 "rupee, loan, indian rupee")
Capital Small Finance Bank Limited is looking at its total business rising over Rs 14,000 crore by the end of current financial year on the back of growth in its advances led by MSME loans and mortgages.
The Jalandhar-headquartered bank has also plans to expand its branch network by opening 20 more branches in the northern region.
Capital Small Finance Bank started operations as the country's first small finance bank in April, 2016 after conversion from Capital Local Area Bank.
Prior to conversion to the Small Finance Bank, Capital Local Area Bank had been operating since January 14, 2000.
In the last financial year, the bank's total business grew to Rs 12,000 crore with 12 per cent growth.
"We are looking to grow our business to more than Rs 14,000 crore (by end of 2023-24)," Capital Small Finance Bank Limited chief financial officer Munish Jain said on Tuesday.
Also Read
The bank's total advances stood at Rs 5,507 crore with 17 per cent growth while its deposits stood at Rs 6,560.62 crore with a high share of CASA (current account savings account) book at 41.88 per cent of the total deposits.
Jain said the bank's advances are expected to grow by 22-24 per cent while profitability to rise by 25-30 per cent.
"Growth will be coming from MSME (micro, small and medium enterprises) and mortgages including housing loans," he said, adding that the bank is also extensively doing agricultural loans.
The bank's asset products primarily include agriculture loans, MSME and trading loans (working capital, machinery loans etc.) and mortgages (housing loans).
The bank also plans to increase its footprint in the northern region where it is mainly concentrated.
"We will continue to expand our branch network. A minimum of 20 branches will add more in this fiscal," said Jain.
The bank presently has 170 branches spread across the states of Punjab, Haryana, Himachal Pradesh, Rajasthan, National Capital Region and UT Chandigarh.
The bank registered a profit after tax at Rs 93.60 crore in the financial year 2022-23 as against Rs 62.57 crore in 2021-22.
Sarvjit Singh Samra, managing director and chief executive officer of the bank, said, "Our consistent growth and profitability are a testament to the dedication and hard work of our team, as well as the trust and support of our customers.
"We remain committed to delivering exceptional banking solutions, embracing innovation, and supporting the financial aspirations of small-scale enterprises and individuals.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
