Tag: financial performance

Google Payment India reports ₹14.8 crore revenue in FY 21

Banking & Finance

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Google Payment India Private Limited reported its revenues for the financial year 2020-21 as ₹14.8 crore. The company further reported a net profit of ₹1.4 crore during the same fiscal. This is a 210 per cent increase from the last financial year.

The company’s total expenses for the fiscal were reported as ₹12.8 crore. The company’s assets stood at ₹118.9 crore for FY21 compared to ₹85 crore same time last year whereas its liabilities stood at ₹109 crore for the fiscal compared to ₹75 crore same time last year. The documents were submitted to the Ministry of Corporate Affairs, were assessed by Tofler, and reviewed by BusinessLine.

The payments company’s net worth stood at ₹12 crore for FY21 compared to ₹10 crore at the same time last year. Its return on equity for the fiscal grew by 11.70 per cent for the fiscal.

Informing its stakeholders regarding the outbreak of Covid-19 and its impact, it said: “The outbreak of the novel coronavirus (Covid-19) is leading to global market disruption. The Company expects to recover the carrying amount of all its assets as of March 31, 2021 and no adjustments are required as of March 31, 2021 in relation to Covid-19, considering various internal and external information up to the date of approval of these financial statements.”

It further added that the future impact of the current economic situation is uncertain and difficult to predict. The company will continue to closely monitor any material changes to future economic conditions.

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ESAF Small Finance Bank’s operating profit up by 28% in FY21

Banking & Finance

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ESAF Small Finance Bank has recorded a 28 per cent increase in its operating profit for the year ended March 31. The figure increased from ₹324.70 crore to ₹415.84 crore despite the challenges faced during the year.

Deposits have grown by 28 per cent from ₹7,028 crore to ₹8,999 crore for the year ended March 31, 2021.

The net profit for the year ended March 31 stood at ₹105.40 crore compared to ₹190.39 crore over the same period last year. Further, the bank as a prudent measure holds provision above the RBI requirement in the standard category to the extent of ₹91 crore as of March 31, 2021.

K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said, “The bank has improved operating profit and total business despite the challenges posed by the pandemic. With the support of customers and their unwavering faith in us, we could also enhance our presence across the country. The reduction in the PAT was mainly due to the higher provisions during the fiscal.”

Due to a severe crisis at the grass-root level due to the pandemic, the collection efficiency was adversely impacted thereby increasing the gross NPA level at 6.70 per cent and Net NPA by 3.88 per cent, he said.

Gross advances increased by 27 per cent from ₹6,606 crore to ₹8,415 crore, while total business reached ₹17,425 crore, a growth of 26 per cent.

During the year, the bank has raised Tier I capital amounting to ₹162.59 crore by way of a private placement. As on March 31, the bank serves over 43 lakh customers through 550 branches and 308 customer service centres.

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