UFS consolidated Q1 Income increases by 8.90%

KOLKATA/BENGALURU
3 Aug 2017

Ujjivan Financial Services Ltd (UFS), the promoter of its 100% subsidiary “Ujjivan Small Finance Bank”, today announced its consolidated financial performance for the quarter ended June 30, 2017.
Gross Loan Book at ₹6,459.27 crore; growth of 10.40% over Q1-FY17 and an increase of 1.25% over Q4-FY17. Managed portfolio as on June 30, 2017 at Rs 348.57 crore
Net Loan Book posted at Rs 6,110.70 crore; growth of 9.95 % over Q1-FY17 and an increase of 4.08 % over Q4-FY17. Disbursement at Rs 1,701.92 crore; decrease of 9.41% over Q1-FY17 and an increase of 20.97% over Q4-FY17, 1.76 lakh new borrowers added during the quarter; Total Borrowers stands at 36.25 lakh was recorded.
Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank said, “We have taken significant provision in this quarter based on the collection trends in the quarter. We have ensured 100% provision of the hard core NPAs of the November, December & January loan portfolio amounting to Rs 150 crore. We have fully dedicated teams engaged on recovery at branches in affected states to optimize overdue collections. In addition we have set up specialized collection teams focussed on over dues over 90 days.
On the SFB Branch roll out plans, we are on track with 52 branches already rolled out till now and there is a good interest from both existing MFI customers and open markets customers in terms of deposit generation”
Commenting on the performance of the company Sudha Suresh, MD & CEO Ujjivan Financial Services said, “Our Cost to income in absolute amount is in line with the expectation; however the ratio in percentage terms is higher due to the low base impact of flat loan book and reversal of interest income due to NPA. We expect cost to income ratio to consistently come down during the year. (EOIC)