Unity Small Finance Bank reported a 79 per cent year-on-year (yoy) jump in third quarter net profit at ₹110 crore against ₹61 crore in the year ago quarter on the back of a strong increase in net interest income (NII).
NII, which is the difference between interest earned and interest expended, was up 71 per cent y-o-y at ₹257 crore (₹151 crore), per a bank statement.
Pre-provisioning operating profit shot up 180 per cent y-o-y to ₹133 crore (₹47 crore).
Total deposits and net advances rose 163 per cent (to ₹5,004 crore as of December-end 2023) and 80 per cent (ṭ6,601 crore), respectively.
The bank, which operates at 441 locations across 17 States, said it strengthened its existing operations in Karnataka and the NCR and entered the states of Kerala, Punjab, and West Bengal. It plans to build a presence in Andhra Pradesh, Telangana, and Tamil Nadu during the year.
“...New branches will be strategically rolled out in existing as well as new geographies, which is expected to further drive business growth and strengthen visibility. The bank will soon introduce new products such as credit cards, personal loans, etc.,” according to the statement.
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