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Ujjivan Financial Services recorded a 102 per cent increase in net profit to ₹71.36 crore in the first quarter of this fiscal as against ₹35.24 crore in the same period last year.
Total income in Q1 rose 50.46 per cent to ₹329.31 crore (₹218.87 crore in Q1 FY16). EPS (basic) stood at ₹6.39 (last year ₹5.23).
Samit Ghosh, Managing Director, Ujjivan Financial Services, said: “We have been successful in improving productivity and reducing costs continuously. This has helped us maintain the growth momentum.”
The cost-to-income ratio fell to 45.60 per cent from 54.27 per cent in Q1 FY16 and 48.77 per cent in Q4 FY16. Also, the operating expense ratio decreased to 7.22 per cent from 7.98 per cent in Q1 FY16 and 7.34 per cent in Q4 FY16. The company’s net interest income (NII) rose 77 per cent to ₹172 crore. And, the net interest margin (NIM) rose to 12.96 per cent (11.59 per cent in Q1 FY16 and 12.65 per cent in Q4 FY16).
Loan book The loan book during the reporting quarter grew 66.5 per cent to ₹5,850.6 crore. Managed portfolio as on June 30 stood at ₹293.39 crore.
Sudha Suresh, CFO, said: “During the quarter, we maintained our focus on increasing our business in the MSE and housing segments. This has helped increase the share of individual lending to 13.4 per cent from 12.9 per cent in Q4 FY16.
“We also maintained the weighted average borrowing rates at 11.6 per cent during the quarter.”
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