Ujjivan Small Finance Bank on Tuesday reported a 14 per cent year-on-year (Y-o-Y) growth in net profit to Rs. 73 crore for the January-March quarter. The bank posted a net profit of Rs. 64 crore for the same quarter last year.
On a sequential basis, the net profit is 19 per cent down from Rs. 90 crore reported during the December quarter.
Net Interest income of the bank grew by 46 per cent to Rs. 466 crore (Rs. 320 crore) in the March quarter while net interest margin stood at 11.2 per cent (10.8 per cent) during the period.
Provisions (other than tax) and contingencies jumped nearly eight times to Rs. 90 crore during the fourth quarter from Rs. 12 crore reported during the previous year quarter. The spike is due to COVID-19 related provision of Rs.70 crore (0.5% of gross advances) made by the bank.
Gross advances of the bank on a Y-o-Y basis grew by 28 per cent to Rs.14,153 crore (Rs.11,049 crore) during the March quarter.
“Gross advances grew 28% YoY to Rs 14,153 crore, deposit franchise continued to grow stronger with granular and stable retail focused base. Net profit for FY20 stood at Rs. 350 crore, up 76% YoY. Q4 was impacted in multiple ways by the current global situation owing to COVID-19,” Nitin Chugh, MD & CEO, Ujjivan Small Finance Bank said in a press release.
The bank’s disbursement in Q4FY20 fell by 13 per cent to Rs. 3,254 crore from Rs. 3,728 crore during the same period in the previous fiscal.
Gross non-performing assets (GNPA) as a percentage of total advances marginally increased from 0.9 per cent in Q4FY19 to 1.0 per cent in the fourth quarter of current fiscal while net NPA fell from 0.3 per cent to 0.2 per cent during the period.
The deposit base of the bank stood at Rs. 10,780 crore as of March 2020 covering 76 per cent of total advances against 67 per cent coverage during March 2019.
For FY20, disbursement grew by 19 per cent to Rs.13,221 crore while net profit grew by 76 per cent to Rs. 350 crore.