Money & Banking

Ujjivan SFB Q1 net profit down 42% at ₹54.65 crore

Our Bureau Mumbai | Updated on July 31, 2020 Published on July 31, 2020

Ujjivan Small Finance Bank reported a 42.1 per cent drop in its net profit for the first quarter of the fiscal at ₹54.65 crore as against ₹94.48 crore recorded in the same period a year ago.

The bank’s net interest income grew by 30 per cent to ₹458 crore in the quarter ended June 30, 2020 as against ₹352.45 crore a year ago. Net interest margin was at 10.2 per cent in the first quarter as against the 10.5 per cent a year ago.

Provisions rose sharply to ₹140.34 crore in the first quarter of the fiscal compared to ₹18.79 crore a year ago.

Gross non-performing assets stood at 1 per cent of gross advances and net NPAs were 0.2 per cent of net advances as on June 30, 2020 as against 0.8 per cent and 0.3 per cent respectively in June 2019.

“Concerted efforts towards business normalcy remained in full force for the first quarter this fiscal, reflecting in our improved collection efficiency of 54 per cent for June 2020 which further rose to 59 per cent up to July 30. Collection efficiency for June and July stands at 59 per cent and 64 per cent if we include additional collections,” said Nitin Chugh, Managing Director and CEO, Ujjivan Small Finance Bank, adding that it is confident of improving it further in coming days.

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Published on July 31, 2020
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