Mumbai, July 17 (IANS) Yes Bank on Wednesday said that it is looking into the whistleblower complaint alleging incorrect NPA classification and irregularities in the Bank’s operations but has not found “identified any material financial statement implications”.
“The Bank, at the direction of the Audit Committee and with the assistance of this external firm, is continuing to analyze the allegations in the whistleblower complaint and work is currently ongoing,” the bank said in a BSE filing.
It further said that on the basis of the work done and findings, the Bank has not identified any material financial statement implications. The bank will consider the implications of ongoing work once the examination of this matter is completed.
The bank posted a net profit Rs 113.76 crore for the quarter ending June 30 compared to Rs 1,260.36 crore in the year-ago period.
Yes Bank said it came to know about the an anonymous whistleblower complaint in September last year which alleged irregularities in the “Bank’s operations, potential conflicts of interests in relation to the former MD and CEO and allegations of incorrect NPA classification”.
In response to which the Bank conducted internal enquiry under the supervision of the Board of Directors
“The enquiry resulted in a report that was reviewed by the Board in November 2018. Based on further inputs and deliberations in December 2018, the Audit Committee of the Bank engaged an external firm to independently examine the matter,” the bank said.