Unity Small Finance Bank Profit Soars 79% to Rs 110 Crore

Mumbai, Feb 5 (PTI) Unity Small Finance Bank, promoted by the Centrum Group, on Monday reported a 79 per cent increase in net income at Rs 110 crore in the December quarter, boosted by all-round good set of numbers.

The bottom line was boosted by a Rs 257 crore income on the back of net interest margin that stood at 10.9 per cent, the bank said in a statement.

While the bank's deposits crossed Rs 5,000 crore-mark, up 163 per cent year-on-year, its net advances increased 80 per cent to Rs 6,601 crore.

The bank saw an improvement in asset quality with net NPAs (non-performing assets) coming down to 0.9 per cent.

Its total income rose 208 per cent to Rs 438 crore, of which net income was Rs 328 crore, up 90 per cent, and net interest income rose 71 per cent on-year to Rs 257 crore.

Unity Small Finance Bank was created out of the merger of the Centrum Capital of the Centrum group with the then scam-ridden PM Cooperative Bank.