Ujjivan Small Finance Bank Q1 net jumps two-fold to Rs 94 cr

Ujjivan Small Finance Bank (SFB) on Friday reported more than two-fold jump in its net profit at Rs 94.4 crore in the first quarter ended June 2019, helped by healthy growth in advances and improvement on stressed assets front.

The bank had posted a net profit of Rs 46.10 crore during the corresponding April-June quarter of the previous fiscal ended March 2019.

Net interest income rose by 10.8 per cent from a year ago to Rs 352.50 crore during the quarter under review of this fiscal, Ujjivan SFB said in a release.

Net interest margin was slightly down at 10.5 per cent for the quarter as against 10.8 per cent a year ago.

Gross advances of the bank were up by 51.3 per cent at Rs 11,783 crore in the reported quarter.

"We have started the year on a very positive note with PAT (profit after tax) at Rs 94 crore, registering a growth of 105 per cent on the year. All our asset businesses have contributed well to gross advances growing 51 per cent. Our disbursement for the quarter is up by 41 .