SSFB to set up 25 more branches in next 12-18 months: CEO R Bhaskar Babu
Hyderabad, Apr 23 (UNI) : Mumbai-based Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks, on Tuesday announced the commencement of its banking operations in Hyderabad by launching its first bank branch here.
Addressing at a press conference, SSFB Managing Director and CEO, R Bhaskar Babu said the bank, which have 11 lakh micro finance customers across 10 states, has started its banking operations two-years back and planning to expand its footprint in two more states -- West Bengal and Chhattisgarh by 2020.
Currently, the bank have 392 outlets including micro finance outlets and 52 bank branches and planning to set up 25 more branches including 7-8 more branches in twin cities of Hyderabad and Secunderabad alone by next 12-18 months to reach the business target of Rs 4,500 crore by the end of current fiscal 2019-20 as against Rs 3,000 crore achieved in the previous financial year 2018-19, he said.
The bank expected to get profit between Rs 32-40 crore by this quarter end (June 30,2019) against Rs 100 crores profit netted after tax in previous fiscal, he claimed and said that its net NPA was .25 per cent.
Currently, the bank have 50k saving account customers, he said that the all existing micro finance outlets would be converted into branches and with this, the total branches would be reached to 400 by 2020 end and also manpower will be strengthened to 5,500 from 4,000 employees currently existing in the bank.
The bank has recently raised capital of Rs 248 crore which will give them a strong backing to pursue their business plans, Mr Babu said the investment for the each branch cost would be between Rs 2 -10 lakhs.
We will offer the most competitive interest rates on deposits to our customers because of our robust business model with low operating costs, he claimed and said that we also offer interest rate of up to 7.25 per cent on savings accounts on monthly basis.
We also offering 9 per cent interest rate on fixed deposits while for senior citizens, the interest rate would be 9.5 per cent for 950 days term, he informed.
Besides providing small loans from Rs 15,000 to 5 lakh, the bank would also offer affordable housing loans from Rs 5 lakh to Rs 25 lakh to customers, he added.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
