Utkarsh Small Finance Bank Q1 Profit Surges 28% to Rs 137 Crore

New Delhi, Aug 3 (PTI) Utkarsh Small Finance Bank on Saturday posted a 28 per cent increase in its profit at Rs 137 crore in the first quarter ended June 30.

The bank had earned a net profit of Rs 107 crore in the same quarter a year ago.

Total income increased to Rs 1,071 crore during the quarter under review against Rs 812 crore in the same period last year, the bank said in a regulatory filing.

The interest income of the bank rose to Rs 966 crore as against Rs 720 crore in the first quarter of previous year.

As regards asset quality, gross Non-Performing Assets (NPAs) of the bank declined to 2.78 per cent of the gross loans by the end of June 2024 from 3.13 per cent a year ago.

Similarly, net NPAs came down to 0.26 per cent from 0.33 per cent at the end of the first quarter of the previous fiscal.

The provision coverage ratio, including floating provision, was 91 per cent as on June 30, 2024.