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    SBIN   INE062A01012

STATE BK OF INDIA

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Delayed NSE India Stock Exchange  -  05/23 07:17:22 am EDT
460.90 INR   -0.32%
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Timeline: India central bank takes control of bad loan-burdened Yes Bank

03/06/2020 | 02:38am EDT

India's central bank took control of the country's fifth-largest private sector lender Yes Bank on Thursday and imposed limits on withdrawals, spreading confusion and fear among account holders.

Shares of Yes Bank, which traded at 404 rupees at its peak in August 2019, fell to a record low of 5.65 rupees on Friday, with the stock plunging nearly 85%. The fall wiped out 79.43 billion rupees ($1.08 billion) from Yes Bank's market value.

Here's a look at the events leading up to the Reserve Bank of India's move:

Sept. 19, 2018 - RBI refuses to give Chief Executive Officer Rana Kapoor an extension to his term - Kapoor to step down by end of January 2019

Nov. 27 - Moody's cuts bank's foreign currency issuer rating; changes outlook to 'negative' from 'stable' citing concerns over corporate governance

Jan. 24, 2019 - Yes Bank hires the head of Deutsche Bank India Ravneet Gill as its new CEO

Feb. 13 - Yes Bank says RBI observed no divergences from central bank norms in the bank's asset classification and provisioning

April 8 - Pressed for capital, Yes Bank says it will consider raising funds by issuing shares and debt securities

April 26 - Rising levels of bad loans trigger Yes Bank's first-ever quarterly loss; Macquarie Research double-downgrades stock to 'underperform', stock tanks 30% on next trading day

May 14 - RBI appoints ex-central bank Deputy Governor R. Gandhi as additional director to Yes Bank's board - a rare move signaling an increased level of scrutiny on the lender

July 17 - Yes Bank reports 91% drop in first-quarter profit, as provisions surge and asset quality deteriorates sharply; gross bad loan ratio stood at 5.01%

Sept. 10 - Yes Bank CEO Gill says lender is close to securing a deal to sell a minority stake to a global technology company to help boost its capital

Oct. 3 - CEO Gill says bank is in talks with private equity firms, strategic investors and family offices to raise additional capital

Oct. 31 - Yes Bank gets binding investment offer of $1.2 billion from global investor, sends stock 39% higher

Nov. 1 - Yes Bank reports bigger-than-expected loss for the second quarter, as bad loan ratio deteriorates to 7.39% and provisions swell to 13.36 billion rupees

Nov. 29 - Yes Bank says it aims to raise up to $2 billion in a massive issue of new shares to institutional investors and family offices; says it is in talks to sell shares worth $1.2 billion to Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs

Jan. 10, 2020 - Yes Bank rejects Braich's investment, says will launch a $1.4 billion share sale, after a board member's resignation casts more doubt on the lender's future

Feb. 12 - The lender says it will delay disclosing its October-December earnings by at least a month, and that it was in talks with potential investors for a cash infusion

Feb. 12 - Bank says it received non-binding expressions of interest from JC Flowers, Tilden Park Capital Management, OHA (UK) and Silver Point Capital.

March 5 - India places Yes Bank under moratorium, with RBI taking over from its board for 30 days and imposing limits on withdrawals to protect depositors

(Compiled by Chris Thomas and Nallur Sethuraman in Bengaluru)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG 7.01% 10.018 Delayed Quote.-15.03%
LETS HOLDINGS GROUP CO., LTD. 2.00% 6.62 End-of-day quote.-9.32%
LOOK HOLDINGS INCORPORATED 0.06% 1600 Delayed Quote.31.17%
MACQUARIE GROUP LIMITED -0.82% 179.88 Delayed Quote.-11.70%
SILVER -0.27% 21.729 Delayed Quote.-6.70%
STATE BK OF INDIA -0.32% 460.9 Delayed Quote.0.42%
YES BANK LIMITED -1.43% 13.75 End-of-day quote.0.36%
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Financials
Sales 2022 1 626 B 20 979 M 20 979 M
Net income 2022 350 B 4 516 M 4 516 M
Net Debt 2022 - - -
P/E ratio 2022 11,9x
Yield 2022 1,39%
Capitalization 4 113 B 53 078 M 53 078 M
Capi. / Sales 2022 2,53x
Capi. / Sales 2023 2,29x
Nbr of Employees 245 652
Free-Float 42,1%
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Dinesh Kumar Khara Chairman
Anup Kumar Mahapatra Chief Information Officer & Deputy MD
Prabodh Parikh Chief Operating Officer & Deputy Managing Director
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