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 %
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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.
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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
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General Public
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Senior Citizen
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7 days-45 days
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4.00%
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4.50%
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46 days-90 days
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4.00%
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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
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8.75%
|
9.25%
|
24 months 1 day to 36 months
|
9.00%
|
9.50%
|
3 years 1 day to 5 years
|
8.00%
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8.50%
|
5 years 1 day to 7 years
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7.00%
|
7.50%
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RD Rates:
Tenure
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General Public
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7 days-45 days
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4.00%
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46 days-90 days
|
4.00%
|
91 days-180 days
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6.00%
|
181 days – 364 days
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7.00%
|
12 months to 15 months
|
8.00%
|
15 months 1 day to 18 months
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8.25%
|
18 months 1 day to 21 months
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8.50%
|
21 months 1 day to 24 months
|
8.75%
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24 months 1 day to 36 months
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9.00%
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3 years 1 day to 5 years
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8.00%
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FOOTPRINT
The Bank has 570 banking outlets, and 71 Cash Recyclers as on 31st March 2019.
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