Guwahati: North East Small Finance Bank (NESFB) has experienced a significant financial uplift following its strategic merger with fintech giant, Slice, on October 27, 2024.
This powerful alliance has bolstered the bank’s financial metrics and operational capabilities, positioning it for robust growth and a promising future.
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The bank said in a statement that a robust Capital to Risk-weighted Assets Ratio (CRAR) of 23.5% underscores NESFB’s financial strength and ability to weather economic storms.
This, coupled with a substantial net worth of Rs 920 crores, empowers the bank to expand its operations, particularly in the underserved Northeast region. Moreover, the bank’s improved Net Non-Performing Assets (NNPA) to 4.6% reflects enhanced asset quality and risk management practices, the statement said.
NESFB’s Managing Director & CEO, Satish Kumar Kalra, expressed optimism about the future: “The merger has propelled NESFB into a new era of financial stability and operational excellence. With a strengthened capital base, we are poised to expand our reach in the Northeast, delivering innovative banking solutions to the communities that need them most,” he said.
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NESFB has significantly strengthened its risk management framework, ensuring greater resilience in an ever-evolving financial landscape.
The bank’s commitment to innovation, inspired by the rich cultural heritage of the Northeast, is evident in its focus on leveraging technology to bridge economic and social gaps. By integrating Slice’s advanced technology, NESFB aims to empower individuals from all walks of life, providing them easy access to financial services.
NESFB’s improved financial health and operational efficiency position it as a reliable and trusted partner for both institutional clients and individual customers.
The merger has paved the way for the bank to emerge as a leading tech-first bank in India, driving financial inclusion and economic growth in the Northeast region.
North East Small Finance Bank is the sole small finance bank in the Northeastern region of India. With a vast network of branches across 9 states, the bank offers a wide range of financial services, including savings accounts, deposits, loans, and mutual funds.