan as Additional Directors on the Board of the Bank for a period of one-year w.e.f. March 26, 2022 to March 25, 2023 or till further orders, whichever is earlier.

During the FY 2021-22, there have been no changes in the Directors and Key Managerial Personnel of the Bank other than the above.

STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the Scheme through which the existing Board has been constituted, none of the Directors are designated as Independent Directors. Hence, the Bank is not required to obtain declarations under Section 149(6) and 149(7) of the Companies Act, 2013 and Regulation 16(1)(b) and Regulation 25(8) of the Listing Regulations.

However, given the present composition of the Board, wherein presently there are six Non- Executive Directors viz. Mr. Sunil Mehta, Mr. Mahesh Krishnamurti, Mr. Atul Bheda, Mr. Atul Malik, Ms. Rekha Murthy and Mr. Sharad

Sharma appointed/co-opted pursuant to the Scheme, not holding any substantial interest in the share capital nor having any pecuniary relationship with the Bank and meet the criteria of independence, accordingly necessary declarations were obtained from them, confirming that they meet the criteria of independence as required under the relevant provisions of Companies Act, 2013 and Listing Regulations.

STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

None of the Directors appointed under the Scheme are designated as Independent Directors, therefore furnishing of the statement regarding opinion of the board with regard to integrity, expertise and experience (including the proficiency) of the independent directors is not applicable.

NUMBER OF MEETINGS OF THE BOARD AND IT'S VARIOUS COMMITTEES

The details of Meetings of Board and Committees held during the year, attendance of Directors at the meetings and constitution of various Committees of the Board are included separately in the Corporate Governance Report, which forms part of the Annual Report.

PERFORMANCE EVALUATION OF THE BOARD

The Bank has laid down, criteria for performance evaluation of the Directors including Chairman, Managing Director & CEO, Board Level Committees and Board as a whole as well as the evaluation process for the same, in line with the provisions of the Companies Act, 2013, Listing Regulations and SEBI Guidance Note on the Board Evaluation dated January 05, 2017. The present Board of Directors of the Bank was constituted in accordance with the Scheme, wherein two Board Members are the Additional Directors appointed by the RBI pursuant to Section 36AB of Banking Regulation Act, 1949. As per the RBI letter No. DoR.PSBD.No. 325/16.05.004/ 2020-21 dated August 24, 2020, Additional Directors appointed by RBI are not subject to performance evaluation and the SBI Nominee Directors also have opted out from the process. Given the present composition of the Board under the Scheme, the Bank was not required to mandatorily comply with the stipulated procedure of Performance Evaluation for FY 2021-22. However, as a matter of good governance, the Board has carried out

the Performance Evaluation of the Directors, excluding the Additional Directors appointed by RBI and the SBI Nominee Directors, for the Financial Year 2021-22, in an appropriate manner. The Board has also carried out performance evaluation of Board as Whole and its Committees.

POLICY ON APPOINTMENT OF DIRECTORS

The Board of Directors of the Bank had formulated and adopted policy on "Board Diversity and Fit & Proper Criteria and Succession Planning" for appointment of Directors on the Board of the Bank and succession planning. The details of the same have been included in the Report on Corporate Governance forming part of this Annual Report.

REMUNERATION POLICY

The Board of Directors of the Bank had formulated and adopted policies for Remuneration of Directors including the Chairman of the Bank. The details of the same are made available on the Bank's website and can be accessed at https://www.yesbank.in/ pdf/board_ kmp_sr_mgmt_remuneration_policy_pdf.

Further, the Bank has a separate Total Rewards Policy articulated in line with relevant RBI guidelines which interalia deals with the Compensation & Benefits of the Managing Director & CEO and the Whole-time Directors.

EMPLOYEE REMUNERATION

(a) The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this report. In terms of Section 136 of the Companies Act, 2013, the same would be available for inspection during working hours at the Registered Office of the Bank till the date of Annual General Meeting. A copy of this statement may be obtained by the Members by writing to the Company Secretary of the Bank.

(b) The ratio of the remuneration of each Director and employees of the Bank as required under the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure 1 to the Report.

EMPLOYEES STOCK OPTION SCHEME

Your Bank has instituted Stock Option Plans to enable its employees to participate in your Bank's future growth and financial success. Your Bank provides its employees a platform for participating in important decision making and instilling long term commitment towards future growth of the Bank by way of rewarding them through Stock Options. In terms of Total Rewards Policy of the Bank, employees are granted options as part of Annual Performance Review process based on their performance as well as to ensure their retention, and to hire the best talent for its senior management and key positions. The detailed disclosures as stipulated under Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 is hosted on the website of the Bank at https://www.yesbank.in/about-us/ corporate-governance.

