Ujjivan Small Finance Bank ltd. announced its financial performance for the quarter ended and half year ended September 30,2023. The company’s Q2FY24 net income increased by 24% YoY to 823 crores, with a net income margin of 8.8%. The cost to income ratio increased to 52.2% from 52.5% in Q2FY23. The company’s profit per share (PPoP) increased by 26% YoY to ₹483 crore, and its provisional liquidity ratio reached 158%.
Ujjivan Small Finance Bank’s Q2FY24 and H1FY24 business performance showed an 18%/20% YoY increase in disbursements, 69%/58% YoY increase in affordable housing, and a 27%/5% YoY increase in the gross loan book. The company’s collection and asset quality showed a steady improvement in September 2023, with a 99% efficiency rate and 100% NDA collection.
However, the portfolio was at risk at 3.7%, with a decline in GNPA to 2.2% and a negligible NNPA at 0.09%. The company also recorded a total of 56 crore written-off in Q2FY24, with a provision coverage ratio of 96%. The company’s retail TD and CASA also showed growth. Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “‘Digital FDs’ which was recently launched is also expected to bring business in the upcoming quarters.
