Ujjivan Small Finance Bank witnessed a 5% rise in its share price due to an increase in deposits and
Ujjivan Small Finance Bank's strong quarterly update indicates a surge in total deposits, which grew by 39% YoY to INR 25,481 crore, with strong collections across all buckets.
The momentum in deposits continued to be strong, with the bank reaching the INR 25,000 crore milestone in March 2023.
The growth in current account and savings account deposits was also robust, with a 35% YoY and 11% QoQ increase.
The bank's total disbursements for the quarter rose by 23% YoY and 24% QoQ, driven by robust growth in micro-banking, housing, and financial institutions group. Advances also jumped by 33% YoY and 10% QoQ to INR 24,114 crore.
The improvement in asset quality also aided gains in the bank's stock. The bank's better asset quality is reflected in the strong collections and robust growth in disbursements.
Ujjivan Small Finance Bank's focus on strong collections and robust growth in disbursements, along with the improvement in asset quality, bodes well for the bank's future prospects.