CORPORATE GOVERNANCE

The Bank is committed to follow best Corporate Governance practices and adheres to the Corporate Governance requirements set by the Regulators under the applicable laws/regulations. In line with the foregoing, the Bank has adopted a Code of Corporate Governance which acts as a guide to the Bank and the Board on the best practices in the Corporate Governance.

A separate section on Corporate Governance standards followed by the Bank and the relevant disclosures, as stipulated under Listing Regulations, Companies Act, 2013 and rules made thereunder forms part of the Annual Report.

A Certificate from M/s. Bhandari & Associates, Practicing Company Secretaries, conforming compliance by the Bank to the conditions of Corporate Governance as stipulated under Listing Regulations, is annexed to the Report on Corporate Governance, which forms part of the Annual Report.

VIGIL MECHANISM /WHISTLE- BLOWER POLICY

In line with the provisions of Listing Regulations, the Companies Act, 2013 and the principles of good governance, the Bank has devised and implemented a vigil mechanism, in the form of Rs.Whistle-Blower Policy'. The policy devised is also aligned to the recommendations of Protected Disclosure Scheme for Private Sector and Foreign Banks, instituted by RBI. Detailed information on the Vigil Mechanism of the Bank is provided in the Report on the Corporate Governance which forms part of the Annual Report.

CORPORATE SOCIAL RESPONSIBILITY

In compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Bank has constituted Corporate Social Responsibility ('CSR') Committee and statutory disclosures with respect to the CSR Committee and Annual Report on CSR Activities forms part of this Report as Annexure 2. The CSR Policy is available on the website of the Bank and can be accessed at https://www.yesbank.in/ pdf/ybl_corporate_social_responsibility_policy.

AUDITORS & REPORTS OF THE AUDITORS

A. Statutory Auditors

In terms of the Guidelines issued by the Reserve Bank of India ('RBI') vide Circular No. DoS.CO.ARG/ SEC.01/08.91.001/2021-22 dated April 27, 2021, the Members of the Bank at the 17th Annual General Meeting held on August 27, 2021 had approved the amendment in the tenure and terms of appointment of M/s. M. P. Chitale & Co., Chartered Accountants (ICAI Firm Registration No. 101851W) to hold office from the conclusion of the Sixteenth Annual General Meeting until the conclusion of the Nineteenth Annual General Meeting of the Bank to be held in the year 2023 who shall act as Joint Auditors of the Bank for the remainder of the revised term, and also approved the appointment of M/s. Chokshi & Chokshi LLP, Chartered Accountants, (ICAI Firm Registration No. 101872W/ W100045), as Joint Statutory Auditors of the Bank to hold office from the conclusion of the Seventeenth Annual General Meeting until the conclusion of the Twentieth Annual General Meeting of the Bank to be held in the year 2024 subject to approval by RBI on an annual basis.

There were no qualifications, reservation or adverse remarks made by the Statutory Auditors in the Auditor's Report for Financial Year 2021 -22.

B. Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, M/s. Bhandari & Associates, Practicing Company Secretaries, Mumbai were appointed as Secretarial Auditors of the Bank to conduct the secretarial audit for the FY 2021-22. The Bank provided all assistance and facilities to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the FY 2021-22 is annexed to this report as Annexure 3. There are no observations, reservations or adverse remarks in the Secretarial Audit Report for FY 2021 -22.

MAINTENANCE OF COST RECORDS

Being a Banking Company, the Bank is not required to maintain cost records as per sub-section (1) of Section 148 of the Companies Act, 2013.

REPORTING OF FRAUDS BY THE AUDITORS

During the Financial Year 2021-22, pursuant to Section 143(12) of the Companies Act, 2013, neither the Statutory Auditors nor the Secretarial Auditors of the Bank have reported any instances of frauds committed in the Bank by its officers or its employees.

BUSINESS RESPONSIBILITY REPORT

As stipulated in Listing Regulations, the Business Responsibility Report describing the initiatives undertaken by the Bank from environmental, social and governance perspective is separately attached as part of the Annual Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS

During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Bank's operation in future.

