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RATING

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Strong Sell

Business Type

Traditional Business

Discover and get info on Fincare small finance bank unlisted shares before buying, selling and investing - Read our Research report on Fincare small finance bank Pre IPO For Information like - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, and News.

ISIN

INE519Q08079

Face Value

₹10.00

Total Share

6,36,10,481

Total Income

₹609.66 Cr

Profit After Tax

₹113.14 Cr

EPS

₹17.79

P/E

12.37

P/B

1.78

Market Capitalisation

₹1,399.43 Cr

Enterprise Value

₹3,719.05 Cr

Book Value

₹123.39

Intrinsic Value

₹4,048.84

Earnings Yield

8.09 %

Sector

Financials

Sub-sector

Small Finance Bank

Category

Pre IPO

Cashflow - Operations

₹47.84 Cr

Cashflow - Financing

₹32.27 Cr

AUM

₹353.00 Cr

AUM Growth

65.34 %

Fincare Small Finance Bank Growth

Compounded Sales Growth

  • -3.05%

    1 Year

  • 90.56%

    3 Year

  • 77.01%

    5 Year

Pro Only

Compounded Profit Growth

  • -21.13%

    1 Year

  • 111.55%

    5 Year

Pro Only

Return On Equity

  • 11.78%

    2021

  • 20.32%

    2019

  • 3.63%

    2017

Pro Only

About Fincare Small Finance Bank

  • Fincare Small Finance Bank(SFB) is a "digital-first" SFB with a focus on unbanked and under-banked customers, especially in rural and semi-urban areas. It operates as a retail bank in India. It operates through Treasury, Corporate/Wholesale Banking, and Retail Banking segments. The company’s deposit products include savings and current accounts, as well as fixed, recurring, and retail term deposits. Its loan portfolio comprises micro, housing, and two-wheeler loans; loan against property and gold; and institutional finance. The company also provides NRI, WhatsApp, mobile, and internet banking services.  
  • The company follows a business model focused on financial inclusion and aim to provide individuals and businesses with affordable financial products and services that meet their needs.
  • Their business objective is to enhance access to savings, credit and other financial products for unbanked and underbanked individuals, MSMEs and unorganized entities, especially in rural areas, by leveraging technology, last-mile distribution and by utilizing their 14 years of experience in providing microloans. 
  • In the first quarter of FY20, Fincare Small Finance Bank was included in the Second Schedule of the Reserve Bank of India Act, 1934.
  • The bank has an extensive network of 528 banking outlets, 219 business correspondent outlets and 108 ATMs spread across 16 states and three union territories, covering 192 districts and 38,809 villages and which reached 2.7 million customers, as of December 31, 2020
  • The bank operated as an NBFC-ND under the name 'Disha Microfin Limited' since 2010 and was registered as an NBFC-MFI in 2013. In 2016, upon receipt of the RBI In-Principle Approval, it acquired the micro-finance operations of Future Financial Services Pvt. Ltd (FFSPL)  and later changed its name to Fincare SFB.

  • Fincare Small Finance Bank IPO Details

Fincare Small finance Bank(SFB) filed its DRHP on May 8, 2021.

The bank's IPO offer aggregating up to ₹13,300 million comprising of a Fresh Issue of  ₹3,300 million by the bank and an offer for sale of to ₹10,000 million by the Promoter Selling Shareholder. 

A Pre-IPO Placement may be undertaken by the Bank, in consultation with the Managers, of such number of Equity Shares aggregating up to ₹2,000 million. If the Pre-IPO Placement is undertaken, the aggregate amount raised in the Pre-IPO Placement will be reduced from the Fresh Issue, subject to the minimum offer size constituting at least a pre decided % of the post-Offer paid-up equity share capital of our Bank.

Fincare Small Finance Bank
Offer for Sale

₹ 1000.00 Cr

Fincare Small Finance Bank
Fresh Issue

₹ 330.00 Cr

Fincare Small Finance Bank
Total IPO Size

₹ 1330.00 Cr

  • Fincare Small Finance Bank Funding

Funded By Funding Amount Date of Investment Funding Round Fund Name
Motilal Oswal Private Equity ₹ 185 Cr May 2021 1 Secondary Acquisition
  • Fincare Small Finance Bank Merger & Acquisition

Investments

Fincare Small Finance Bank's promoter was incorporated as ‘Fincare Business Services Private Limited’ on August 1, 2014 at Bengaluru as a private limited company under the Companies Act, 2013. The issued and paid-up share capital of our Promoter is ₹328,690,840 divided into 328,690,840 equity shares of face value ₹1 each.

