Ujjivan Small Finance Bank Reports strong performance in Q2FY24: Deposit growth and robust advances

In a recent disclosure, Ujjivan Small Finance Bank (USFB) has shared its key business highlights for the quarter ending September 30, 2023. The bank showcased impressive growth in deposits, a robust performance in advances, and healthy collections during this period.

Deposit Growth: The bank reported significant growth in total deposits, which surged to ₹29,134 crore, marking a remarkable increase of 43% YoY and 9% QoQ. This substantial growth was supported by a healthy increase in Current Account Savings Account (CASA) deposits, which reached ₹7,006 crore, indicating a 27% YoY and 7% QoQ rise. CASA deposits now constitute 24% of total deposits.

Advances and Disbursements: [Bank Name] also demonstrated strong performance in advances, with total advances reaching ₹26,600 crore, reflecting a 27% YoY growth and a 5% QoQ increase. The bank's disbursement remained robust, showing an 18% YoY and 9% QoQ growth. During Q2 FY24, disbursements amounted to ₹5,749 crore, with an increasing share of secured disbursements, accounting for 25% of the total disbursement.

Asset Quality and Collections: The bank's asset quality continued to improve, with PAR and GNPA standing at 3.7% and 2.2%, respectively, as of September 30, 2023. This marks an improvement from 3.8% PAR and 2.4% GNPA reported as of June 30, 2023. Collections remained strong across all categories, contributing to this positive trend. The bank reported a collection efficiency of 111% in September 2023.