Utkarsh Small Bank Q1 net surges 28%

Kolkata: Utkarsh Small Finance Bank's net profit for the June quarter rose 28% at ₹137 crore against ₹107 crore in the year ago period backed by healthy core income growth. This rise in profit was despite higher provisions and contingencies of ₹125 crore against ₹77 crore.

Operating profit for the quarter was 41% higher at ₹311 crore compared with ₹221 crore. Net interest income rose 36% at ₹573 crore.

The bank's provision coverage ratio, including floating provision, was 91% as on June 30, the bank said in a regulatory filing to stock exchanges.


In addition to provision in accordance with the central bank norms, it has created a floating provision of ₹169 crore, even as its asset quality improved year-on-year.