Utkarsh CoreInvest Limited

Utkarsh Coreinvest Limited Unlisted Shares Logo

About the Company

  • Utkarsh CoreInvest Limited (erstwhile Utkarsh Micro Finance Limited) is the promoting institution for 'Utkarsh Small Finance Bank Limited’. The Company through a slump sale transferred all its Assets and Liabilities on January 21, 2017, to its Subsidiary-Utkarsh Small Finance Bank Limited.
  • The bank is rated A1+ by ICRA -Credit Rating Agency.
  • Utkarsh CoreInvest Limited is a Non-Banking Financial Company, providing assistance to the unbanked population.
  • Utkarsh Micro Finance Limited started its operations way back in September 2009 to provide financial and non-financial services in its area of operations to the unbanked population who had the skills but were in need of capital.
  • The Bank is headquartered in Varanasi, Uttar Pradesh and its operations are currently spread across 15 States & 2 Union Territories through 507 branches in 173 districts of the country.

History & Evolution

  • Started Utkarsh Micro Finance Private Limited
  • The first loan disbursed under JLG Model
  • Launched MicroEnterprise Loan Product
  • Started National Pension System Services
  • RBI upgraded licence to NBFC-MFI from NBFC-LC
  • Received In Principle Licence for setting up small finance bank
  • Received Final licence for setting up Small Finance bank
  • Changed name of the company from Utkarsh Micro Finance Private Limited to Utkarsh Micro Finance limited
  • Set up bank Subsidiary in name of Utkarsh Small finance bank limited
  • Utkarsh foundation become the foundation subsidiary
  • Received Scheduled Commercial Bank Licence
  • Name of the Company Changed from Utkarsh Microfinance limited to Ukarsh CoreInvest Limited
  • Celebrated a decade of being a trusted, financial Service Provider

Products Offered

Utkarsh Small Finance Bank offers a gamut of Banking products & services which also includes

  • Micro, Small and Medium Enterprise (MSME) Loans
  • Housing Loans (HL)
  • Wholesale Lending
  • Deposit Accounts (CASA, FD & RD)
  • Insurance, Mutual Funds, Remittances
  • Institutional, Government
  • TASC services

Utkarsh also offers a wide range of payment services which includes

  • Debit Cards
  • ATMs
  • POS Payments
  • Digital offerings like Internet Banking, Mobile Banking and payments through NEFT, RTGS and IMPS

Awards & Accolades

  • Received Microfinance India Organisation of the Year (Small and Medium) Category Award
  • Received Mix STAR (Socially Transparent and Responsible Award)
  • Received Smart Campaign Client Protection certification
  • Received CIMSME’s MSME Banking Excellence Award
  • Received Skoch (Gold)-2016 Award for Inclusive Insurance
  • Received Excellence Award in Mine India
  • Received Social Impact Initiatives Award, 2019

Industry Overview - Opportunities

  • The banking industry plays a vital role in mobilizing savings and stimulating the economic development of a nation. The Banks' overall credit growth moderated to 6.8% in FY 2019-20 primarily on account of sluggishness in credit to industries and large corporates while retail credit growth remained healthy at 15% during FY 2019-20.
  • Small Finance Bank (SFBs) penetrating & growing faster on the back of deep-rooted presence & wider product offerings to customers.
  • Formalisation of the economy and structural changes caused by demonetization and implementation of GST will drive a gradual shift towards the organized sector.
  • The microfinance industry plays an important role in promoting financial inclusive growth by providing credit to entrepreneurs and small businesses lacking access to banking and related services.
  • With a population of more than 1.3 billion and a relatively low mortgage credit to GDP ratio in India, housing finance offers significant growth opportunities for the Banks.

Business Performance

  • Since inception, the Bank’s advances, as well as deposits, have grown significantly year on year basis. Despite disruptions on account of demonetization and GST implication, the Bank’s Asset under management has grown at a CAGR of 64% since March 31, 2017. Similarly, deposits of the Bank also grew multifold at a CAGR of 551% over the last 3 years.

Financial Performance


  • Net interest income grew by 46.01% to INR 728.22 crore in FY2019-20 from INR 498.75 crore in FY2018-19 while other income grew by 69.77% to INR 98.55 crore from INR 58.05 crore.

Profit After Tax:

  • The Bank posted Profit After Tax of INR 186.74 crore around two-fold from 93.89 crores.

Assets Under Management (AUM):

  • The Bank demonstrated superior portfolio growth with good asset quality. AUM increased to INR 6,660 crore as of March 31 2020 from INR 4741.55 crore as at March 31, 2019, up by 40.45% YoY on account of scaled-up business activities.

Net Advances:

  • Total net advances grew 34.56% YoY to INR 6,281.60 crore from INR 4,668.17 crore, owing to satisfactory performance of core banking products.


  • The aggregate deposit of the Bank at the end of the year stood at INR 5,235.21 crore, which represents a growth of 38.08% over the previous financial year.
  • The CASA deposits grew by 86.24% from INR 379.44 crore to INR 706.67 crore in FY2019-20 and Retail Term Deposits grew by 119.73% from INR 825.78 crore to INR 1,814.52 crore in FY2019-20.


  • The Bank's capital to risk-weighted asset ratio (CRAR) and Tier-I CRAR stood at 22.19% and 19.41%, respectively as on March 31, 2020 vis-à-vis 24.14% and 20.34%, respectively as on March 31, 2019.

Return Ratios

  • USFBL continues to generate a strong Return on Average Assets (ROAA) which has improved to 2.47% in FY2019-20 from 1.86% in FY2018-19.
  • Return on Average Net worth (RONW) increased significantly to 21.18% for FY2019-20 from 13.49% for FY2018-19. This has been achieved by clocking growth, maintaining yield on assets, improving the cost to income ratio and reducing the cost of funds.


  • The Bank has a strong rural and semi-urban presence with around 68% branches in semi-urban and rural locations.
  • The Bank has clearly laid out a strategy of continuous focus on a rural and semi-urban segment for asset side build-up while equal focus on rural, semi-urban, urban and metropolitan locations for its liabilities franchise strength.
  • Since its inception, the Bank's advances, as well as deposits, have grown significantly year on year basis. Despite disruptions on account of demonetization and GST implication, the Bank's Asset under management has grown at a CAGR of 64% since March 31, 2017. Similarly, deposits of the Bank also grew multifold at a CAGR of 551% over the last 3 years.
  • USFBL's liquidity profile remains comfortable due to a conservative liquidity policy, high cash balances and diverse source of funding, especially from the promoter and investors. The Bank has successfully raised refinance loans from SIDBI, NABARD, MUDRA and other banks to cushion liquidity while it garners sizeable retail deposits.
  • The Company recorded a total comprehensive income of INR 0.55 crore on a standalone basis and INR 222.37 crore at a consolidated level.
  • The Company's Net-worth as of March 31, 2020, stood at INR 819.48 crore on a standalone basis. Whereas, on a consolidated basis, the Net-worth stood at INR 1,082.75 crore.
  • The Bank recorded (as per applicable IGAAP accounting rules) a Net Profit of INR 186.74 crore (growth of 98.89%).


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