Ujjivan Financial Services Consolidated Q 2 FY 2017-18
Net Interest Income increases by 19.07% over Q1
Scheduled bank status boosts deposits, Robust growth in disbursements, 3.49 lakh customers added in this fiscal year and NNPA reduced to 1.38%
Bengaluru, November 2, 2017: Ujjivan Financial Services Ltd. [BSE: 539874; NSE: UJJIVAN], the holding company and promoter of its 100% subsidiary “UJJIVAN SMALL FINANCE BANK”, today announced its consolidated financial performance for the quarter ended September 30, 2017.
Summary of Business Performance – Q2 FY 2017-18:
The financials and ratios as below are based on consolidated numbers:
Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank said, “We have significantly reduced our losses in this quarter compared to the previous quarter due to lower credit cost and business volumes returning to normal levels. We expect credit costs to taper off to normal levels in the next two quarters and with business growth, we are on our way to a complete turnaround after absorbing the impact of demonetization on our business environment. Further, the collection efficiency continues impressively at 99.7% for all new business from January till September. At the same time, we maintain our progress as per plan in our transformation to Small Finance Bank with the conversion of 92 bank branches around the country and crossing 100 bank branches milestone in October, scheduled bank status and a healthy buildup of low cost deposit base as well as steady growth in overall business.”
Commenting on the performance of the company Ms. Sudha Suresh, MD & CEO Ujjivan Financial Services said, “With the scheduled bank status, the company has been able to raise funds at competitive rates additionally through Certificate of Deposits (Rs.614.5 crore). We expect to leverage further on this and other optimal sources of funding in the next two quarters. Our NIM for the bank has also increased to 10.20% from 8.90% QoQ. Cost to income has also reduced significantly during the quarter by 9.18% due to business growth ably supported by flat operating cost & reduction in cost of funds. We expect this to decline further with expected growth in business”.
Summary of Financial Performance – Q2 FY 17-18:
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