Fincare SFB reports Rs 97-crore net profit in Q1FY24, against Rs 48.69-crore net loss in year-ago period

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Fincare Small Finance Bank (FSFB) reported a net profit of Rs 97.13 crore in the first quarter (Q1) of FY24, against a net loss of Rs 48.69 crore in the year-ago period on the back of healthy growth in net interest income, a jump in other income, and decline in provisions.

The SFB’s Q1FY24 net profit is up 5.46 per cent sequentially vis-a-vis preceding quarter’s (Q4FY23) Rs 92.1 crore.

Net interest income (difference between interest earned and interest expended) was up 36 per cent year-on-year (y/y) at Rs 351.27 crore (Rs 258.1 crore in the year-ago quarter).

Other income, including income from non-fund based activities such as brokerage and commission, profit/ loss on sale of investments (net), and income from sale of priority sector lending certificates, soared 205 per cent y/y to Rs 70.32 crore (Rs 23.07 crore).

Provisions (other than tax) and contingencies declined 79 per cent y/y to Rs 30.97 crore (Rs 150.04 crore).

Also read: Lock into high rates with Fincare Small Finance Bank’s 1000-day deposits

Gross non-performing assets (NPAs) declined to 2.12 per cent of gross advances as of June-end 2023, against 3.25 per cent as of March-end 2023.

Net NPAs declined to 1.09 per cent of gross advances as of June-end 2023, against 1.30 per cent as of March-end 2023.