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Financial Analysis

Peer comparison of Listed and Unlisted Small Finance Banks – 19.12.2019

Parameter(Crores) Capital SFB Suryodaya SFB Ujjivan SFB AU SFB
Deposits 4107 1593 7379 19422
Net Advances 3041 2712 10552 22818
Net Interest Income (NII) 135 339 1106 1190
Net Profit /(Loss) 19.4 87 199.2 381
Book value per share 100 107 11.09 108.28
P/B 3.2x 3.17x 5.22x 7.6x
Net-worth 250 881 1819 3162

Above is the comparison between two unlisted SFBs i.e. Suryoday Small Finance Bank and Capital Small Finance Bank Vs two listed SFBs i.e. Ujjivan and AU Small Fin bank.

If you observed carefully, listed SFBs are almost double in size in terms of advances i.e loan disbursed. The more the advances, the more will be the revenue of these banks. So they will obviously command high valuations. However, both the unlisted small finance banks have shown excellent growth in the last 3 years and are available at a good valuation.

Capital Small Finance Bank is currently trading at Rs. 320 per share in the unlisted market and thereby, valuing at 3.20x in terms of P/B which is fairly priced.

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