  • Fincare Small Finance Bank Subsidiaries

The bank does not have any Subsidiaries, Joint Ventures and Associate Companies

Fincare Small Finance Bank Business Model

Fincare SFB focuses on financial inclusion and aim to provide individuals and businesses with affordable financial products and services that meet their needs. Their business objective is to enhance access to savings, credit and other financial products for unbanked and underbanked individuals, MSMEs and unorganized entities, especially in rural areas, by leveraging technology and last-mile distribution

  • Fincare Small Finance Bank Revenue Segmentation

  • Interest Income
  • Other financial charges
  • Income on investment
  • Other Income
  • Fincare Small Finance Bank Product & Services

Deposit Products
  • Savings Account
  • Fincare 101 Account
  • Current Account
  • Recurring Deposit
  • Retail Term Deposit

Loan Products
  • Micro Loan
  • Loan Against Property
  • Loan Against Gold
  • Affordable Housing Loan
  • Institutional Finance
  • Fincare Small Finance Bank Assets

As of March' 21 the bank has fixed assets of worth Rs.36.19 Cr.

  • Fincare Small Finance Bank Industry Overview

Industry Statistics

  • The Indian Banking structure has undergone appropriate transformation with the formation of a new banking institution – Small Finance Banks (SFBs). It is a specific segment of banking created by RBI under the guidance of Government of India with an objective of furthering financial inclusion by primarily undertaking basic banking activities to un-served and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganized entities. 
  • SFBs also work as institutionalized systems to undertake deposits, which enables them to access low- cost funds as compared to NBFCs.
  • These SFBs are expected to penetrate rural India and help achieve financial inclusion by providing basic Banking and credit services to a larger population. With this faster growth in rural areas can be expected in the future given the huge untapped potential. Between the end of fiscal 2015 and the end of fiscal 2021, the number of credit accounts in semi-urban areas grew where share in branches of PSBs has fallen as against SFBs increasing their share from 1% FY18 to 3% in FY21.
  • These entities can focus on both the asset and liability side where currently the Private sector banks(PSBs) dominate. This provides considerable opportunity to SFBs to gain further share through their specialized offerings and expanding their services to the underbanked. 
  • Similarly, in terms of credit and deposits, the share of SFBs across various regions is in the range of 0 -2% and hence significant improvement in their share is possible by providing targeted services by being attached with the population at ground level. Given the strong hold and experience of these entities in dealing with customers across these regions, the share of SFBs will go up as against the public and private sector banks and thus presents a large opportunity for SFBs to penetrate these regions deeply at the expense of others.
  • For non-NBFC entities like a local area bank or an urban co-operative bank, the scheduled bank license to run as an SFB acts as a booster in terms of enhancing their reach in the geographies where they already are present to further bank the unbanked and provide extended services beyond their initial scope of activities.
  • With their localized past experience, SFBs, especially the ones which were existing as local area banks have the ability to manage local stakeholders and maintain operational efficiency more effectively, this was a key point in efficiency growth of capital small finance bank as well.

Future Prospects

  • India Banking Market is projected to grow at a double digit CAGR during 2019-2024 owing to rising disposable income, growing digital payment system in the country, growing bank branch networks and entrance of the foreign banks in Indian market.
  • According to RBI, bank credit and deposits stood at Rs. 106 lakh Cr. and Rs. 146 lakh Cr. respectively, as of January 15, 2021.
  • India is expected to be the fourth largest private wealth market globally by 2028.
  • According to the CRISIL Research Report, the northern region is well positioned to grow with aid from the financial institutions to further support the flourishing agriculture and industrial sector.
  • The deposit penetration in the northern region has maintained its share at 21% of the overall banking deposits as of FY21 which is comparatively lower than Southern and Western regions. Accordingly, there is huge scope for further penetration in the northern, eastern, north-eastern, and central region across both credit and deposits.
  • As per CRISIL the share of SFBs in deposits as well as credit has seen a steady rise over the years and is expected to reach 1% and 1.5% respectively by Fiscal 2024 from the current 0.6% and 1.0% in deposits and credits in Fiscal 2021.
  • According to CRISIL, SFB’s AUM clocked 26% CAGR during fiscals 2016-2021. CRISIL research expects the sector’s loan portfolio to see a strong ~22% CAGR in the near term as most of the SFBs have completed the transition phase and likely to get benefit from the operating leverage.
  • The share of SFBs in deposits as well as credit has seen a steady rise over the years and is expected to reach 1% and 1.5% respectively by fiscal 2024 from the current 0.6% and 1.0% in deposits and credits in fiscal 2021. This will be on the back of robust growth on account of focused penetration and on the ground reach of these entities in comparison to the other more established player groups.
  • In terms of branches, the share of SFBs in total branches is lowest in the Eastern and the Central region followed by the Northern region. These areas are still largely dominated by public sector banks. This provides considerable opportunity to SFBs to gain further share through their specialised offerings and expanding their services to the underbanked.

