Ujjivan Small Finance Bank ltd. [BSE: 542904; NSE: UJJIVANSFB], today announced its financial performance for the year and quarter ended March 31, 2023
For Mar’23, out of ₹250 crores floating provision only ₹120 crores has been utilized towards NNPA/ PCR calculation; ₹100 crores has been classified under “other provisions” and ₹30 crores used towards Tier II capital. Entire Floating provision of ₹250 Cr continues to be on books & can be utilized for making specific provisions in future during extraordinary circumstances, with prior approval from the RBI
Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “FY23 started on a high note and ended on even higher note as Q4FY23 marked several milestones in the Bank’s history, set benchmarks and achieved success on multiple fronts. We delivered an all-round performance and met all our guidances. On one hand, we made new benchmarks for growth with all-time high disbursements and on the other hand asset quality continued to show sequential and sustained improvement. Our deposits continued to outpace asset growth crossing ₹25,000 crore mark. We had a negligible credit cost for the year on the back of sustained collections – reduced slippages and strong recoveries. While, slippages have normalised towards the year-end, recoveries may continue for a while. Our continued strong collections will ensure a sub-100 bps credit cost in FY24 as well. We picked-up our branch expansion during the quarter with 31 new branches and will continue it in the new fiscal with around 100 branches. Among various other achievements on digital side, most remarkable one is the launch of our vvv* based mobile banking app – “Hello Ujjivan” targeting non-tech savvy customers. The app has already received several industry accolades including Aegis Graham Bell Awards 2022 for Innovation in Consumer Tech and has seen 1.3+ lakh downloads. We would continue to leverage our digital capabilities in addition to brick and mortar.