Ujjivan Small Finance Bank sees 10% growth
Ujjivan Small Finance Bank has reported a 10% year-on-year increase in advances to Rs 30,466 crore, despite a 12% decrease in its microfinance business.
The bank’s gross non-performing assets ratio increased to 2.7% at the end of December from 2.1% a year earlier. The ratio of portfolio at risk also rose to 5.4% from 3.6%, reflecting the ongoing challenges in the microfinance sector, which accounts for 45% of the bank’s lending portfolio.
To mitigate risks, Ujjivan has been reducing its exposure to the microfinance business and increasing its secured loan portfolio. The microfinance portfolio decreased to Rs 13,663 crore at the end of December, down from Rs 15,471 crore a year ago.
Furthermore, the bank’s deposits grew by 16% year-on-year to Rs 34,496 crore.
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