Ujjivan SFB Q1 Results: Net profit up 60% to highest ever at Rs 324 crore

Bengaluru-based Ujjivan Small Finance Bank on July 27 reported a 60.3 percent year-on-year increase in net profit at Rs 324 crore in the first quarter of FY24, its best quarterly performance. The bank reported a net profit of Rs 202 crore in the corresponding quarter of the previous year.

The lender's net interest income (NII), the difference between the interest earned from lending activities and paid to depositors, was at Rs 793 crore, up 32 percent from Rs 600 crore in the year-ago period.  The net interest margin (NIM), however, declined 40 basis points (bps) from 9.6 percent to 9.2 percent. One basis point is one-hundredth of a percentage point.

The bank's asset quality improved in the June quarter, as gross non-performing assets (GNPAs) declined to 2.62 percent from 6.51 percent in the year-ago period. The net non-performing assets (NNPA) fell to 0.06 percent from 0.11 percent

Advances largely remained stable across segments. The lender's micro group loans jumped 31 percent to Rs 14,819 crore from Rs 11,297 crore in the same quarter of the previous year.