Yes Bank's clarification on rumours of FE exposure

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Mumbai, Mar 19 (UNI) Yes Bank today reiterated that it has no uncovered exposure in foreign exchange derivatives business and has a highly valuable treasury customery base, consistently meeting all its maturing financial oblicationss.

In a clarification to the BSE the Bank said, ''There have been unfounded rumors on Yes Bank's foreign exchange derivatives exposure and its implications on the Bank's operations.'' It had 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, the Bank clarified.

Yes Bank continued to execute its strategy across Corporate, SME and Retail Banking businesses. The Bank currently has 60 operational branches and is in the process of launching 57 additional branches taking the total licensed network to 117.

The Bank reported a net profit of Rd 135.52 crore for the nine months period ended December 31, 2007, a growth of 114 per cent over the corresponding period last year.

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