The Bank has set a loan book target of around Rs 30 billion and Rs 24 billion of deposits by end of March 2019, as against a Rs 16-billion loan book and Rs 7 billion in deposits expected by the end of this fiscal.
To support this, the Bank is planning to expand its presence by opening new branches. At present it has 24 fully-operational branches and another 216 microfinance branches, which are doorstep service centres.
The Bank is planning to convert all 216 by March 2019 into banking outlets, apart from adding more branches. By end of fiscal 2019, it expects to have 450-500 banking outlets.
Suryoday Small Finance Bank claimed this is the first time a Bank is opening up an outlet along with a partner, instead of using the franchise route, as prevalent in other sectors.
Babu said the Bank has decided to rope in partners as part of its expansion plan. The partners would be ex-bankers, teachers and other retired people.
Suryoday, which expects to close the fiscal ending March 2018 with a profit after tax (PAT) of Rs 100 million, said that it will list the Bank before RBI's deadline of March 2020.