MUMBAI, JUNE 11, 2020 (GPN):  At a Board meeting held in Bengaluru on Jun 10, 2020, the Board of Directors of Fincare Small Finance Bank Ltd approved its financial results ending 31^st March 2020.

Key highlights:

• Deposits portfolio grew by 128% YOY
• Gross Loan portfolio grew by 51% YOY
• Capital adequacy ratio (CRAR) at 29.28%

Highlights for the quarter ended September 30, 2019:

• Net interest income (NII) for the year grew by 65% to Rs 619 crore as against Rs 376 crore in the corresponding previous year
• Net profit increased by 41% to Rs 143 Crore as against Rs 102 crore in the corresponding previous year
• Total gross loan portfolio grew by 51% to Rs 5345 Crore as against Rs 3530 Crore in the corresponding previous year
• Total deposits increased by 128% to Rs 4654 Crore as against Rs 2043 Crore in the corresponding previous year
• Net NPA as on March 31^st, 2020 stood at 0.41% as against 0.34% in the corresponding last year
• Capital adequacy ratio increased to 29.28% at the end of March 31^st,2020 as against 23.63% on March 31^st, 2019

Commenting on the performance, Mr. Rajeev Yadav, Managing Director & CEO of Fincare Small Finance Bank Ltd said, “The previous financial year was a year of stellar growth on all key parameters. At one end, financial inclusion is the core of the Bank, and we are making a significant investment in processes and technology, in order to enhance accessibility and affordability of banking products and services to the customers, who are primarily in the rural segment. On the other end, we are developing best-in-class digital capabilities to enhance the banking experience for our deposit customers, who are based in Urban and Metro centers. Other than that, we have a very sharp focus on compliance and governance, which has helped the bank build a reputation for trust and transparency. At Fincare, we are committed to providing Smart Banking solutions to the customer communities we serve, through use of digital tools.” ENDS

About Fincare Small Finance Bank:

Fincare Small Finance Bank commenced banking operations on July 21, 2017 under Section 22 of the Banking Regulation Act, 1949, after receiving the final license from the RBI in May 2017. Fincare SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934, published in the Gazette of India dated April 13, 2019.

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

As of 31^st March 2020, Fincare SFB serves over 25+ lakh customers in 19 States / Territory, has deposits worth Rs. Rs 4,654Crore, its loan book stood at Rs. 5,345 Crore and has a workforce of 7,363. ENDS