Fincare Small Finance Bank announced its audited financial results for the year ended 31st March 2019 today. It is one of the ten 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

• The 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 %

Fincare Small Finance Bank's Annual Net Profit 101.98 Cr, Grows 205% Year-Over-Year
Fincare Small Finance Bank’s Annual Net Profit 101.98 Cr, Grows 205% Year-Over-Year

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 serving 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 are 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.

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.

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%
Invest in Fincare Small Finance Bank’s Fix Deposit

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

Also Read: Manappuram Finance FY2018-19 Results: Q4 Net Jumps 43%

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

Also Read: Maturity In Choosing A Stable Government

Fincare Small Finance Bank commenced banking operations on 21st July 2017, after receiving the final license from the RBI in May 2017 under Section 22 of the Banking Regulation Act, 1949. Fincare SFB enables financial inclusion of the underbanked base of the pyramid, mass retail, and micro & small enterprise segments.

Also Read: Max Financial Services Report FY2019

It also serves the banking needs of digitally-savvy consumers across metro, urban and semi-urban markets. As of March 2019, Fincare SFB serves over 15.5 lakh customers in 12 States and 1 Union Territory.

Also Read: Karur Vysya Bank Migrating To Latest Core Banking