We currently offer a variety of asset and liability products and services designed for inclusive finance and general banking
customers. Our asset products consist of our inclusive finance portfolio (comprising loans to JLG customers), commercial
vehicle loans, affordable housing loans, micro business loans, unsecured micro and small enterprise and small and medium
enterprise loans, secured business loans, financial intermediary group loans and other loans. Our Gross Loan Portfolio has
grown at a CAGR of 46.98% from = 17,177.84 million as of March 31, 2018 to = 37,108.42 million as of March 31, 2020 and
was % 39,082.29 million as of December 31, 2020. On the liability side, our products comprise current accounts, savings
accounts, salary savings accounts and a variety of deposit accounts including recurring deposits and fixed deposits that we
source from customers across India. Our deposits have grown at a CAGR of 94.95% from 2 7,495.22 million as of March 31,
2018 to % 28,487.15 million as of March 31, 2020 and was 2 33,438.40 million as of December 31, 2020. As of December 31,
2020, retail deposits comprised 72.40% of our total deposits. Within retail deposits, CASA as a percentage of overall deposits
was 13.32%, as of December 31, 2020. Since commencing our operations as an SFB, we have focused on growing a stable,
sustainable and well-penetrated CASA base. Our CASA was 2 4,453.91 million as of December 31, 2020. In addition to our
loan and deposit products, we also offer other banking facilities, products and services to generate non-interest income and
cater towards the additional needs of our customers. These facilities, products and services include debit cards, internet banking,
mobile banking, online bill payment services and the distribution of third-party life and general insurance products and mutual

fund products.

We have leveraged the use of technology across all aspects of our operations. In particular, we use digital technology for
customer acquisition and also customer lifecycle management. Our employees use tablets to service customers in the unbanked
and underbanked segments which we believe has led to greater customer convenience and improved operational efficiency. We
also have a robust back-end operating system supported by our core banking system and document management system.

Our founder, Managing Director and Chief Executive Officer, Baskar Babu Ramachandran is a first generation entrepreneur
with several years of experience in the financial services sector. We have been backed by institutional investors since our
inception. Our investors include a mix of development finance institutions such as IFC and DEG, private equity investors such
as Gaja Capital India AIF Trust (represented by its trustee, Gaja Trustee Company Private Limited), Gaja Capital Fund II
Limited, TVS Entities, ASK Pravi Private Equity Opportunities Fund and Lok Capital Growth Fund and institutional investors
including HDFC Holdings Limited, HDFC Life Insurance Company Limited, IDFC FIRST Bank Limited and Kotak Mahindra
Life Insurance Company Limited.

The following table sets forth certain information relating to our operations and financial performance in the periods specified:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metric As of and for the years ended March 31, As of and for the nine months
ended December 31,
2018 2019 2020 2019 2020
@niillion, except percentages)
‘Advances 15,686.78 26,795.84 35,319.44 33,609.03 37,822.63
Disbursements 17,088.23 28,560.30 30,904.76 23,133.99 11,597.37
Deposits 7,495.22 15,934.25 28,487.15 24,913.57 33,438.40
Retail term deposit / total term deposit
ratio 33.92% 35.67% 48.55% 2808 SELES
Net Worth 5,384.85 8,803.65 10,662.29 10,753.13 11,909.62
CASA Ratio 11.03% 11.25% 11.45% 11.93% 13.32%
Total Debt/ Total Equity 2.72 3,09 3.86 3.14 4.06
Net Interest Income 1,658.30 3,403.74 4,909.05 3,611.32 3,532.77
Net Interest Margin 5 5 12.30%* 8.49%*
10.40% 12.80% 11.92% 19.2296] [6.36%]
Profit After Tax 114.92 903.98 1,111.98 1,266.78 548.66
Return on Average Assets 5 5 5 4.03%* 1.24%"
0.67% 3.17% 2.53% [3.0296] [0.9396]
Return on Average Equity 5 > " 17.62%* 6.32%*
2.25% 14.77% 11.27% [13.22%] 4.749%
Yield on average interest-earning assets 5 5 . 21.05%* 19.76%*
17.99% 19.93% 18.62% [15.7996] [14.8296]
Cost of Funds 8.83%" 8.05%*
9 9 9
10.71% 8.99% 8.55% [6.62% 16.04%]
Provision Coverage Ratio 48.33% 75.80% 84.71% 84.22% 89.58%
GNPA 3.54% 1.81% 2.79% 2.78% 0.78%
NNPA 1.86% 0.44% 0.57% 0.52% 0.33%
Book Value Per Equity Share 79.78 107.91 123.13, 124.58 133.54

 

 

 

 

 

 

 

 

“Annualized, and figures in square brackets represent unannualized figures

As of March 31, 2018, 2019 and 2020 and as of December 31, 2020 our CRAR was 43.40% (Tier I capital of 40.25%), 40.22%
(Tier I capital of 38.66%), 35.44% (Tier I capital of 34.30%) and 41.17 % (Tier I capital of 36.94%) respectively and was the

307
