Yes Bank expands presence in Hyderabad with 6 new branches
The bank will open 4 new branches in the city this month and 2 more in pipeline; operates 34 branches in Telangana and 216 branches across the five South Indian States
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Yes Bank is all set to open four new branches in Hyderabad – each at Manikonda, Nallagandla, Pragati Nagar and Uppal by the end of this month. It has also finalised the locations of two more branches at Srinagar Colony and Tarnaka - Prashant Kumar, MD & CEO, Yes Bank
Bank On Expansion Spree
- Yes Bank has 2.64 lakh liability customers in Hyderabad
- The customer base in the city sees 30% y-o-y growth
- Liability deposits surged 16.6% y-o-y at Rs 8,887 cr
- Gross advances witnesses 24% uptick at Rs 11,157 crore
- CASA balances stood at Rs 1,837 crore as of December 2023
Hyderabad: Yes Bank, India’s sixth largest private sector bank, has expanded its presence to 25 branches in Hyderabad, reflecting the city's pivotal role in driving the bank's growth trajectory since October 2005. 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.
Speaking to Bizz Buzz, Yes Bank Managing Director & CEO Prashant Kumar says: “The bank is all set to open four new branches in Hyderabad – each at Manikonda, Nallagandla, Pragati Nagar and Uppal by the end of this month. We have also finalised the locations of two more branches at Srinagar Colony and Tarnaka. These two branches may get opened during the next month.”
When asked about the investment, he said: “It will take around Rs 60 lakh to set up each branch. During this financial year, the bank has opened 100 new branches, investing roughly around Rs 60 crore. With this, we have close to 1,200 branches across India, including 216 branches in South India.”
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. Yes 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.
As of December 2023, Yes 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 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 the bank's commitment to fuelling economic growth. The bank has experienced remarkable success in Hyderabad, evident from its expanding customer base and robust financial performance.
Yes 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.
