Yes Bank announces its strategic expansion plans for Hyderabad
YES MSME platform provides end-to-end services, including cash flow management, credit facilities, and online banking transactions, catering to the diverse financial needs of small businesses
Hyderabad, March 15: Yes Bank, India’s sixth largest private sector bank, announced its strategic expansion plans for Hyderabad, marking a significant milestone in its journey of growth and commitment to the Southern region. Over the last couple of years, the bank has experienced remarkable success in Hyderabad, evident from its expanding customer base and robust financial performance.
Yes Bank Managing Director & CEO Prashant Kumar said, "As of December 2023, the bank has garnered a substantial customer base of approximately 2.64 lakh liability customers in Hyderabad, showcasing an impressive growth of 30 per cent year-on-year. The bank's liability deposits have surged by 16.6 per cent year-on-year, reaching Rs 8,887 crore, positioning Hyderabad as one of the top-performing cities in terms of deposit growth within the Southern region."
"Additionally, total gross advances for the bank in Hyderabad witnessed a significant uptick of 24 per cent, amounting to Rs 11,157 crore, underscoring the city's increasing credit needs and Yes Bank's commitment to fuelling economic growth," he said.
The bank's robust performance in Hyderabad is further highlighted by its strong CASA performance, with balances standing at Rs 1,837 crore as of December 2023. The city accounts for 14 per cent of the total CASA deposits in the Southern region, emphasising the significance of Hyderabad in contributing to the bank's overall deposit base. Moreover, the bank witnessed a notable 14 per cent year-on-year increase in new-to-bank CASA accounts, showcasing strong customer engagement and satisfaction.
In addition to branch expansion, Yes Bank remains dedicated to empowering MSMEs through its innovative digital banking solutions. The YES MSME platform provides a comprehensive suite of services, including cash flow management, credit facilities, and online banking transactions, catering to the diverse financial needs of small businesses.
Furthermore, the bank's SME and wholesale banking segments have garnered a strong customer base in Hyderabad, comprising large conglomerates, emerging corporates, co-operative banks, and NBFCs. This underscores the Bank's steadfast commitment to fostering enduring relationships and facilitating the growth of businesses across various sectors in the region.
With a rich legacy dating back to October 2005, the bank has expanded its presence to 25 branches in Hyderabad, reflecting the city's pivotal role in driving the bank's growth trajectory. Presently, the bank operates 34 branches in Telangana and 216 branches across the five South Indian states, with plans for further expansion in the foreseeable future.
