by Sachin Murdeshwar

Mumbai:   Fincare Small Finance Bank achieved another milestone by crossing Rs. 7500 crore of business and touching lives of 21 Lakh + customers at end of September 2019. The Bank recorded net profit of Rs 76 crore for the quarter ended September 2019. 

 

Highlights for the quarter ended September 30, 2019:

·         Total deposits increased by 156% to Rs 3,715 Crore as against Rs 1,454 Crore in the corresponding half year of the previous year.

·         Total Gross Loan portfolio grew 49% to Rs 4,348 Crore as against Rs 2,918 Crore in the corresponding half year of previous year.

·         Net interest income (NII) for the half year grew by 62% to Rs 276 Crore as against Rs 171 Crore in the corresponding half year of previous year.

·         Net profit increased by 80% to Rs 76 Crore as against Rs 42 Crore in the corresponding half year of previous year.

·         Net NPA as on September 30, 2019 stood at 0.44% as against 0.36% as on September 30, 2018.

·         Capital adequacy ratio decreased to 21.8% at the end of September 30, 2019 as against 23.9% as on September 30, 2018.

Commenting on the performance, Mr. Rajeev Yadav, Managing Director & CEO of Fincare Small Finance Bank Ltd said, “The Bank had a strong business performance in the first half of current financial year. The Bank is in on a trajectory of robust growth and this seems a sustainable path going forward. With financial inclusion at the core, we are making significant investment in processes and technology, in order to enhance accessibility and affordability of banking products and services to our loan customers. Simultaneously, we are developing best-in-class digital capabilities to enhance the banking experience for our deposit customers. This, coupled with sharp focus on compliance and governance, is helping the bank build a reputation for trust and transparency. At Fincare, we are committed to providing Smart Banking solutions to communities we serve”.

 

Business highlights: 

Increased Base to 21 Lakh + customers

Launched Affordable Housing Loans and Two-Wheeler Loans

Acquired 40,000+ 101 customers, the Digital Saving Account

Enhanced footprint to 14 States and 1 UT – added Bihar and Chhattisgarh

Increased presence to 659 Outlets – 188 unbanked Rural Centres included

Opened 14 lakh Savings account – deepened Financial Inclusion

Launched Retail Life Insurance products in partnership with Kotak Life Insurance

 

In order to enhance customer experience, Fincare Small Finance Bank has undertaken initiatives such as launching UPI on platform 2.0 with NPCI, introducing WhatsApp Banking, providing choice of 11 languages on mobile banking, providing 7 language options at ATM and the Toll-Free Call Center, providing choice of cash denomination at all ATMs and offering Internet Banking with two language options viz. English and Hindi.

With an aim to transform banking and enhance customer experience, Fincare SFB plans to be among the leading ‘Phygital’ players in the banking space and usher an era of Smart Banking.