Money & Banking

Ujjivan SFB net zooms 98%

Our Bureau Mumbai | Updated on January 22, 2020

Ujjivan Small Finance Bank has reported a near doubling of its net profit to ₹89.66 crore in the third quarter of the fiscal as compared to ₹45.31 crore a year ago.

The bank’s total income rose by 53 per cent to ₹781.31 crore (₹510.87 crore).

Net interest income (NII) grew by 52 per cent to ₹427 crore in the third quarter this fiscal. Net interest margin was 10.9 per cent as on December 31, 2019 as compared to 11 per cent a year ago. Other income rose to ₹74.89 crore (₹48.49 crore).

Gross non-performing assets amounted to 0.9 per cent of gross advances as on December 31, 2019 and net NPAs were 0.4 per cent as against against 1.4 per cent and 0.3 per cent respectively as on December 31, 2018. Write-offs amounted to ₹12 crore in the third quarter of the fiscal.

“Disbursement and book growth in the third quarter is healthy and in line with our deliberate strategy to moderate customer acquisition in select pockets and focus on existing customers. However, NII growth, stable NIM, and lower cost of funds led to net profit growing 98 per cent year on year, “ said Nitin Chugh, Managing Director and CEO.

Published on January 22, 2020

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