Latest News | Ujjivan Small Finance Bank Stock Declines over 4 Pc Post Q3 Earnings
Get latest articles and stories on Latest News at LatestLY. Shares of Ujjivan Small Finance Bank on Friday declined over 4 per cent after the firm reported a 64 per cent drop in net profit for the third quarter ended December 2024.
New Delhi, Jan 24 (PTI) Shares of Ujjivan Small Finance Bank on Friday declined over 4 per cent after the firm reported a 64 per cent drop in net profit for the third quarter ended December 2024.
The stock went lower by 4.40 per cent to settle at Rs 33.04 on the BSE. Intra-day, it tanked 6.48 per cent to Rs 32.32.
At the NSE, the stock dropped 4.36 per cent to Rs 33.05.
Ujjivan Small Finance Bank on Thursday reported a 64 per cent drop in net profit to Rs 103 crore for the third quarter ended December 2024, as provisions for bad loans increased.
The lender earned a net profit of Rs 300 crore in the year-ago period.
However, the total income rose to Rs 1,763 crore in the quarter under review from Rs 1,655 crore a year ago, Ujjivan Small Finance Bank said in a regulatory filing on Thursday.
The bank would soon move the Reserve Bank for transition to a universal bank, having received approval from the board.
The interest income of the bank improved to Rs 1,591 crore in the quarter from Rs 1,471 crore in the same quarter a year ago.
The bank's asset quality deteriorated, with gross non-performing assets (NPAs) rising to 2.68 per cent of gross advances at the end of the December 2024 quarter from 2.18 per cent a year ago.
Its net NPAs or bad loans also rose to 0.56 per cent against 0.17 per cent in the year-ago period.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)