Utkarsh Small Finance Bank’s deposits grew by 35.6% YoY to ₹13,967 crore as it maintained a string asset quality with NPAs at just .33%.
MUMBAI, Aug 8 (The CONNECT) - Utkarsh Small Finance Bank registered a 20% jump year-on-year in its profit after tax to ₹107.50 crore in Q1, FY24 while its loan portfolio grew by 31.4% YoY to ₹14,394 crore.
The bank’s deposits grew by 35.6% YoY to ₹13,967 crore as it maintained a string asset quality with NPAs at just .33%.
Govind Singh, MD and CEO, Utkarsh Small Finance Bank said, “We are witnessing a healthy scaling up of our franchise towards microfinance and others retail loans such as MSME, housing and wheels segment as well as deposits build-up”.
Return on Assets and Return on Equity stood at a healthy 2.3% and 21.1% respectively, during Q1, FY24, and the Bank continues to invest in people, presence, products & processes / technology
The bank expanded its footprints further by opening 21 banking outlets in Q1, FY24, presence spread across 26 States & UTs through 851 banking outlets as on June 30, 2023.
The Bank has raised equity capital of ₹500 crore through IPO exercise which provides sufficient headroom for our growth plans.
The bank’s Return on Assets and Return on Equity stood at a healthy 2.3% and 21.1% respectively, during Q1, FY24, as it continues to invest in people, presence, products, processes and technology.
The Varanasi-headquartered Utkarsh Small Finance Bank Limited incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing financial services to the underserved and unserved sections. The Bank’s microfinance lending activities are primarily focused in rural and semi-urban locations of the country while its other services are spread across the country. The Bank commenced its operations on January 23, 2017, pursuant to the small finance banking licence granted by RBI on November 25, 2016.