Ujjivan Bank Reports Profit Slip Despite Income Surge

Ujjivan Small Finance Bank saw a 29% decline in net profit to Rs 233 crore for Q3 2024, despite a rise in total income to Rs 1,820 crore. The bank's net interest income improved, but asset quality deteriorated. Capital adequacy ratio dropped to 23.38% from 25.19%.

Ujjivan Small Finance Bank announced a significant financial shift, with a 29% reduction in net profit to Rs 233 crore for the quarter ending September 2024. This compares to a net profit of Rs 328 crore in the corresponding period of the previous year.

Despite the dip in profit, the bank's total income increased to Rs 1,820 crore from Rs 1,580 crore a year ago. The net interest income also showed improvement, rising to Rs 1,613 crore in the reviewed quarter from Rs 1,391 crore in the same period last year.

The bank faced challenges in asset quality, as gross non-performing assets rose to 2.52% from 2.35% a year prior. Meanwhile, net NPAs decreased to 0.56% from 0.89%. The Capital Adequacy Ratio fell slightly from 25.19% to 23.38%.

(With inputs from agencies.)