Fincare SFB posts 99 percent AUM growth; Rs. 42.3 crore profit in H1 FY2019
Deepthi | Myequity news | Date : 28-11-2018 17:30:00 IST
Fincare Small Finance Bank, poised for a sustained growth with improved fundamentals, has registered a Rs. 42.3 crore profit after tax (PAT) in H1 FY19. The Bank’s gross loans portfolio grew at 99 per cent during the year, to close at Rs. 2,899 crore, as on The Bank has also garnered deposits worth Rs. 1,455 crore as on September 30, 2018, a growth of 383 per cent y-o-y, with retail deposits comprising 34 per cent of the total deposits.
Financial Key Highlights for H1 FY19: Mr. Keyur Doshi, CFO of Fincare Small Finance Bank
• Gross Loan Portfolio grew 99 percent y-o-y, at Rs. 2,899 crore
• Deposits grew 383 percent y-o-y, at Rs. 1,455 crore
• Total Income grew 127%
• Net NPA at 0.3 percent
• Net profit of Rs. 42.3 crore
• Total customer base of 12.5 lakh
The Bank has successfully diversified into new asset segments, with secured loans such as loans against property, loans against gold and institutional finance growing at 252 per cent on a y-o-y basis. Secured loans now account for 15 per cent of the gross loans portfolio, significantly above the 8 per cent a year ago. The microloans portfolio also demonstrated an 85 per cent growth during the same period. Asset quality indicators have also shown improvement, with net NPA down to 0.35 per cent from 1.4 per cent and gross NPA down to 1.4 per cent from 1.9 per cent on a y-o-y basis.
, said “The H1 results are a reflection of our continued efforts on growth and diversification. We have made considerable progress during this year in growing our secured business, and in building a strong liabilities franchise, as is evident from the growth in both the businesses. We are confident of sustaining this performance in the second half of this financial year as well”.
The Bank has a network of over 500 banking outlets catering to over 12.5 lakh customers across 10 states and 1 Union Territory. About Fincare Small Finance Bank:
Fincare Small Finance Bank commenced banking operations on the 21st of July, 2017, after receiving the final license from the RBI under Section 22 of the Banking Regulation Act 1949. Fincare SFB enables financial inclusion of the underbanked base of pyramid, mass retail and micro & small enterprise segments. It also serves the modern banking needs of digitally-savvy consumers across metro, urban and semi-urban markets. As of October 2018, Fincare SFB serves over 13 lakh customers in ten states and one union territory across India.