Utkarsh Small Finance Bank Q1 Results: Net Profit Increased 28% to Rs 137 Cr

Utkarsh Small Finance Bank’s interest income rose to Rs 966 crore from Rs 720 crore in the previous year’s first quarter.

1 minute reading Last updated: August 3, 2024 | 20:13 IST

Utkarsh Small Finance Bank on Saturday reported a 28 per cent rise in profit at Rs 137 crore in the first quarter ended June 30.

A year earlier, in the same quarter, the bank had posted a net profit of Rs 107 million.

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

The bank’s net interest income rose to Rs 966 crore from Rs 720 crore in the first quarter of the previous year.

In terms of asset quality, the bank’s gross non-performing assets (NPAs) fell to 2.78% of gross loans by the end of June 2024 from 3.13% a year earlier.

Similarly, the net non-performing assets ratio declined to 0.26 per cent from 0.33 per cent at the end of the first quarter of the previous fiscal year.

The reserve coverage ratio, including floating reserves, was 91 percent as of June 30, 2024.

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First published: August 3, 2024 | 20:13 IST