Ujjivan Financial Services Ltd. [BSE: 539874; NSE: UJJIVAN], the holding company and promoter of its 100% subsidiary "UJJIVAN SMALL FINANCE BANK" (USFB), today announced its consolidated financial performance for the quarter ended September 30, 2019.
Summary of Ujjivan Small Finance Bank Business Performance - Q2 FY 2019-20:
- Gross Advances at Rs. 12,864 crore; growth of 54.7% over Sep'18
- Non-MicroBanking^ Assets now contributes 20.8% to the portfolio against 11.2% in Sep'18
- Disbursement for Q2FY20 at Rs. 3,606 crore; an increase of 51.3% over Q2FY19
- Secured portfolio constitutes 19.4% to the portfolio compared to 9.0% in Sep'18
- GNPA at 0.9% and NNPA at 0.3% in Sep'19 against 1.9% and 0.3% respectively in Sep'18; write-off of Rs. 17 crore in Q2FY20
- Deposit base at Rs. 10,130 crore in Sep'19 covering 78.7% of total advances against 50.4% in Sep'18
- Retail deposits at 41.9% to total deposits vs. 30.1% in Sep'18; CASA ratio at 11.9% vs. 9.0% in Sep'18
- Net Profit of Rs. 93 crore in Q2FY20 against Rs. 44 crore in Q2FY19
- Net Interest Income of Rs. 388 crore in Q2FY20, an increase of 49% over Q2FY19
- Net Interest Margin at 10.8% in Q2FY20, against 11% in Q2FY19
- Cost to Income ratio at 69.5% in Q2FY20, decreased from 77.4% in Q2FY19
- ROA at 2.4% and ROE at 18.9% for Q2FY20
- Diluted EPS for Q2FY20 at Rs. 0.6, an increase from Rs. 0.3 in Q2FY19
Mr. Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank said, "The start of the year was very positive and we have continued the momentum in the second quarter as well. Our PAT is at Rs. 93 crore led by strong business growth and tax benefits. Gross advances grew by 55% vs Q2FY19 with MicroBanking^ growing 38%. Our disbursement for the quarter is up 51% vs Q2FY19 and 22% vs Q1FY20. One of the landmarks achieved this quarter was total deposits crossing Rs. 10,000 crore to reach Rs. 10,130 crore, up 142% against Sep'18, with Retail deposits contributing half of the increase. We continue to focus on overall cost structure and have retained Cost to income ratio within 70% on account of increased top line and strong cost control measures. Asset quality continues to be stable despite multiple states grappling with floods; GNPA & NNPA ratios stands at 0.9% & 0.3% respectively with PAR>0 falling to 1.7% vs. 1.8% as on 30 June 2019. In regards to RBI directive of listing the Bank by January 2020, we are in advance stage of listing via IPO and are confident of complying with the guidelines."
Commenting on the Banks listing and performance, Mr. Ittira Davis, MD & CEO, Ujjivan Financial Services said, "USFB has filed its DRHP with SEBI in August 2019 and is committed to complying with the listing condition within the stipulated timelines. As the DRHP mentions, there would be a reservation for existing shareholders of UFSL under retail category.
Our focus continues to expand customer base to drive the growth; total customer base went up to 49.4 lacs from 47.2 lacs as of 30th June 2019. Net Interest Income for USFB increased by 49% against Q2FY19; NIM stands at 10.8%. Cost of funds declined to 8.4% from 8.5% as on 30th June 2019. Capital adequacy ratio at present stands at 18.8%, out of which Tier I capital is 18.1%."
Summary of Consolidated IND-AS Financial Performance - Q2 FY 2019-20:
The financials and ratios as below are based on IND-AS consolidated numbers:
- PAT of Rs. 63.2 crore in Q2FY20 against Rs. 29.2 crore in Q2FY19
- Total Income of Rs. 710.0 crore in Q2FY20, an increase of 54.7% over Q2FY19
- Net Interest Income of Rs. 406.9 crore in Q2FY20, an increase of 44.7% over Q2FY19
- Diluted EPS for Q2FY20 at Rs. 5.2, an increase from Rs. 2.4 in Q2FY19
Shares of Ujjivan Financial Services Ltd was last trading in BSE at Rs.306.5 as compared to the previous close of Rs. 307.8. The total number of shares traded during the day was 126688 in over 1319 trades.
The stock hit an intraday high of Rs. 311.05 and intraday low of 303.75. The net turnover during the day was Rs. 38941474.