Wednesday, 22 May 2019

Fincare Small Finance Bank posts annual net profit of 101.98 Cr, grows 205% y-o-y

 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.
Key Highlights
·         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.
OPERATING REVIEW
Total Business
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.
Credit Growth
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.
Deposit Growth
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 is deposited under  2 Cr, accounted for 37% of the overall deposit base.
Net Profit
The Bank has recorded its highest ever annual net profit of  101.98 Cr (grew by 205%).
Asset Quality
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.
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.

DEPOSIT INTEREST CHART
FD Rates:
Tenure
General Public
Senior Citizen
7 days-45 days
4.00%
4.50%
46 days-90 days
4.00%
4.50%
91 days-180 days
6.00%
6.50%
181 days – 364 days
7.00%
7.50%
12 months to 15 months
8.00%
8.50%
15 months 1 day to 18 months
8.25%
8.75%
18 months 1 day to 21 months
8.50%
9.00%
21 months 1 day to 24 months
8.75%
9.25%
24 months 1 day to 36 months
9.00%
9.50%
3 years 1 day to 5 years
8.00%
8.50%
5 years 1 day to 7 years
7.00%
7.50%

RD Rates:
Tenure
General Public
7 days-45 days
4.00%
46 days-90 days
4.00%
91 days-180 days
6.00%
181 days – 364 days
7.00%
12 months to 15 months
8.00%
15 months 1 day to 18 months
8.25%
18 months 1 day to 21 months
8.50%
21 months 1 day to 24 months
8.75%
24 months 1 day to 36 months
9.00%
3 years 1 day to 5 years
8.00%

FOOTPRINT
The Bank has 570 banking outlets, and 71 Cash Recyclers as on 31st March 2019.

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