According to Ujjivan Small Finance Bank, its asset quality improved sequentially with the help of consistent payback collections, and its gross advances increased by 38% year over year to Rs19409 crore.
The business reports easing of concerns about a potential downturn in business as a result of increasing inflation and increases in interest rates to combat it.
The micro banking segment’s loans increased by 39%, reaching Rs13,364 crore. The affordable housing and enterprise loan books also had comparable growth prints, though on a lower base, which helped the bank’s overall loan growth. Its enterprise loans increased to Rs1,767 crore, while its affordable housing loans reached Rs2,905 crore.
Portfolio at risk decreased from 9.6% three months earlier to 7.9% at the end of June thanks to the ongoing progress in collection efficiency. Over the same time period, the bank’s gross non-performing assets decreased from 7.1% to 5.9%.
Ujjivan’s total deposits increased 35% year over year to Rs18,433 crore, helped by a stronger emphasis on smaller retail deposits, which increased by 65% annually to Rs 10,761 crore.
On Monday, AU Small Finance Bank recorded a rise in loans of 42%. The growth rates of both banks suggested a robust pattern of spending and a revival of income-generating activities among the economically vulnerable population.
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