Ujjivan Small Finance Bank Reports 11% Increase In Q2 Net Profit

Ujjivan Small Finance Bank has reported an 11 per cent increase in its net profit, reaching Rs 328 crore for the second quarter ending on 30 September. This boost in profitability is attributed to a decrease in non-performing loans. In comparison, the Bengaluru-based bank had achieved a net profit of Rs 294 crore during the same period in the previous year.

The bank disclosed in a regulatory filing that its total income for the September quarter surged to Rs 1,580 crore, up from Rs 1,140 crore in the corresponding period a year ago. Interest income also saw growth, increasing to Rs 1,391 crore from Rs 993 crore in the same quarter the previous year.

Furthermore, Ujjivan Small Finance Bank demonstrated an improvement in its asset quality, as the gross non-performing assets (NPAs) decreased to 2.35 per cent of gross advances as of 30 September 2023. This marks a significant reduction from the 5.06 per cent reported at the end of September 2022.