Government Initiatives

  • In December 2020, the RBI issued a draft circular on declaration of dividends by NBFCs, where in it proposed that NBFCs should have at least 15% Capital to Risk Weighted Assets Ratio (CRAR) for the last 3 years, including the accounting year for which it proposes to declare a dividend.
  • In November 2020, the Union Cabinet approved the government's equity infusion plan for Rs. 6,000 crores (US$ 814.54 mn) in the NIIF Debt Platform funded by the National Investment and Infrastructure Fund (NIIF) consisting of Aseem Infrastructure Finance Limited (AIFL) and NIIF Infrastructure Finance Limited (NIIF) (NIIF-IFL).
  • In November 2020, two MoUs were signed—one between India International Exchange (India INX) and Luxembourg Stock Exchange and another between State Bank of India and Luxembourg Stock Exchange for cooperation in financial services, ESG (environmental, social and governance) and green finance in the local market.
  • The RBI has issued guidelines in an effort to contain the impact of the COVID-19 pandemic on the financial services sector. Under these guidelines, all term loans were eligible for moratoriums on instalments and working capital facilities on interest due during a period of six months, i.e., from March 1, 2020 until August 31, 2020 by the RBI, contingent on the lending institutions satisfying themselves that the same was necessitated on account of the economic fallout from COVID-19.
  • In order to accommodate the burden on banks’ cash flows on account of the Covid-19 pandemic, the RBI vide its circular dated April 17, 2020, has permitted banks to maintain liquidity coverage ratio as under: (i) April 17, 2020 to September 30, 2020 –80%; (ii) October 1, 2020 to March 31, 2021 – 90%; and (iii) April 1, 2021 onwards 100%.
  • Supreme Court of India has pronounced its judgement in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. (“Judgement”) and other connected matters on March 23, 2021. Commercial banks, shall immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to August 31, 2020 in conformity with the Judgement. 
  • To assist low-income groups due to the second wave of the pandemic, the  RBI has decided to provide Rs.10,000 Crore for three years at the repo rate to SFBs to lend to individuals, small and medium enterprises (SMEs), etc. The  RBI  has also incentivized SFBs to lend  to microfinance  institutions (MFIs) by granting priority sector lending status to such exposure.

Fincare Small Finance Bank Awards & Achievements

YearAward
2021
  • KMPG Business Today: Faster growing SFB
  • Financial Express: Best Bank in SFB Category
  • Finnoviti Award – banking frontiers: m-Care
  • National Awards for excellence in Financial services under the sub-category of Financial Inclusion
  • IBA technology award for IT Risk and cyber security. 
  • One of the Top 100 Great Places to Work, valid from March 2021 through February 2022.
2020
  • Lap D Lite” awarded under “BFSI – Category” at the 2nd edition of the BFSI InnoTribe Summit & Awards
  • Brand Excellence – in Banking Sector” award from World Marketing Congress at Global Marketing Excellence Awards
  • “Responsible Lender” certification by Finance Industry Development Council
  • “Award Winner” in the “Business Process Management” category by Dun & Bradstreet India at the BFSI Summit and Awards 2020
2019
  • “Celent Model Bank 2019 Financial Inclusion Award” for ‘LAP (Loans Against Property) D.Lite’
2018
  • ‘Customer Literacy and Capacity Building’ award at MFIN Microfinance Awards, 2018 – In Pursuit of Excellence
  • Innovative Initiative in the Rural Sector’ and ‘Bank with Best Technology Orientation” at ABP BFSI Awards 2018.
  • ‘Emerging Brand Award’ at the Gujarat Best Brand Awards 2018.
  • ‘Skoch Order-of-Merit’ in ‘Top Ranking Banking & Finance Projects in India’ category for ‘LAP D.Lite’

