Utkarsh Small Finance Bank Q3 profit jumps 24% to ₹116 cr

Utkarsh Small Finance Bank on Saturday posted a 24 per cent increase in its profit at ₹116 crore in the third quarter ended December 2023.

The bank had earned a net profit of ₹93.5 crore in the same quarter a year ago.

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Total income rose to ₹889 crore during the quarter under review as against ₹712 crore in the year-ago period, the bank said in a regulatory filing.

The bank’s interest income grew to ₹806 crore as compared to ₹641 crore in the October-December period of the previous financial year.

As regards asset quality, gross Non-Performing Assets (NPAs) of the bank declined to 3.04 per cent of the gross loans by the end of December 2023 from 3.58 per cent a year ago.

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Similarly, net NPAs or bad loans came down to 0.19 per cent from 0.72 per cent at the end of the third quarter in FY22.