Ujjivan Small Finance Bank Q1 results: Profit jumps 60% to Rs 324 crore

Ujjivan Small Finance Bank on Thursday posted a 60 per cent rise in net profit at Rs 324 crore in the June quarter, helped by a decline in bad loans. The bank had posted a net profit of Rs 203 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 1,464 crore as against Rs 1,030 crore, Ujjivan Small Finance Bank said in a regulatory filing. The lender's interest income also increased to Rs 1,287 crore from Rs 905 crore in the same quarter a year ago.

The bank's Net Interest Income (NII) grew 32 per cent to Rs 793 crore, it said. On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 2.62 per cent of the gross advances by June 2023 from 6.51 per cent a year ago.

The net NPA too declined to 0.06 per cent as against 0.11 per cent in the corresponding period of FY23. The capital adequacy ratio of the bank improved to 26.69 per cent at the end of June as compared to 20.03 per cent in the year-ago period.

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