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Ujjivan Small Finance Bank reported a profit of ₹300 crore for the quarter ended December 2023, marking a y-o-y increase of 2.34 per cent compared to ₹293 crore for the same quarter last year.
The bank’s operating profit grew by 17.5 per cent to ₹45,730 crore from ₹38,892 crore in the Q3 pervious year.
On a sequential basis, net profit has decreased by 8 per cent from ₹32,774 to ₹30,006. Operating profit has also decreased by 5 per cent from ₹48,336 in Q2 to ₹45,730 in Q3.
For Q3, the bank’s deposit stood at ₹ 29,669 crore up by 28 per cent y-o-y.
Ittira Davis, MD and CEO, Ujjivan Small Finance Bank said, “Our guidance on loan and deposit book growth remains intact. Credit cost will continue to remain within sub 100 bps as per our earlier guidance. In line with our strategy, we will continue to expand our physical presence across the country. During this quarter, 29 new branches were opened, taking our total branch count to 729. In Q4, we will be adding ~23 more branches. Further, we believe, we are in the final stages of merger with our holding company as a hearing by Hon’ble NCLT is scheduled on January 30, 24 to which we expect a positive outcome. Having said that, we expect merger process to get completed within this financial year.”
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