Breaking News

Fincare Small Finance Bank launches its second banking outlet in Hyderabad, at Kukatpally

● Bank recently reported Net Profit of Rs. 101.98 crore for FY’19

● In FY’19 Customer base grew 50% to over 1.5 million, employee base grew 24% to ~5500

Hyderabad, 28th June 2019: Fincare Small Finance Bank (Fincare SFB) today launched its second banking outlet in Hyderabad, at Kukatpally. The city of Hyderabad is an important business hub wherein, awareness and demand for financial services is fairly high. The city is a leading outsourcing destination for sectors like information technology, biotechnology, and pharmaceuticals. Sensing the huge economic and employment opportunity in Hyderabad, Fincare SFB is steadily expanding its presence in the state with a comprehensive offering of both credit and deposit products in order to match the banking needs of the people. The bank already has business correspondent outlets in few districts of Telangana and with the banking outlet at Kukatpally, it is aiming to deepen its retail presence.

Speaking at the launch Mr. Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “Our presence in Hyderabad is an essential part of our strategy to build a strong retail franchise in this market. The appetite of customers for financial services is fairly evolved and a second outlet in Hyderabad is aimed to build a deeper relationship with them. Fincare SFB is one of the fastest growing small finance banks in the country and with deep focus on digital financial inclusion, we are well positioned to serve the underbanked customer segments. Our offerings are tailor-made to address, on one hand, the high-interest yielding deposit needs of retail clients, and on the other, the business loan requirements of small enterprises”.

Fincare Small Finance Bank has over 15.5 lakh customers serviced through a network of over 570 banking outlets spanning 12 states and 1 Union Territory. Fincare SFB offers a complete suite of products including fund transfer facilities through NEFT, RTGS, IMPS, NACH as well as bill payment facilities. On the assets side, the bank provides loan against gold, loan against property, affordable housing loan and two-wheeler loans at affordable rates besides fixed deposits, saving and current accounts. The bank recently launched Auto Sweep-In Sweep-Out facility for current account customers. 

FY’19 Financial Results of Fincare Small Finance Bank:

● Total business of the Bank registered a growth of 95% to reach ₹ 5,573.4 Cr

● 3,530 Cr Gross Loan Portfolio (65% y-o-y growth, 56% growth in microloans, 116% growth in other assets) – 20% secured portfolio

● 2,043 Cr deposits (181% y-o-y growth; with 58% share of retail deposits)

● 0.3% Net NPA

● Reported Net Profit of ₹ 101.98 Cr

● Customer base grew 50% to over 1.5 million, employee base grew 24% to ~ 5500

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 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 March 2019, Fincare SFB serves over 15.5 lakh customers in 12 States and 1 Union Territory.

No comments