|
Ujjivan Small Finance Bank on Monday posted its highest quarterly profit at Rs 294 crore in the September quarter. The bank had a net loss of Rs 274 crore in the year-ago period. The lender said the performance was due to strong disbursal growth and a fall in bad loans.
Sequentially, the net profit increased nearly 45 per cent from Rs 203 crore in the quarter ended June 2022. In the reviewed quarter, total income rose 63 per cent to Rs 1,139.83 crore, against Rs 699.74 crore in the year-ago period. Interest income grew 54 per cent to Rs 993 crore from Rs 645 crore. Net interest margin was at 9.8 per cent, against 8.1 per cent in the year-ago period. Disbursements were at Rs 4,866 crore during the quarter, a jump of 56 per cent from the preceding year. Gross advances at the end of the quarter under review grew by 44 per cent to Rs 20,938 crore as compared to the last year. Significant improvement was seen in its asset quality as the gross non-performing assets (NPAs/bad loans) were trimmed by half to 5.06 per cent of the gross advances at the end of September 2022 over 11.80 per cent by the end of September 2021. In value terms, the gross NPA fell to Rs 929 crore from Rs 1,713 crore. The net NPAs came down to 0.04 per cent (Rs 7.32 crore) as compared to 3.29 per cent (Rs 435.14 crore). It wrote off bad loans worth Rs 157 crore in the second quarter of FY23. There is a substantial reduction in the restructured book, constituting 2.3 per cent of the gross advances with a provision coverage ratio of 63 per cent, the lender said. There was a reversal of Rs 9.94 crore towards provisions for bad loans and contingencies for Q2FY23. It had set aside Rs 444.69 crore to cover for provisions and contingencies for the same quarter last year. (ANI)
|
