Unity SFB's Net Profit Rises to Rs 143 Crore in Q4

Unity Small Finance Bank reported a net profit of Rs 143 crore for Q4 FY24, reversing a year-ago loss. For FY24, net profit surged to Rs 439 crore. Core net interest income grew 55% in Q4 and 142% in FY24. The bank's asset quality remained strong with a net NPA ratio of 0.6%. Unity Small Finance Bank plans to invest in technology, launch a mobile app, and pilot its credit card business.

Unity Small Finance Bank on Monday reported a net profit of Rs 143 crore for the March quarter, as against a loss of Rs 52 crore in the year-ago period.

The lender promoted by the Centrum Group reported a net profit of Rs 439 crore for 2023-24 as against Rs 35 crore in FY23.

For the reporting quarter, its core net interest income rose 55 per cent to Rs 281 crore on the back of a 78 per cent jump in overall advances in FY24 and the net interest margin coming at 10.8 per cent, as per an official statement.

At a time when the industry is grappling with deposit growth, the lender was able to report a 142 per cent growth in the deposits in FY24.

On the asset quality front, it reported a net non-performing assets ratio at 0.6 per cent.

The overall capital adequacy stood at a healthy 36.4 per cent as of March 31, 2024.

It has 377 banking outlets as of March 31, 2024 as against 329 in the year-ago period.

The bank's future plans include increasing investments in technology and roll out of a mobile app initially for existing bank customers which will be followed up with new to bank clientele as well, the statement said.

It is also looking at piloting its credit card business, the statement said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)