Tag: Ujjivan Small Finance Bank ltd

Growing Bigger & Stronger Consistently
NII at ₹ 823 crore up 24% Y-o-Y; PAT at ₹ 328 crore up 11% Y-o-Y
Disbursed ₹ 5,749 crore / ₹ 11,033 crore in Q2FY24/H1FY24; Gross loan book up 27% Y-o-Y
Asset quality continues to be healthy with GNPA/NNPA at 2.2%/0.09% & PAR at 3.7%;
Deposits at ₹29,139 crore up 43% Y-o-Y; Retail TDs^ up 56% Y-o-Y

Bengaluru, 30 October, 2023: Ujjivan Small Finance Bank ltd. [BSE: 542904; NSE: UJJIVANSFB], today announced its financial performance for the quarter ended and half year ended September 30, 2023

Summary of Ujjivan Small Finance Bank Business Performance – Q2FY24 and H1FY24
 Assets
• Disbursements were at ₹ 5,749 crore/ ₹ 11,033 crore in Q2FY24/H1FY24 up 18%/20% Y-o-Y
• Affordable Housing$ disbursed ₹ 541 crore/ ₹ 959 crore in Q2FY24/H1FY24 up 69%/58% Y-o-Y
• Gross loan book at ₹26,574* crore up 27%/5% Y-o-Y/Q-o-Q
 Collection and Asset Quality
• Continued traction on Collections with ~99% efficiency in Sep’23; NDA collection consistently at ~100%
• Portfolio at risk* at 3.7% as of Sep’23
• GNPA* declined to 2.2% as of Sep’23 vs 2.4% as of Jun’23; NNPA* continues to be negligible at 0.09% as on Sep’23
• Total of ₹ 56 crore written-off in Q2FY24; Provision coverage ratio as on Sep’23 is 96%#
 Deposits
• Deposits at ₹29,139 crore as of Sep’23 up by 43%/9% Y-o-Y/Q-o-Q
• Retail TD^ grew 56%/8% Y-o-Y/Q-o-Q
• CASA grew 28%/7% Y-o-Y/Q-o-Q; CASA ratio at 24.1% as on Sep’23
• Nationwide brand campaign and launch of value-add products yielding results
 Financials
• Q2FY24 NII of ₹823 crores up 24% Y-o-Y; NIM at 8.8%* for Q2FY24
• Cost to Income ratio at 52.2% in Q2FY24 vs 52.5% for Q2FY23
• Q2FY24 PPoP at ₹483 crore up 26% Y-o-Y; PAT of ₹328 crore up 11% Y-o-Y
 Capital and Liquidity
• Capital adequacy ratio at 25.2% with Tier-1 capital at 22.5%
• Provisional LCR at 158% as on 30 Sep’23

Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “Q2FY24 was yet another impressive quarter in terms of business performance. Business momentum continued its strong uptrend as seen in the previous quarters. Disbursements at ₹ 5,749 crore was strong registering a robust growth of 18% Y-o-Y and 9% Q-o-Q. Our secured book in Affordable Housing and FIG continues their strong performance. Further, our newer offerings like Gold loans and two-wheeler loans targeted to meet growing needs of our customer base is enhancing our product suite and will consequently aid growth. To provide further impetus to growth and brand awareness, we have introduced several initiatives during the quarter such as, launch of nation-wide brand campaign and value-add liability products targeting to enhance and deepen brand recall among our existing and potential stakeholders. Further we have also opened 39 new branches, taking our total branch count to 700. In H2 we will be adding ~45 more branches, this will include splitting of few branches to better manage the volumes. All these efforts have resulted in healthy growth of liabilities for our Bank. Our CASA has crossed ₹ 7,000 crore mark, growing by 28% Y-o-Y and 7% Q-o-Q. Further, our Retail TDs + CASA grew 44% Y-o-Y to ₹ 18,818 crore. Q2FY24 was yet another quarter where we marked ₹300 crore+ PAT. This was supported by our healthy NII growing by 24% Y-o-Y and 4% Q-o-Q. However, Cost of funds remained elevated in the current quarter as well, leading to NIM compression of 43 bps vs last quarter. We continue to stick to our guidance on loan and deposit book growth. Further we are also confident to maintain credit cost below 100 bps. Our strong focus on other initiatives such as ‘Hello Ujjivan’ is gaining acceptance among customers with 4.3 Lakhs downloads till date and total repayments of more than ₹ 40 crore in Q2FY24. ‘Digital FDs’ which was recently launched is also expected to bring business in the upcoming quarters.
On merger with our promoter, as per order received from the Hon’ble NCLT, shareholder’s EGM is being convened on 3rd Nov’23 by the Bank as well as Ujjivan Financial Services. Once the merger is approved by the shareholders of both the companies, we will proceed with the remaining procedural and regulatory aspects. We expect the merger to be completed in Q4FY24.”