DISCLOSURES UNDER GREEN INFRA BONDS

Green Bonds have emerged as a mainstream financing mechanism for providing structured finances to vital clean energy and are playing a pivotal role in realisation of India's renewable energy potential. Since the maiden issuance by YES BANK, the Green Bonds market has witnessed a steady growth, with isuuances of USD 6.8 billion in 2021, alone. Driven by the commitment of mobilising USD 5 billion towards climate action by 2020, as taken during Paris Accord, YES BANK has issued three green bonds:

• February 2015: YES BANK issued India's first-ever Green Infrastructure Bonds, raising an amount of Rs. 1,000 crore. This 10 year tenor bond witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds

• August 2015: YES BANK raised Rs. 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation on a private placement basis which is the first investment by IFC in an Emerging

Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. IFC paid for the placement using the proceeds from the first Green Masala Bond programme, that aimed at raising capital in the offshore rupee market

• December 2016: YES BANK has raised Rs. 330 Crore, through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. This is FMO's 1st investment in a Green Bond issued by a bank in India. FMO has paid for the placement using the proceeds from their sustainability bonds issued in 2015

The amount raised is used to finance Green Infrastructure Projects as per Rs.Eligible Projects' outlined in the Bank's internal guidelines that are in adherence to the Green Bond Principles (GBP). For FY 2021-22, KPMG, India has provided limited assurance on conformity of the use of proceeds, process for evaluation and selection of projects, management of proceeds and reporting of these green bonds to GBP 2021.

The GBP are voluntary guidelines, developed by the International Capital Markets Association, for broad use by the market that recommend transparency and disclosure, and promote integrity in the development of the Green Bond market. They have the following four key components and the bank showcases its adoption below:

• Use of Proceeds: The proceeds raised by the bank are used in eligible project categories and include all projects funded in whole, or in part, in the fields of renewable and clean energy projects including Wind, Solar, Biomass, Hydropower and other such projects

• Process for Evaluation and Selection of Eligible Projects: The Bank's process starts with interactions with potential borrowers to understand the overall aspects of the project and a preliminary confirmation against the eligibility criteria. The evaluation moves to risk assessment for confirmation of the eligibility, post which further documentation is sought as per the Bank's policies and GBP

• Management of Proceeds: Green Bond allocations to eligible projects are tracked by the Bank through an MIS based asset tagging system. The unallocated proceeds, if any, are placed in liquid instruments

• Reporting: The bank's communication to investors through an annual update includes:

- List of projects to which proceeds have been allocated to, with brief description including amounts disbursed, installed capacity

- Summary of Environment and Social (E&S) impacts associated with projects, if any

- Information on investment of unallocated proceeds in liquid instruments

Impacts

Through financing solar and wind power plants, these bonds strengthen India's energy security while reducing fossil fuel dependency. These bonds have been crucial in financing climate change mitigation with avoidance of emissions of CO2, SO2, NOx and other air pollutants associated with fossil fuel based energy generation. Estimated CO2 emission reductions are shared along with project details.

List of projects against which green bonds proceeds have been allocated as on March 31, 2022 is provided below: Proceeds Utilisation Against Bond Issuance Size

Sr. No Project Location Description Proceeds utilisation against Total Fund Based Utilisation, Rs. Crore (as on March 31, 2022) Estimated* positive E&S impacts-CO2 Emission Reduction (tCO2 / yr) Known significant negative E&S Impacts
1 Telangana 42 MW solar energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 114.50 65,641.78 None
2 Karnataka 40 MW solar energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 131.59 77,734.02 None
3 Telangana 48 MW solar energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 38.69 83,571.28 None
4 Delhi NCR 3.26 MW rooftop solar installation across 9 locations Bond Issuance Size of Rs. 1,000 crore (February 2015) 5.14 3,444.26 None
5 Maharashtra 15 MW wind energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 3.46 22,802.61 None
6 Maharashtra 10 MW wind energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 18.27 11,061.00 None
7 Gujarat 8.75 MW wind energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 38.22 5,862.66 None
8 Maharashtra 9 MW wind energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 2.81 14,092.38 None
9 Andhra Pradesh & Rajasthan 105 MW wind energy project in Andhra Pradesh and 50.4 MW in Rajasthan Bond Issuance Size of Rs. 1,000 crore (February 2015) 214.13 227,522.41 None
10 Maharashtra 50 MW solar energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 171.86 92,514.63 None
11 Rajasthan 300 MW solar energy project Bond Issuance Size of Rs. 1,000 crore (February 2015) 261.33 699,361.68 None
12 Gujarat 30 MW wind energy project Bond Issuance Size of Rs. 330 crore (December 2016) 33.41 52,623.30 None
13 Maharashtra 6.25 MW wind energy project Bond Issuance Size of Rs. 330 crore (December 2016) 8.53 5,761.79 None
14 Karnataka 9.6 MW wind energy project Bond Issuance Size of Rs. 330 crore (December 2016) 8.65 9,820.41 None
15 Rajasthan 300 MW solar energy project Bond Issuance Size of Rs. 330 crore (December 2016) 2.23 701,073.40 None

* The total CO2 emission reduction for individual projects have been calculated based on the methodology outlined in the document Rs.CO2

Baseline Database for the Indian Power Sector User Guide Version 17.0 dated October 2021' (published by the Central Electricity Authority of India) along with other relevant factors such as project PLF/CUF estimates, installed project capacity, resultant annual unit generation etc.

