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Ujjivan Small Finance Bank Q2 Results: Firm posts highest-ever quarterly profit at Rs 294 cr

mentioned its web revenue of Rs 294 crore for the July-to-September interval is the very best ever quarterly quantity, owing to rise in web curiosity revenue and sharply decrease provisions.

The financial institution had made Rs 274 crore loss within the year-ago interval.

Its web curiosity revenue jumped 70% to Rs 663 crore, serving to working revenue to develop almost fivefold at Rs 385 crore for the quarter underneath assessment as in contrast with Rs 79 crore in the identical quarter final yr.

Internet curiosity margin was at 9.8% for the second quarter towards 8.1%.

Provisions had been unfavourable at Rs 10 crore on account of provision write-backs consistent with improved dangerous mortgage restoration. The financial institution had made a provision of Rs 445 crore final time. Provision protection ratio was at 99%.

The financial institution’s asset high quality improved with gross non-performing belongings ratio dipping to 4.4% on the finish of September towards 5.9% three months previous to that.

The lender’s gross advances rose 44% year-on-year to Rs 20,938 crore with portfolio in danger persevering with to dip to six.1% towards 7.9% three months again.

“That is largely on account of sustained assortment effectivity at pre-covid ranges and normalised slippages, whereas restoration continues to be sturdy,” managing director Ittira Davis mentioned. “We proceed to carry sturdy provisioning buffers on our books with provision protection ratio at 99%,” he mentioned. This helped web NPA turn out to be mere 0.04%.

The financial institution wrote off Rs 157 crore within the second quarter. The scale of restructured e-book stands lowered to Rs 483 crore – or 2.3% of gross advances – of which 63% is roofed by provisions.

Its deposit mobilisation additionally grew 45% to Rs 20,396 crore.

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