Utkarsh Small Finance Bank has reported a robust financial performance for the first quarter ended June 30, 2024, with a 28 per cent increase in net profit, amounting to Rs 137 crore. This significant growth is a considerable rise from the Rs 107 crore net profit recorded in the same quarter of the previous year.
The bank’s total quarterly income surged to Rs 1,071 crore, up from Rs 812 crore in the year’s corresponding period. A notable contributor to this increase was the rise in interest income, which grew to Rs 966 crore from Rs 720 crore in Q1 FY23.
In terms of asset quality, Utkarsh Small Finance Bank demonstrated improvement. The gross Non-Performing Assets (NPAs) decreased to 2.78 per cent of gross loans by June 2024, compared to 3.13 per cent a year earlier.
Also read: Indian Bank Q1 Results: Net Profit Surges 41% to Rs 2403 Cr
Similarly, net NPAs were reduced to 0.26 per cent, down from 0.33 per cent at the end of Q1 FY23. The bank’s provision coverage ratio, including floating provisions, stood at 91 per cent as of June 30, 2024.
These results underline Utkarsh Small Finance Bank’s continued commitment to financial health and operational efficiency, setting a positive tone for the rest of the fiscal year.
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