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 =
7,495.22 million as of March 31, 2018 to 2 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
% 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
million, 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 | 33.690 35.67% 48.55% 45.30% 68.16%
leposit ratio
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 272 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 . , , 12.30%* 8.49%"
10.40% 12.80% 11.92% [BDI 16.36%61
Profit After Tax 114.92 903.98 1,111.98 1,266.78 548.66
Return on Average Assets . ; ; 4.03%* 1.24%*
0.67% 3.17% 2.53% Opel [0.93961
Return on Average Equity , ; ; 17.62%* 6.32%"
2.25% 14.77% 11.27% [13.22%] [4.74%]
Yield on average interest-earnin 21.05%* 19.76%*
ae 6 e 17.99% 19.93% 18.62% roe ae
Cost of Funds , 8.83%" 8.05%"
10.71% 8.99% 8.55% [6.62%] [6.04%]
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 highest among all SFBs in India as of March 31, 2020 (Source: CRISIL Report). As of December 31, 2020,

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