Utkarsh Small Finance Bank Q3 profit jumps 24% to ₹116 cr

Utkarsh Small Finance Bank on Saturday posted a 24 per cent increase in its profit at ₹116 crore in the third quarter ended December 2023.

The bank had earned a net profit of ₹93.5 crore in the same quarter a year ago.

• Also read: Yes Bank Q3 profit surges but falls short of estimates

Total income rose to ₹889 crore during the quarter under review as against ₹712 crore in the year-ago period, the bank said in a regulatory filing.

The bank's interest income grew to ₹806 crore as compared to ₹641 crore in the October-December period of the previous financial year.

As regards asset quality, gross Non-Performing Assets (NPAs) of the bank declined to 3.04 per cent of the gross loans by the end of December 2023 from 3.58 per cent a year ago.

• Also read: FPIs dump $1.5 billion in 3 sessions after rise in US bond yields, weak Q3 earnings

Similarly, net NPAs or bad loans came down to 0.19 per cent from 0.72 per cent at the end of the third quarter in FY22.