The temporary unallocated proceeds (' 315 Cr of Rs. 315 Cr bond issued in August 2015) are allocated in Government Securities and will be allocated back to eligible projects, when available.

The assurance statement issued by KPMG India is attached herewith as Annexure 4

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The disclosures required to be made under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 on the conservation of energy, technology absorption and Foreign exchange earnings and outgo are given as Annexure 5.

ANNUAL RETURN

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Bank has placed a copy of the Annual Return in the prescribed Form MGT-7 as at March 31, 2022 on its website at https://www.yesbank. in/about-us/investors-relation/financial-information/ annual-reports.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors affirm that the Bank has complied with the applicable Secretarial Standards issued by the Institute of Companies Secretaries of India SS-1 and SS-2 respectively relating to Meetings of the Board, its Committees and the General Meetings.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

The Bank has Zero tolerance towards any act on the part of any executive which may fall under the ambit of Rs.Sexual Harassment' at workplace and is fully committed to uphold and maintain the dignity of every women executive working in the Bank. The Policy regarding Prevention & Prohibition of Sexual Harassment at Workplace provides for protection against sexual harassment of women at workplace and for prevention and redressal of complaints. Also, in its endeavour to spread awareness on the aforementioned policy and ensure compliance by all the executives, the Bank has implemented a plan of action to disseminate the information and train the executives on the policy under the ambit of Rs.Gender Respect and Commitment to Equality' (GRACE) programme.

The Bank has complied with provisions relating to the constitution of Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH).

Number of cases filed and their disposal under Section 22 of the POSH is as follows:

Particulars No. of Complaints
Number of complaints carried forward from last year 01
Number of complaints filed during the financial year 15
Number of complaints disposed of during the financial year 15
Number of complaints pending as on the end of the financial year 01*

*The case is being investigated within the stipulated timeline.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is hereby confirmed that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the profit of the Bank for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors, had laid down internal financial controls to be followed by the Bank and that such internal financial controls are adequate and were operating effectively; and

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGMENT

Your Directors take this opportunity to express their deep and sincere gratitude to the customers of the Bank for their confidence and patronage, as well as to the Reserve Bank of India, Securities and Exchange Board of India, Government of India, and other Regulatory Authorities for their cooperation, support and guidance.

Your Directors would like to express a deep sense of appreciation for the commitment shown by the employees in supporting the Bank. We would also like to thank all our valued partners, vendors and stakeholders who have played a significant role in continuing to support the Bank.

For and on behalf of the Board of Directors

YES BANK LIMITED

Prashant Kumar Sunil Mehta
Place: Mumbai Managing Director & CEO Chairman
Date: May 06, 2022 (DIN : 07562475) (DIN : 00065343)

   

Yes Bank Ltd Company Background

Sunil MehtaPrashant Kumar
Incorporation Year2003
Registered OfficeYES BANK Tower IFC-2 15th Flr,Senapati Bapat Marg Elphinston
Mumbai,Maharashtra-400013
Telephone91-22-33669000,Managing Director
Fax91-22-24214500
Company SecretaryShivanand R Shettigar
AuditorM P Chitale & Co/Chokshi & Chokshi LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Yes Bank Ltd Company Management

Director NameDirector DesignationYear
R GandhiPart Time Chairman2022
Ananth Narayan GopalakrishnanNon Executive Director2022
Sunil MehtaChairman (Non-Executive)2022
Mahesh KrishnamurtiNon Executive Director2022
Atul BhedaNon Executive Director2022
Prashant KumarManaging Director & CEO2022
V S RadhakrishnanNominee (SBI)2022
Shivanand R ShettigarCompany Sec. & Compli. Officer2022
Rekha MurthyDirector2022
Atul MalikDirector2022
Sharad SharmaDirector2022

Yes Bank Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
CNX500
BSEMID
CNXMIDCAP
CNX200
BSEALLCAP
BSEFINANCE
MID150
LMI250
MSL400
NFTYLM250
NFTYMC150
NFTYMSC400
NF500M5025

Yes Bank Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/disc on advance/billsRs.00021261.1879
Income on Investments Rs.0004260.9208
Other Interest Rs.000334.1275
Interest on balance with RBI Rs.000210.3677

Contact us Contact us