Utkarsh Small Finance Bank Ltd share Price Today

Utkarsh Small Finance Bank announced Q4FY24 & FY24 results:

Financial Highlights:

• Gross Loan portfolio grew by 31.1% YoY to Rs 18,299 crore.
• Deposits grew by 27.4% YoY to Rs 17,473 crore, led by Retail Term Deposits (RTD) growth of 43% YoY
• Gross NPAs declined to 2.51% as on March 31, 2024 from 3.04% as on December 31, 2023; Net NPAs declined to 0.03% as on March 31, 2024 from 0.39% as on March 31, 2023.
• Highest ever annual operating profit (pre-provisions) of Rs 997 crore and profit after tax of Rs 498 crore in FY24 (YoY growth of 23%); profit after tax during Q4, FY24 stood at Rs 160 crore.
• Return on Assets and Return on Equity stood at a healthy 2.4% and 19.5% respectively, during FY24.

Speaking on the results, Govind Singh, MD and CEO, Utkarsh Small Finance Bank said, “Our gross loan portfolio & deposits growth were strong in FY24, in line with our expectation, on the strength of our deep-rooted franchise & footprints and relevant product offerings. We continue to see good growth opportunities across our key products i.e. micro-banking, MSME, Housing and CV&CE loan portfolio. Deposit growth was led by retail term deposits. Our collection efficiency and asset quality witnessed healthy trend in Q4, FY24 leading to a decline in credit cost as well as reduction in net NPAs to negligible level of 0.03% as on March 31, 2024. We have registered highest ever annual operating profit (pre-provisions) of Rs 997 crore in FY24 and profit after tax of Rs 498 crore in FY24. We believe there are significant growth opportunities available in our core geographies given the growth potential and relatively low financial penetration. We will continue to strengthen our franchise & presence and explore significant growth potential through our relevant & suitable product offerings”, he added.

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