Fincare Small Finance Bank Strengths

  • Fincare SFB is a "digital-first" bank and have been an early adopter of scalable digital solutions in order to improve customer experience and/or operational efficiencies
  • They reach their customers through a diversified, extensive multi-channel network combining traditional brick-and-mortar banking outlets and digital banking. They believe this allows them to offer "last mile, doorstep connectivity" to customers while maintaining low operating costs.
  • As of Dec'20, the company had a pan-India network of 528 banking outlets, 219 business correspondent outlets and 108 ATMs of which 85 were cash recyclers, spread across 16 states and three union territories, covering 192 districts, which together covered over 38,809 villages and reached 2.7 million customers
  • According to CRISIL, Fincare had the highest growth rate in advances amongst comparable SFB peers in India between FY18 and FY20. Further, in FY20, the bank had the best adjusted ROA and ROE and was one of India's most profitable SFBs, based on it.
  • The bank has a vision of extending banking service to common people of rural areas, and Government is also taking decisions to prove financial infrastructure to the rural population of the country. So the branches in rural part of the country can yield good revenue in future. 
  • The bank is continuously innovating every year, recently To enhance its product basket, the Bank added Go Digit as its General Insurance partner and Max Bupa (now Niva Bupa) as its Health Insurance partner. The Bank also launched  Prime Savings account, a new offering in savings account segment targeting professionals.

Fincare Small Finance Bank Shortcomings

  • A substantial portion of banking outlets of Fincare SFB are located in and a significant portion of advances are originated from four states (Tamil Nadu, Gujarat, Karnataka and Madhya Pradesh), making bank vulnerable to risks associated with having geographically concentrated operations 
  • The bank's Gross Loan Portfolio consists primarily of microloans, comprising 79.50% of it. Given the high proportion of microloans, negative events that affect their microloan portfolio will have an adverse impact on the overall business and performance.
  • A significant portion of the bank's loan portfolio was originated in rural areas, exposing to risks associated with rural economies. which are largely tied to the agricultural, agri-allied and petty trade sectors. Further, the agricultural industry in India depends on the success of the monsoon. Any drastic changes in weather, drought, excessive rains or floods can lead to weakness in the agricultural industry and, consequently, the ability of our borrowers to repay their loans.

Fincare Small Finance Bank Opportunities

  • Due to many government schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), providing affordable access to financial services to rural India. There is a huge opportunity in rural parts of India.
  •  As per the Global Findex Database 2017, Of the world's total unbanked adults, 415 million are from just two countries—India and China. While the majority of Indian households are located in a rural region, the banking infrastructure investment in these regions remains low. As a result, there is a gap in the supply and demand of financial services in rural regions of the country, which presents an opportunity for smaller banks.
  • Bank retail credit per capita in the east of India is the lowest in the country—nearly five times lower than in the south and west. It implies a low penetration of banks in these areas. This provides an opportunity for all lending and deposit-accepting institutions to expand in these regions and also into certain areas around them.
  • CRISIL research expects the rural segment to drive MFIs' business due to burgeoning demand. With rural areas having fewer banking outlets than urban areas, the rural market in India is still under-penetrated, thereby opening up a significant opportunity for savings and loan products.
  • Digitization can play game changer in terms of improving cost efficiencies, increasing customer outreach and customer’s interface experience to digital products. The bank can focus on ‘phygital’ distribution of products and services to cater the banking needs of rural and semi-urban population which includes an optimum mix of physical and digital presence to scale our operations in a profitable manner.
  • The share of SFBs in deposits as well as credit has seen a steady rise over the years accordingly the bank is well positioned to take advantage of the tailwinds and intend to continue to grow the portfolio with focus on secured lending which we believe will provide us a competitive edge over our competitors.

Fincare Small Finance Bank Threats

  • Due to inadequate technical infrastructure in rural parts of India and due to Covid-19 restrictions there is a reduction in customer footfall at the bank
  • Increased cyber security threats have risen the need of protection of customers data.
  • Penetration by existing players and emergence of newer competitors in the industry can squeeze margins for existing players.
  • Sudden changes in the government & regulatory guidelines can sometimes create pressure of margins.
  • This industry highly volatility and based on current scenario in the market there may be sudden changes in government rules and regulation which can have high impact on the company.

Fincare Small Finance Bank Rating

  • RECOMMENDATION

    Strong Sell

  • Fincare Small Finance Bank Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

18/01/2021

Registered Date

01/05/2017

Planify Ticker

FINCA

Reg Office: Floor V, Bren Mercury Kaikondanashalli, Sarjapur Main Road Bengaluru-560035

Website: https://www.fincarebank.com/

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