Fincare SFB Posts 99% AUM Growth; Rs.42.3 Cr Profit in H1, 2019

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 September 30, 2018. 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.

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 micro loans portfolio also demonstrated an 85 percent growth during the same period. Asset quality indicators have also shown improvement, with net NPA down to 0.35 per cent from 1.4 percent and gross NPA down to 1.4 percent from 1.9 percent on a y-o-y basis.

Keyur Doshi, CFO of Fincare Small Finance Bank, 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.