Ujjivan Financial Services has posted a net profit of ₹10.86 crore on standalone basis in the third quarter of FY19, against a net loss of ₹38.91 crore in the same period last year.

Total income stood at ₹13.30 crore against the ₹1.81 crore it posted in the same period last year. Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank, said: “The quarter witnessed improved growth and building of the business momentum. As we mentioned, post Q2 FY19, growth in our micro-banking vertical has picked up. We expect the overall growth momentum to continue, leading to 30-35 per cent AUM growth in FY19. We continue to improve our retail deposits business, driven by expansion of our branch network and continuous marketing efforts.”

“Retail deposits stand at 36 per cent of total deposits. Given our strong micro-banking book and expanded funding options, we are comfortably placed despite tight liquidity scenario and were able to further reduce our exposure to the CD market,” said Ghosh.

“Our net income, at ₹45.2 crore, was stable and in line with our forecast. We are fully committed to abide by the RBI guidelines in terms of promoter holding dilution to 40 per cent by January 2022 and listing of the bank by January 2020,” he added.

Roadmap

Talking about a roadmap of the bank, Ghosh said: “Our board has approved the roadmap, keeping in mind the interest of our shareholder. Since the process requires certain regulatory approvals, we would be better placed to share the details once the approvals are obtained. Overall, the fundamentals of the business are strong, and we look forward to a robust growth on the banking platform we have built.”

Related Topics