Unity Small Finance Bank, promoted by the Centrum Group, on Monday reported a 79 per cent increase in net income at Rs 110 crore in the December quarter, boosted by all-round good set of numbers. The bottom line was boosted by a Rs 257 crore income on the back of net interest margin that stood at 10.9 per cent, the bank said in a statement. While the bank's deposits crossed Rs 5,000 crore-mark, up 163 per cent year-on-year, its net advances increased 80 per cent to Rs 6,601 crore. The bank saw an improvement in asset quality with net NPAs (non-performing assets) coming down to 0.9 per cent. Its total income rose 208 per cent to Rs 438 crore, of which net income was Rs 328 crore, up 90 per cent, and net interest income rose 71 per cent on-year to Rs 257 crore. Unity Small Finance Bank was created out of the merger of the Centrum Capital of the Centrum group with the then scam-ridden PM Cooperative Bank.
The outcome of the board meeting will be communicated to the stock exchanges after conclusion of the board meeting on May 19, 2023
Jaspal Bindra says Centrum's partnership is with funds like Sequoia, not Grovers
The RBI has issued a Small Finance Bank license to the Centrum Group-BharatPe consortium; new SFB has been incorporated as 'Unity Small Finance Bank'
Clix had earlier made a non-binding offer to buy up to 85 per cent stake in LVB
The transfer, via a slump sale is subject to shareholders, statutory and regulatory approvals. Centrum has indicated the transaction would be completed in two months
The takeover of this bankrupt urban cooperative bank by the Centrum-BharatPe combine marks the first instance of NBFCs, high-net worth individuals and fintechs being allowed entry in this space
There was considerable buzz among depositors after RBI gave in-principle nod to Centrum Financial Services and BharatPe to set up an SFB in lieu of a restoration scheme of PMC Bank
Two-wheeler maker Hero MotoCorp will hike its vehicle prices by up to Rs 3,000 from July to partially offset the impact of the higher commodity prices
The board also gave nod to the issuing of non-convertible debentures of up to Rs 1,000 crore
Centrum Group, on Friday, said it has also received approval from the RBI to take over the troubled cooperative lender Punjab and Maharashtra Co-operative Bank Limited
S&P Global Ratings on Friday said it has revised the rating outlook on ICICI Bank Ltd to stable from negative
In an exclusive interview with Business Standard, Jaspal Bindra, executive chairman of Centrum group said it has committed Rs 1,800 cr capital to the SFB, Rs 900 cr of which will come in first year
Centrum will also raise a sum not exceeding Rs 7.5 billion through issue of securities in one or more tranches
The stock rallied 14% to Rs 61.50 after an over 2% of total equity shares were traded on BSE.
The stock rallied 11% to Rs 32.60 in intra-day trade, extending its Thursday's 10% gain on the BSE
The stock surged 18% after nearly 5% of co's total equity changed hands through block deal on the counter
Gets shareholders nod for Rs 1,000-crore capital-raising plan