Unity Small Finance Bank Q2 profit jumps 155 pc to Rs 138 crore

Unity Small Finance Bank on Friday reported a net profit of Rs 137.73 crore in the quarter ending September 2023, up 155 per cent from Rs 53.97 crore in the year-ago period.

Unity Small Finance Bank Limited is a scheduled commercial bank, promoted by Centrum Financial Services Ltd.

The total income rose to Rs 360.5 crore from Rs 210.46 crore in the July-September quarter of 2022-23, the bank said in a release.

Its gross non performing assets (NPA) was 5.5 per cent in the September quarter of the current fiscal, as against 56.29 per cent in the year-ago period.

Similarly, net NPA fell to 0.43 per cent from 5.95 per cent in the September quarter of the last fiscal.

The bank also reported that its net income rose by 115 per cent in the first half of this fiscal to Rs 515 crore on account of increased outreach to customers across products and geographies.

At end-September, Unity Bank had 137 branches.

The bank is focused to grow its retail presence during the second half of 2023-24 and is on track to open 54 additional branches, entering new markets like Kolkata, Hyderabad, Chennai, Kerala and Punjab, the release said.