By Aayush Khanna
Utkarsh Small Finance Bank Ltd (NS:UTKR) reported a significant 24% rise in profit, reaching INR 116 crore in the third quarter of December 2023, compared to INR 93.5 crore in the same period last year. The bank's total income also saw a notable increase, reaching INR 889 crore in the current quarter compared to INR 712 crore in the corresponding quarter of the previous year.
A substantial growth in interest income contributed to this positive performance, with interest income rising to INR 806 crore from INR 641 crore in the October-December 2024 period of the previous financial year.
Moreover, the bank demonstrated improvements in asset quality, with gross Non-Performing Assets (NPAs) decreasing to 3.04% of gross loans by December 2023, down from 3.58% a year ago. Similarly, net NPAs or bad loans declined to 0.19% from 0.72% at the end of the third quarter in FY22. These figures indicate a commendable effort by Utkarsh Small Finance Bank in managing its asset quality and sustaining profitability.
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