Utkarsh Small Finance Bank back to profit after previous quarter's loss

Kolkata: Utkarsh Small Finance Bank has earned a net profit of Rs 48.4 crore in the March quarter after making a Rs 24.6 crore loss in the preceding quarter. Its net profit was at Rs 13.7 crore in the year-ago period.

The bank said its advances rose by 24.5% year-on-year to Rs 10228 crore at the end of March. Deposits grew by 34.2% to Rs 10074 crore.

The lender's gross non-performing assets ratio was at 6.10% at the end of the reporting period. Net NPA was at 2.31%. Its provision coverage ratio was 63.6%.


The Varanasi-headquartered bank had received the Securities & Exchange Board of India's approval for a Rs 1350-crore initial public offer in June last year but investors' concerns over the stress in the microfinance sector deterred it from going for the fundraise.

It had only raised equity capital of Rs 150 crore during the last fiscal, taking the capital adequacy ratio to 21.59% at the end of March this year.