MUMBAI, 19 DECEMBER, 2019 (GPN):   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. ENDS

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 in May 2017, under Section 22 of the Banking Regulation Act, 1949. Fincare SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934 and published in the Gazette of India dated April 13, 2019. Fincare SFB enables financial inclusion of the underbanked base of the pyramid, mass retail, and micro & small enterprise segments. It also serves the banking needs of digitally savvy consumers across metro, urban and semi-urban markets. As of September 2019, Fincare SFB serves over 21+ lakh customers in 14 states and 1 Union Territory and employs a workforce of over 6468.

Fincare Small Finance Bank aims to transform banking by making products simple, processes automated and convenient, and decisions and transactions instantaneous for its customers. Powered by technology, Fincare SFB has set the vision to be the first of its kind ‘Rurban’ Bank which, on the one hand, is catering to the needs of the base of pyramid, mass retail and micro & small enterprise segments and enabling their financial inclusion, while on the other hand, providing modern, innovative and digital banking solutions to the digitally-savvy, metro and urban consumers.

For more information, please visit www.fincarebank.com