Unity Small Finance Bank Q2 Profit Soars 155% to Rs 138 Crore
By Rediff Money Desk, NEWDELHI Nov 03, 2023 19:17
Unity Small Finance Bank reported a 155% jump in Q2 profit to Rs 138 crore, driven by strong growth in income and a significant reduction in NPAs. The bank plans to expand its retail presence in the coming months.
New Delhi, Nov 3 (PTI) Unity Small Finance Bank on Friday reported a net profit of Rs 137.73 crore in the quarter ending September 2023, up 155 per cent from Rs 53.97 crore in the year-ago period.
Unity Small Finance Bank Limited is a scheduled commercial bank, promoted by Centrum Financial Services Ltd.
The total income rose to Rs 360.5 crore from Rs 210.46 crore in the July-September quarter of 2022-23, the bank said in a release.
Its gross non performing assets (NPA) was 5.5 per cent in the September quarter of the current fiscal, as against 56.29 per cent in the year-ago period.
Similarly, net NPA fell to 0.43 per cent from 5.95 per cent in the September quarter of the last fiscal.
The bank also reported that its net income rose by 115 per cent in the first half of this fiscal to Rs 515 crore on account of increased outreach to customers across products and geographies.
At end-September, Unity Bank had 137 branches.
The bank is focused to grow its retail presence during the second half of 2023-24 and is on track to open 54 additional branches, entering new markets like Kolkata, Hyderabad, Chennai, Kerala and Punjab, the release said.
Unity Small Finance Bank Limited is a scheduled commercial bank, promoted by Centrum Financial Services Ltd.
The total income rose to Rs 360.5 crore from Rs 210.46 crore in the July-September quarter of 2022-23, the bank said in a release.
Its gross non performing assets (NPA) was 5.5 per cent in the September quarter of the current fiscal, as against 56.29 per cent in the year-ago period.
Similarly, net NPA fell to 0.43 per cent from 5.95 per cent in the September quarter of the last fiscal.
The bank also reported that its net income rose by 115 per cent in the first half of this fiscal to Rs 515 crore on account of increased outreach to customers across products and geographies.
At end-September, Unity Bank had 137 branches.
The bank is focused to grow its retail presence during the second half of 2023-24 and is on track to open 54 additional branches, entering new markets like Kolkata, Hyderabad, Chennai, Kerala and Punjab, the release said.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- ARC Finance
- 1.51 (+ 2.72)
- 99106131
- Vodafone Idea L
- 8.27 (+ 1.72)
- 37910491
- Guj. Toolroom Lt
- 18.98 (+ 4.98)
- 33052379
- Srestha Finvest
- 0.81 ( -2.41)
- 24087791
- Filatex Fashions
- 0.69 ( -4.17)
- 20455844
MORE NEWS
Adani Wilmar to Emulate ITC, Expand FMCG Portfolio
Adani Wilmar, India's largest edible oil company, plans to leverage its core business...
India to Boost Exports: 20 Nations Meet Jan 6-8
Indian officials from 20 countries will meet in New Delhi to discuss strategies to...
Karur Vysya Bank Expands in Tamil Nadu with Two...
Karur Vysya Bank has opened two new branches in Tamil Nadu, bringing its total branch...