Wednesday, March 19, 2008

Yes Bank clarifies on rumours

Yes Bank Ltd has said there have been unfounded rumors on Yes Bank's foreign exchange derivatives exposure and its implications on the Bank's operations.

The bank confirms that it has a highly qualified top management and treasury team responsible for the bank's foreign exchange risk portfolio with highly robust risk management and mitigation systems, processes and controls embedded within the bank.

Yes Bank continues to focus on corporate, SME and retail banking businesses. The bank currently has 60 branches. It would launch 57 more branches towards the course of the year.

The bank reported a net profit of Rs 135.52 crores for the nine months period ended December 31, 2007, a growth of 114% over the corresponding period last year.

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