Slice Small Finance Bank has turned profitable on a monthly basis and is aiming to close FY26 in the black, a top official has said.
The entity, which came out of a surprising merger between the fintech Slice and the North East SFB a few months ago, is adequately capitalised and not looking to raise any capital, its executive director Rajan Bajaj told PTI.
<figure class="image embed" contenteditable="false" data-id="575858" data-url="https://images.yourstory.com/cs/2/220356402d6d11e9aa979329348d4c3e/slice-rajan-final-1614495566424.png" data-alt="Slice founder Rajan Bajaj" data-caption="
Slice SFB Executive Director Rajan Bajaj
” align=”center”> Slice SFB Executive Director Rajan Bajaj
The current focus is to build a pan-India business using the low-cost digital channels, and the entity is not interested in any more mergers, Bajaj said, adding that it may look at transitioning to a universal bank in the next five years.
Before the merger, the North East SFB had reported a loss of Rs 441 crore, and Slice was also reporting losses.
“We have turned profitable post-tax on a monthly basis and will close the year in profits,” Bajaj said.
The bank is adequately capitalised and the buffers will also be supported by the profits, he added. As per recent media reports, the bank was aiming to raise up to $300 million in capital.
It is adding up to 3 lakh new accounts to its base on the back of digital journeys, Bajaj said, pointing out that the savings bank interest rate offering is at par with the RBI’s repo rate and the fixed deposit offerings are a notch higher, which is helping in attracting customers.
The pace of account opening is the fifth or the sixth fastest in the industry and at par with much bigger rivals, he said.
On the lending front, it does consumer credit including unsecured personal loans and business credit which includes loans against property, he said, stressing that the focus is on serving people who may be underserved by the banking system.
