Utkarsh Small Finance Bank offers a gamut of Banking products & services which also includes Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Wholesale Lending, Deposit Accounts (CASA, FD & RD), Insurance, Mutual Funds, Remittances, Institutional, Government and TASC services. Utkarsh also offers a wide range of payment services which include Debit Cards, ATMs, POS Payments, Digital offerings like Internet Banking, Mobile Banking, and payments through NEFT, RTGS, and IMPS. After a quick intro, let us now quickly moves on to the financial performance of Utkarsh Small Finance Bank in FY19-20. Important Metrics: 1. Loan Book Growth The loan book has increased from 4668 Cr to 6281 Cr in FY19-20. The bank has shown a staggering growth of 35% loan book growth. 2. Deposits Growth It has increased from 3791 Cr to 5235 Cr in FY19-20.  3. NIM- Net Interest Margin = [Interest Earned - Interest Expended/ Loan outstanding] The NIM of Utkarsh Small Finance bank stands at 11.59% in FY19-20. Last year it was 10.68%. An increase in NIM is always positive for the bank and shows banks' margins are increasing on loan given. 4. Gross NPA  The Gross NPA has increased from 0.71% to 1.39%. However, the figure is quite manageable.  5. CRAR - Credit to Risk-Weighted Assets CRAR is an important regulatory measure from RBI which banks need to maintain all the time. The minimum CRAR requirement as per RBI is 15% for Small Finance Bank. Utkarsh Small Finance Bank has 24.14% of CRAR in FY19-20 which is well above the regulatory requirement. 6. Revenue It has gone up to 1406 Cr in FY19-20 as compared to 929 Cr last year. Excellent growth of 51% in topline. 7. PAT It has gone up to 186 Cr in FY19-20 as compared to 93 Cr last year. Excellent growth of 100% in the bottom-line. So, we at UnlistedZone in the view that bank has performed outstandingly well in FY19-20. Valuation of Utkarsh Small Finance Bank and Utkarsh Coreinvest: For our users, we at UnlistedZone would like to clarify that Utkarsh Small Finance Bank shares are not available anywhere in the Unlisted Market. However, the shares of holding company i.e. Utkarsh Coreinvest are available.  The Utkarsh Small Finance Bank has issued 2.22 Cr fresh equity in FY19-20 to its holding company Utkarsh Coreinvest Limited at Rs. 27 per share.  Book Value as of 31.03.2020= 13.42.  As on 03.06.2020, in the listed market, Ujjivan Small Finance Bank is currently trading at P/B of 2.67x. So, if we give the same P/B value to the Utkarsh Small Finance Bank, the share value comes out to be 35 per share, and the valuation of the bank comes out to be ~ 2600 Cr. If we give Holdco discount of 50% to the holding company i.e. Utkarsh Coreinvest Limited, then it may be valued somewhere around ~ 1300 Cr.  The outstanding paid-up equity of Utkarsh Coreinvest Limited is 97.2 Cr.  Accordingly, as on 03.06.2020, the fair value of Utkarsh Coreinvest per-share comes out to be approximately 135 per share.  Source: Annual Results of Utkarsh Small Finance Bank 2019-Annual Report of Utkarsh Coreinvest