Utkarsh Small Finance Bank's deposits as well as gross advances base crossed ₹10,000 crore during FY22

The Board of Directors of Utkarsh Small Finance Bank Limited approved the audited financial results for the full year ended March 31, 2022, at its meeting held on April 25, 2022.

Highlights of the FY 22:

- Bank's deposits as well as gross advances base crossed ₹10,000 crore during FY22

- Bank reported operating profit (pre-provisions) in excess of ₹500 crore in FY22

- Bank's capital adequacy ratio is 21.59% as on March 31, 2022. During FY22, the Bank raised equity capital of ₹150 crore

- Utkarsh Small Finance Bank's Net Worth (as per RBI guidelines) as at March 31, 2022, was ₹1420.76 crore as compared to ₹1256.51 crore as at March 31, 2021

- The Bank has moved its registered and corporate office to a new location in Varanasi - Utkarsh Towers

- The Bank received the following recognition and accolades for FY 22:

* "Best Places to Work in India 2021" - Ambition Box
* One of the Most Trusted Brands - 2021 (Teams Marksmen and CNBC TV18)
* 50 Most Trusted BFSI Brands - 2021 (Teams Marksmen and NDTV 24/7)
* The Economic Times Best Brands - 2021

- The Bank operates out of 686 Branches spread across 22 States and Union Territories as on March 31, 2022

- Expanded its footprint in the southern states of Kerala, Tamil Nadu and Karnataka during the year

Speaking on the results Mr. Govind Singh, MD and CEO, Utkarsh Small Finance Bank said, "The year continued to be affected by intermittent turbulence of COVID 19 impacting businesses across verticals. Despite this challenge, Utkarsh Small Finance Bank achieved a reasonable growth. The Bank has had a resolute approach to remain agile and nimble to overcome the situation that has affected both livelihoods and the economy at large".

"We continued to encourage minimal personal interaction during this period and worked towards providing services to our clients through different platforms and channels. The Bank has been running its operations efficiently and maintaining necessary capital adequacy and liquidity. It will be worthwhile to mention here that the digital journey will be a significant key to our success to which we are committed", said Mr. Govind Singh.

Utkarsh Small Finance Bank Limited FY22 Financial Highlights:

- Total deposits increased by 34.20% to ₹10074.18 crore as of March 31, 2022, from ₹7507.57 crore as at March 31, 2021

- Net Advances increased by 24.48 % to ₹10228.15 crore as of March 31, 2022, from ₹8216.86 crore as at March 31, 2021

- Bank's operating profit increased to ₹509.34 crore for FY22 from ₹418.52 crore in FY21, up by 21.7%

- The Bank's PAT for FY22 was at ₹61.46 crore. PAT for Q4 FY 22 is ₹48.43 crore, as against ₹ (24.63) crore for Q3 FY 22 and ₹13.68 crore for Q4 FY 21

- The Bank is maintaining Provision Coverage Ratio of 63.6% as on March 31, 2022. In addition, the Bank is carrying contingency provision of ₹65 crore.

- Gross NPA (GNPA) was at ₹648.16 crore (% of Gross NPA 6.10%) and Net NPA (NNPA) at ₹235.80 crore (% of Net NPA 2.31%) both as of March 31, 2022

Source : Equity Bulls

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UtkarshSmallFinanceBank Q4FY22 FY2022 ResultUpdate