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Centrum group promoted Unity Small Finance Bank said it earned a net profit of Rs 187 crore in the September quarter as compared with Rs 138 crore in the year ago period, (up 35% YoY) backed by Rs 18 crore recovery from written off accounts.
The recovery directly added to the net profit on account of release of excess provision against Punjab & Maharashtra Cooperative Bank (PMC) portfolio. Unity acquired PMC Bank effective January 2022 as part of its initial journey.
The bank’s gross non-performing assets fell to 4.3% at the end of September from 5.5% a year back.
Its operating profit doubled at Rs 170 crore against Rs 84 crore, on 78% jump in total income at Rs 640 crore. Net interest income was 38% higher at Rs 320 crore.
Unity’s net advances stood at Rs 8,692 crore, reflecting a 46% year-on-year growth. Total deposits surged 136% to Rs 9,235 crore with retail deposits comprising 72%.
“The bank focused more on deposits while took a cautious approach in lending especially in the microfinance and MSME spaces,” Centrum group executive chairman Jaspal Bindra told ET.
During the first half of this fiscal, Unity Bank opened banking outlets in Punjab, Telangana and Kerala. It plans to expand footprints in Tamil Nadu, Rajasthan and Haryana in the next few months.
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