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Slice swings to profit in first full year after North East SFB merger
has reported a net profit of Rs 48.4 crore for FY26, its first full financial year after the completed its with , marking a turnaround from a Rs 216.7 crore loss in the previous year.
Total income more than doubled to Rs 1,402.7 crore in FY26 from Rs 603.8 crore in FY25, the fintech said in its audited financial results for the year ended March 31, 2026.
For the March quarter, Slice reported a net profit of Rs 20.4 crore on total income of Rs 399.7 crore, compared with a net loss of Rs 89.9 crore in the same period last year.
The improvement is significant for Slice, which is currently in discussions to raise a $50-100 million , at a lower valuation of under $1 billion. ET exclusively reported on , noting that Slice wants to reposition itself as a digital bank.
Slice has spent the past two years trying to rebuild itself as a full-stack lender after regulatory changes disrupted its earlier credit-led model.
Founded by Rajan Bajaj, Slice had started as a fintech company offering credit through prepaid cards, but its core business was hit in 2022 after the Reserve Bank of India barred prepaid instruments from being loaded through .
Slice then moved deeper into lending before securing a rare through its . The merger was completed in October 2024, after receiving regulatory and shareholder approvals, including an earlier no-objection clearance from the RBI and clearances from the Competition Commission of India and the National Company Law Tribunal.
The turnaround also comes after a difficult first year for the combined entity. ET had reported earlier that Slice’s even as revenue rose, mainly because of higher provisions and operating costs. The bank had also inherited a weak loan book from North East Small Finance Bank, which had a high level of bad loans and needed fresh capital before the merger.
As of March 31, Slice’s net worth stood at Rs 875.3 crore, while its capital to risk-weighted assets ratio was 19.1%, above regulatory requirements. The debt-equity ratio had improved to 0.14 from 0.97 a year earlier. The bank’s stood at 39.8%, while retail term deposits and CASA together made up 94.2% of total deposits.
“This is a year we will look back on as a real turning point. The work now is to build on this, expand access to credit for customers who have historically been underserved and keep building the bank the right way. We are still very early but on the right track,” a Slice spokesperson said.
The lender recently launched Slice One, a self-serve banking machine aimed at expanding into merchant and business banking.
Source: EconomicTimes
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