Unity SFB reports ₹143 crore net profit in Q4FY24; focuses on technology investments

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 Unity Small Finance Bank (Unity SFB) reported a net profit of ₹143 crore in the fourth quarter ended March 31, 2024, against a net loss of ₹52 crore in the year-ago quarter.

The bank’s net interest income, which has been promoted by Centrum Financial Services Ltd. (a subsidiary of Centrum Capital Ltd.) with Resilient Innovations Pvt Ltd as a joint investor, rose 55 per cent to ₹281 crore (₹181 crore in the year-ago quarter), per Unity SFB’s regulatory filing.

Total deposits soared 142 per cent yoy and stood at ₹6,505 crore as on March-end 2024. Net advances were up 78 per cent and stood at ₹7,961 crore as on March-end 2024, the statement said.

“Unity Bank remains committed to increasing investments in technology and will roll-out several more digital offerings during the year.

“Our Mobile App will be rolled out in a CUG (closed user group) mode initially to existing bank customers and followed up with new to bank clientele as well. The Bank’s credit card business too will undergo a pilot, with the introduction of several card variants,” the SFB said.

As at March-end 2024, the Bank’s banking outlet network stood at 377 (329) as at March-end 2023) spread across 19 states and union territories (17).