Ujjivan Financial Services Q2 FY17 net profit jumps by 90%

During the quarter, we have applied to RBI for a final license for Small Finance Bank and are awaiting approval for the same, Samit Ghosh said.

November 09, 2016 6:17 IST | India Infoline News Service
Ujjivan Financial Services
Ujjivan Financial Services Ltd., one of the leading providers of microfinance in India, today announced their financial performance for the quarter ended September 30, 2016.

Commenting on the financial performance for the quarter ended September 30, 2016, Mr. Samit Ghosh, Managing Director, Ujjivan Financial Services said, “We have maintained our growth momentum and the credit quality of the portfolio. Further we have reduced the lending rates for our group loans and some of the individual loans by 75 bps (0.75 per cent) with effect from October 1, 2016 and are equally happy to pass on the benefits to our valued customers”

He also mentioned - “During the quarter we have applied for the final license for Small Finance Bank to RBI and are awaiting approval for the same. On the technology front, we have implemented most of the software for the Bank and currently are in the testing stage. We have on-boarded all the senior level people and the hiring of branch levels will continue in line with our branch opening schedule. We are looking forward to launch the Bank in Last quarter of FY17.”

Ms. Sudha Suresh, CFO added, “The subsidiary company for the bank has been incorporated and thus we have declared the consolidated financials. The business of the subsidiary company will start once we launch the banking operations. During the quarter we have also focused on increasing individual loan portfolio for both secured and unsecured products mainly in the MSE & Housing space. Our Marginal cost of borrowing has reduced by around 1% over the half year, which has helped us in reducing the lending rates.”

Summary of Financial Performance:
  • All the financials in this release is consolidated for the convenience of understanding
  • Net Profit at Rs 73.01 crore; a jump of 89.69% over Q2-FY16 and 2.31% over Q1-FY17
  • Total Income at Rs 356.99 crore, an increase of 46.67% over Q2-FY16 and 8.40% over Q1-FY17
  • NII at Rs 360.08 crore, an increase of 63.85% over Q2-FY16 and 109.29% over Q1-FY17
  • NIM at 13.02% in Q2-FY17 increased from 12.04% in Q2-FY16 and 12.96% in Q1-FY17
  • Cost to Income ratio at 46.95% from 53.68% in Q2-FY16 and 45.60% Q1-FY17
  • EPS for Q2 FY17 at Rs 6.17; H1-FY17 at Rs 12.55
  • RoAA at 4.66% and RoAE at 20.02%

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