Varanasi, November 08, 2021 (GPN): The Board of Directors of Utkarsh Small Finance Bank Limited approved the audited financial results for half year ended September 30, 2021, at the Board meeting held on November 1, 2021.

Highlights of the H1 FY 22:

• Utkarsh Small Finance Bank has filed its DRHP with SEBI and the Stock Exchanges for raising  upto ₹1,350 crore through initial public offer of its Equity Shares.

• During the half year ended 30 September 2021, the Bank has issued 47,169,809 equity shares having face value of ₹10 each at a premium of ₹21.80 each for cash aggregating to ₹149.99 crore.

• The Bank received the following accolades in the last 2 quarters:

• Best Places to Work In India 2021 by Ambition Box (Ranked #3 amongst mid-size banking company in India)

•  Mr. Govind Singh was recognized as one of the “Influential Catalyst of Change’’ by Team Marksmen in association with Media Partners News18 and Fortune Magazine
• Opened new branches in Karnataka and Kerala
• The Bank operates out of 600 Branches, in 201 Districts spread across 20 States and Union Territories as on September 30, 2021

Speaking on the results Mr. Govind Singh, MD and CEO, Utkarsh Small Finance Bank said, “A resolute approach is the way forward. It is pertinent that we as an SFB remain agile and nimble to overcome the challenges that come our way. During this difficult period of the pandemic, the Bank has been running its operations efficiently and maintaining necessary capital adequacy and liquidity”.

“Further, to enhance the implementation of COVID-19 protocols, we encouraged minimal personal interaction and worked towards providing seamless service to our clients through different platforms and channels”, said Mr. Govind Singh

“The Bank has filed its DRHP with SEBI and the Stock Exchanges in March 2021 for raising upto ₹1,350 crore through fresh issuance of equity shares and offer for sale.”, he further added.

Utkarsh Small Finance Bank Limited H1’ FY22 Financial Highlights:

Net Advances increased by 22.04% to ₹8062.88 crore as of September 30, 2021, from₹6606.58 crore as at September 30, 2020

Total deposits increased by 35.17% to ₹8068.73 crore as of September 30, 2021, from ₹5969.30 crore as at September 30, 2020.

Net Interest Income (NII)* increased to ₹479.43 crore for H1’ FY22 from ₹419.41 crore in H1’FY21, up by 14.31%.

The Bank’s PAT for H1’FY22 was at ₹37.67 crore after making adequate provisions for sub-standard assets. The policy on of Sub-standard assets is higher than prescribed by RBI.

Gross NPA (GNPA) was at ₹700.79 crore (% of Gross NPA 8.27%) and Net NPA (NNPA) as at ₹286.10 crore (% of Net NPA 3.55%) both as of September 30, 2021.

Utkarsh Small Finance Bank’s net worth (as per RBI guidelines) as on September 30, 2021, was ₹1425.71 crore as compared to ₹1009.32 crore as on September 30, 2020. As of September 30, 2021, Total CRAR stood at 28.06%, with Tier-I CRAR being 23.50% and Tier II CRAR 4.56%.

*(NII = Interest Earned less Interest Expended)                                                        

About Utkarsh Small Finance Bank Limited

Utkarsh Small Finance Bank Limited (USFBL), incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved sections of the country. The Bank’s lending activities are primarily focused in rural and semi-urban locations of the country while its other services are spread across the country. The Bank commenced its operations on January 23, 2017, pursuant to the small finance banking licence granted by RBI on November 25, 2016.

The Bank extends microfinance loans based on Joint Liability Group (JLG) model to individuals, other retail asset loans including Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Personal Loans, Commercial Vehicle Loans, Construction Equipment Loans and Wholesale Lending to borrowers.

The Bank offers a slew of digital services such as Internet and Mobile Banking, Digi On-Boarding, and an online account opening facility for clients, besides a range of ATMs and Micro ATMs for ease of transactions, amongst other.

The Bank is headquartered at Varanasi, Uttar Pradesh.