Highest-ever PAT at ₹324 crore for Q1FY24 driven by strong business momentum
Disbursed ₹5,284 crore for Q1FY24; Gross loan book up 30% Y-o-Y
Collections/ asset quality continues to be at industry best; PAR at 3.8%; GNPA/NNPA at 2.4%/0.06%
Deposits up 45% Y-o-Y; Retail TDs^ up 71% Y-o-Y
Bengaluru, Thursday 27 July, 2023: Ujjivan Small Finance Bank ltd. [BSE: 542904; NSE: UJJIVANSFB], today announced its financial performance for the quarter ended June 30, 2023
Summary of Ujjivan Small Finance Bank Business Performance – Q1FY24
Assets
Disbursements were at ₹5,284 crore in Q1FY24 up 22% Y-o-Y
Continued strong quarterly disbursement in Housing and FIG; disbursed ₹418 crore/ ₹320 crore respectively – highest ever for both the segments
Gross loan book at ₹25,326* crore up 30%/5% Y-o-Y/Q-o-Q
Collection and Asset Quality
Continued traction on Collections with ~99% efficiency in Jun'23; NDA collection consistently at ~100%
Portfolio at risk at stable at 3.8% as of Jun'23*
GNPA declined to 2.4% as of Jun'23 vs 2.6% as of Mar'23; NNPA continues to be negligible at 0.06% as on Jun'23
Total of ₹ 60 crore written-off in Q1FY24; Provision coverage ratio as on Jun'23 is 97.6%#
Deposits
Deposits at ₹26,660 crore as of Jun'23 up by 45%/4% Y-o-Y/Q-o-Q
Retail TD grew 71%/8% Q-o-Q/Y-o-Y
CASA grew 27% Y-o-Y taking CASA ratio at 24.6% as on Jun'23
Healthy retail liability customer acquisition
Financials
Q1FY24 NII of ₹793 crores up 32% Y-o-Y; NIM at 9.2%* for Q1FY24
Cost to Income ratio at 52.8% in Q1FY24 vs 58.5% for Q1FY23
Q1FY24 PPoP at ₹458 crore up 52% Y-o-Y; PAT of ₹324 crore up 60% Y-o-Y
Capital and Liquidity
Capital adequacy ratio at 26.7% with Tier-1 capital at 23.7%
Provisional LCR at 189% as of Jun'23
Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, "FY24 has started on a very strong note as we hit another highest ever profit figure. The growth has come on the strong platform built during FY23. Our disbursement has been strong, despite Q1 being seasonally weakest quarter, taking our loan book past ₹25,000 crore mark. Among secured assets, Affordable Housing and FIG continues to show strong growth, while other products will start picking-up towards latter half of the year. During the quarter, we consciously reduced the excess liquidity which was driving negative carry and pulling our NIMs down. Deposits were up 45% Y-o-Y/ 4% Q-o-Q driven by retail focus. Our credit cost for the quarter was minimal on the back of strong collections. While, slippages continue to be under control, NPA recoveries have started to move towards normalization. Bad debt recoveries continue to be strong; we expect the same to be substantial this fiscal as well albeit lower than FY23. We remain confident of our sub-100 bps credit cost for FY24. We expanded our physical presence by 32 new branches during the quarter and look forward to add ~70 more branches during Jul'23-Mar'24. Our vvv* based mobile banking app – "Hello Ujjivan" targeting non-tech savvy customers continues to do well with 2.7+ lakh customer downloads. Customers are increasingly using the app to transact. We are hopeful that "Hello Ujjivan" will bring several long-term benefits to the business and the society as well.
We have been delivering sustained profitability with significant improvement Q-o-Q for last six consecutive quarters. With our strong financial performance and growing business momentum, we have launched a national brand campaign to further establish our image as a mass-market bank. The business is delivering on all-fronts and gives us immense confidence to re-assure our FY24 guidance shared at the beginning of the year.
On the merger with our promoter, the hearing of our application with the NCLT was completed on June 28, 2023 and we positively expect to receive the order soon, entailing directions for scheduling the meetings of the stakeholders and other directions as the NCLT may deem fit."
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