New Delhi, May 20th, 2019: Fincare Small Finance Bank announced its audited financial results for the year ended 31st March 2019 today. It is one of the 10 entities to have received in-principle approval from RBI in 2015 and commenced banking operations in July 2017.
|· Annual net profit is at ₹ 101.98 Cr (grew by 205%)
· Total business of the Bank registered a growth of 95% to reach ₹ 5,573.4 Cr
· Deposits recorded a growth of 181% to reach ₹ 2,043.2 Cr
· Asset quality improved substantially with GNPA at 1.29% and NNPA at 0.34%
· Gross Loan Portfolio recorded a growth of 65% to reach ₹ 3,530 Cr
· New business added during the year – assets side two-wheeler loans and liabilities side NRE fixed deposits, Recurring Deposits and Corporate Salary accounts
· Total Bank Banking Outlets added during the year 111
· Total no. of customers grew 50% to over 1.5 million
· No. of employees grew 24% to 5,498
· Net Interest Income at 10.8%
· Disbursement grew 56 %
|Commenting on the results and financial performance, Mr. Rajeev Yadav, Managing Director & CEO, Fincare Small Finance Bank said, “The results are a reflection of our continued efforts on profitable growth and diversification. We have made considerable progress during this year in growing our secured assets business, and in building a strong liabilities franchise, as is evident from the growth in both the businesses. Secured assets now comprise almost 20% of our gross loan portfolio. The Bank’s profits have recorded a growth of over 200%, while maintaining good asset quality. With this, we reiterate our commitment to serve the unbanked and underbanked communities in their path towards financial inclusion.|
The total business of the Bank grew by 95% Y-o-Y from ₹ 2,862 Cr as on 31st March 2018 to ₹ 5,573 Cr as on 31st March 2019.
Gross Advances at ₹ 3,530 Cr as on 31st March 2019 from ₹ 2,135 Cr as on 31st March 2018 registered a growth of 65%. The Bank’s microloans portfolio grew by 56% to reach ₹ 2,839 Cr as on 31st March 2019 from 1,817 Cr as on 31st March 2018. The Secured loans portfolio registered a growth of 216 % from ₹ 218 Cr as on 31st March 2018 to ₹ 689 Cr as on 31st March 2019.
Deposits recorded a growth of 181% to reach ₹ 2,043 Cr as on 31st March 2019 from ₹ 727 Cr as on 31st March 2018. The low-cost CASA segment grew by 609% to reach ₹ 224 Cr as on 31st March 2019. Retail deposits that are deposited under ₹ 2 Cr accounted for 37% of the overall deposit base.
The Bank has recorded its highest ever annual net profit of ₹ 101.98 Cr (grew by 205%).
The Gross NPA of the Bank as on 31st March 2019 stood at 1.29% and the Net NPA at 0.34%. The Provision Coverage Ratio (including technical write-offs) stood at 73.6% as on 31st March 2019.
Capital Adequacy & Net worth
The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel II guidelines stood at 23.62% as on 31st March 2019. The Net Worth of the Bank is ₹ 653.4 Cr as on 31st March 2019.
The Bank has 570 banking outlets, and 71 Cash Recyclers as on 31st March 2019.