GOVIND SINGH (CEO OF UTKARSH SMALL FINANCE BANK) SAID: DUE TO LOCKDOWN THE BANK EXPECTS SLOWER LOAN GROWTH IN FY21

Utkarsh Small Finance Bank expect its loan portfolio to grow at a slower rate of 15-20 percent for FY21 on account of lockdown impact. The expected loan growth in 2020-21 is significantly lower than the 40 percent growth in the company’s loan portfolio in 2019-20.

The gross loan portfolio in 2019-20 stood at Rs.6660 crore. The lender which began operations as a small finance bank in 2017, transiting from a microfinance lender since 2009, recorded nearly two-fold jump in net profit at Rs.186.74 crore in the last financial year as against Rs 93.89 crore in 2018-19.The bank’s income operations too jumped by 48 percent to Rs.1307.68 crore in 2019-20 from Rs.881 crore a year ago.

Sandip Ginodia , Director

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