COMPANY SNAPSHOT

Background & Business Structure

Utkarsh CoreInvest Ltd (formerly Utkarsh Micro Finance Ltd), established in 2009, acts primarily as the holding company for Utkarsh Small Finance Bank (USFBL). It originated as an NBFC focused on Joint Liability Group (JLG) micro-loans, micro-enterprise loans, housing loans, and pension products, before converting into a Core Investment Company (CIC) in 2018 after transferring most lending assets to USFBL.

Banking Arm Performance (USFBL)

• Loan portfolio: ₹18,299 Cr (YoY growth ~31%)
• Deposits: ₹17,473 Cr (YoY growth ~27%)
• Net profit: ₹497.6 Cr (up 23%)
• Asset quality: GNPA 2.51%, NNPA 0.03%
• Cost-to-income ratio: 56.4%
• CRAR: 22.6%

Inclusion Focus

USFBL operates around 888 branches across 26 states and UTs, with a concentrated focus on micro-banking and financially underserved regions (e.g., Bihar, UP, Jharkhand). Nearly 60% of its loan book is focused on rural and microfinance segments.

Strategic Developments

• RBI-approved merger of Utkarsh CoreInvest with Utkarsh SFB, expected within 12–13 months from January 2025, aims to streamline operations and improve shareholder value.
• UCL holds ~84.75% in USFBL pre-IPO; RBI mandates listing once net worth crosses ₹500 Cr.

INDUSTRY OUTLOOK

Utkarsh CoreInvest offers investors a play on India's financial inclusion story through its well-capitalized SFB with robust deposit growth and improving asset quality. Key growth drivers include deposit mobility, branch expansion, and diversification into MSME, housing, and rural loans. The upcoming merger and IPO could unlock shareholder value by simplifying structure and broadening access.

LATEST SHAREHOLDING

• CDC Group PLC: 13,726,978 shares – 14.12%
• RBL Bank Ltd.: 9,702,950 shares – 9.98%
• NMI Frontier Fund KS: 7,702,602 shares – 7.92%
• Faering Capital India Evolving Fund II: 7,660,082 shares – 7.88%
• Hero Enterprise Partner Ventures: 4,845,496 shares – 4.96%
• Responsability Participations Mauritius: 4,845,496 shares – 4.96%
• Shriram Life Insurance Company Ltd: 4,825,531 shares – 4.96%
• SIDBI: 4,252,134 shares – 4.37%
• ICICI Prudential Life Insurance Limited: 4,150,995 shares – 4.27%
• Aavishkaar Goodwell India Microfinance Development Co II Ltd: 4,007,723 shares – 4.12%
• Other shareholders: 59,951,878 shares – 60.71%
• Total outstanding shares: 98,744,490 – 100%