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Quarterly net profit of ₹293 crore; RoA at 4.1%/ RoE at 29.7%**;

Deposits up 49% Y-o-Y/ 14% Q-o-Q; Retail Deposits up 72% Y-o-Y/ 15% Q-o-Q;

Gross loan book up 33% Y-o-Y/ 5% Q-o-Q; PAR at 4.9%; GNPA/NNPA at 3.4%/0.05%

Bengaluru, Thursday, February 02, 2023: Ujjivan Small Finance Bank ltd. [BSE: 542904; NSE: UJJIVANSFB], today announced its financial performance for the nine month and quarter ended December 31, 2022

Summary of Ujjivan Small Finance Bank Business Performance – Q3 FY 2022-23

• Gross loan book at ₹21,895* crore up 33% Y-o-Y and 5% Q-o-Q
• Disbursements sustaining ₹4,000+ crore mark – ₹4,838 crore in line with Q3FY22; Dec’22 witnessed highest ever disbursement
• Deposits at ₹23,203 crore as of Dec’22 up by 49% Y-o-Y; Retail deposits at 62% of total deposits against 53% as of Dec’21; CASA ratio at 26.2% in Dec’22 vs 26.5% in Dec’21. Healthy retail liability customer acquisition
• Continued traction on Collections with ~100% efficiency in Dec’22; NDA collection consistently at ~100% 
• Portfolio at risk at 4.9% as of Dec’22* vs 6.1% as on Sep’22
• GNPA/ NNPA declined to 3.4% / 0.05%#* as of Dec’22 against 4.4% / 0.04%#* respectively as of Sep’22; total of ₹ 179 crore written-off in Q3FY23; Provision coverage ratio as on Dec’22 is 99%#
• Substantial reduction in restructured book; constitutes 1.4% of gross loan book* with provision cover of 64% and collection efficiency of 98% in Dec’22
• Net Interest Income of ₹697 crore up 54% Y-o-Y; Net interest margin at 9.4%* in Q3FY23 against 9.1% in Q3FY22
• Operating expenses to average assets at 6.2%; Cost to Income ratio at 53.5% in Q3FY23 vs 72% in Q3FY22
• PPoP at ₹389 crore vs ₹ 154 crore in Q3FY22; PAT of ₹293 crore vs ₹(34) crore Y-o-Y
• Capital adequacy ratio at 26.02% with Tier-1 capital at 22.84%; Provisional LCR at 198% as of Dec’22

Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “Q3FY23 was another successful quarter in a row with our balance sheet size crossing the 30K mark this quarter. Overall disbursements for the quarter remained strong driving 5% Q-o-Q growth in gross loan book*. Deposit growth outpaced assets growth taking out CD ratio toward more comfortable levels. We continued to expand our physical presence; this quarter we added 8 branches and also entered into a new state – Telangana. We will look to add few more branches in Q4 and 50-70 in FY24. We would continue to leverage our digital capabilities in addition to brick and mortar. Our mobile application “Hello Ujjivan” will help us bring more of our customers into digital ecosystem. Also, we continue to expand our product suite to be more relevant to our target customers and have larger share of their wallet. Through our wider presence, product suite and services, we not only look to strengthen relationship with our existing base of 73 lakh customers, but also be acquiring new relationships. 

Update on Reverse Merger: On February 01, 2023, we have received the NOC from RBI; the process is on track and we believe to complete the reverse merger by Sep’23 

FY23, continue to be a good quarter in multiple ways as we pulled back from a rough patch; lower credit cost and higher bad-debt recoveries added to the tailwind. Going ahead while credit cost would normalise, our underlying business remains strong and poised to grow at a healthy rate. Overall, we remain confident of the business growth and our journey towards becoming a leading mass-market bank.”

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