Companies

Centrum Capital’s net loss narrows to ₹6.91 cr in Q1FY22

Mumbai | Updated on August 13, 2021

RBI issues ‘in-principle’ approval to set up SFB

Centrum Capital’s consolidated net loss narrowed to ₹6.91 crore in the first quarter of FY22 against ₹14.60 crore in the year ago quarter.

The net loss in the reporting quarter was higher vis-a-vis the preceding quarter’s ₹5.54 crore.

The consolidated result includes the results of subsidiary companies, including Centrum Retail Services, Centrum Broking, Centrum Microcredit, Centrum Housing Finance, Centrum Financial Services.

Total income was up 19 per cent year-on-year to ₹136 crore in Q1FY22 (₹114 crore in Q1FY21).

Total expenses increased 9 per cent to ₹142 crore (₹130 crore).

The Reserve Bank of India has issued an “in-principle” approval to Centrum Financial Services to set up a Small Finance Bank (SFB).

Fintech company, BharatPe is partnering with Centrum Financial Services in this new venture.

RBI, in its June 18, 2021, statement, said the “in-principle” approval has been accorded in specific pursuance to Centrum Financial Services Ltd’s offer dated February 1, 2021, in response to the Expression of Interest notification floated by scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, inviting investment/equity participation for its reconstruction.

Once the SFB is set up, PMC Bank will be amalgamated with it.

Published on August 13, 2021

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