Utkarsh SFB Q4 Results:Net profit jumps 19% YoY to Rs 160 crore on higher total income

Kolkata: Utkarsh Small Finance Bank on Friday reported a 19% rise in March quarter net profit to Rs 160 crore, backed by higher business volume and total income.

The net profit was Rs 134 crore in the year-ago period. Its operating profit was 35% higher at Rs 282 crore against Rs 208 crore in the year-ago quarter, supported by a 32% rise in net interest income at Rs 540 crore.

The bank’s gross loan portfolio grew by 31% year-on-year to Rs 18,299 crore at the end of March while deposits grew by 27.4% to Rs 17,473 crore.

Its asset quality improved with gross non-performing assets ratio falling to 2.51% as on March 31, 2024, from 3.2% a year back. Its net NPAs depped to 0.03% from 0.39% as on March 31, 2023. The bank’s provision coverage ratio, including floating provision, was 99% as on March 31, 2024.

“We continue to see good growth opportunities across our key products i.e. micro-banking, MSME, housing and commercial vehicle and commercial enterprise loan portfolio,” Managing Director Govind Singh said.