Ujjivan Bank Q1FY24 results: Net profit rises 59% YoY; income up 42.1%

On a quarter-on-quarter basis, the total income was up 7.34%. It was Rs 1,363.89 crore in Q4FY23

The net profit of Ujjivan Small Finance Bank (SFB) Limited for the first quarter of the current financial year (Q1YFY24) stood at Rs 324.07 crore, compared to Rs 202.94 crore for the corresponding quarter of the previous year, up 59.6 per cent, the company said in a BSE filing.

Sequentially, the net profit was up 4.7 per cent. In Q4FY23, the net profit of the company was Rs 309.5 crore.

The total income for Q1FY24 came in at Rs 1464.1 crore, compared to Rs 1,029.92 crore year-on-year (YoY). This is a rise of 42.1 per cent.

On a quarter-on-quarter (QoQ) basis, the total income was up 7.34 per cent. It was Rs 1363.89 crore in Q4FY23.

The interest earned for Q1FY24 came in at Rs 1286.88 crore, as compared to Rs 905.35 crore YoY. This is a rise of 42.1 per cent.

On a QoQ basis, the interest earned was up by 8.6 per cent. It was Rs 1,184.8 crore in Q4FY23.

The gross non-performing assets (GNPA) for Q1FY24 came in at Rs 596.54 crore, as compared to Rs 1,146.71 crore YoY. This is a fall of 47.9 per cent.

On a QoQ basis, the GNPA was down 5.4 per cent. It was Rs 630.61 crore in Q4FY23.

The net NPA for Q1FY24 came in at Rs 12.62 crore, as compared to Rs 17.8 crore YoY. This is a fall of 29.1 per cent.

On a QoQ basis, the net NPA  was up 39.6 per cent. It was Rs 9.04 crore in Q4FY23.