Ujjivan Small Finance Bank Limited
updated the exchanges on Friday on August business. The Bank said that disbursements are picking up with the easing of restrictions/ lockdowns. The Bank implemented an action plan prioritizing PAR reduction; NPA recovery; legal recourse in the secured book.
PAR reduced to 21.7% as of August 21 (from 30.8% on June 21); Rs725+ crore reduction through collections.
At around 9.28 AM, Ujjivan Financial Services Ltd was trading at Rs154.60 per piece up by Rs3.05 or 2.01% from its previous closing of Rs151.55 per piece on the BSE.
It also said that there was a consistent improvement in collections; restructured book showing good collection efficiency. The Bank strengthened the collection team with focus on potential and existing NPA customers.
The Bank is re-building volumes with focus on good customers. The business update comes after the announcement of the exit of its Managing Director and CEO Nitin Chugh last month.