In an interview to CNBC-TV18, Samit Ghosh, MD & CEO of Ujjivan Small Finance Bank spoke about the results of Ujjivan Financial Services and his outlook for the company.
Ujjivan Financial Services posted a good set of earnings in Q2 with strong disbursement pick up while net interest margins and asset quality improved.
In an interview to CNBC-TV18, Samit Ghosh, MD & CEO of Ujjivan Small Finance Bank spoke about the results of Ujjivan Financial and his outlook for the company.
Ghosh said we will recover completely from demonetisation by year end. Micro finance business is returning to normalcy, he added.
We have crossed over 100 Ujjivan Small Finance Bank branches and we are building up our deposit base, he said.
He further said that high cost money borrowed as microfinance institution (MFI) has been replaced by term deposits. We have repaid high cost deposits worth Rs 1,000 crore so far.
He expects incremental provision of Rs 50-70 crore in stressed accounts.
We are looking to contain credit cost at Rs 300 crore, said Ghosh.
We plan to bring down the share of microfinance business from 96 percent to 50 percent because we want to build alternate businesses like affordable housing, personal loans, Ghosh added.Watch accompanying video for more details.