Ujjivan Small Finance Bank plans to expand its branch network and hopes to complete the process of amalgamation of Ujjivan Financial Services with Ujjivan Small Finance Bank by September, subject to regulatory approvals.

The bank has been consistently growing its banking outlets from 575 as of March 2022 to 598 as of December and has recently forayed into Telangana.

“As of today, we have 607 branches and we are looking to add more this quarter. In FY24, the branch addition will be between 50 and 70and the focus is to expand in deposit rich catchment areas,” said Ittira Davis, MD and CEO, at the earnings call of the bank.

The small finance bank posted a net profit of Rs 293 crore during Q3FY23 compared with a loss of Rs 34 crore in Q3FY22.

The total income of the bank grew 50 per cent to Rs1,221 crore during Q3FY23 from Rs 812 crore in Q3FY22.

The bank has seen an improvement in asset quality with gross non-performing assets improving from 9.8 percent in December 2021 to 3.4per cent in December 2022.

Gross loan book of the bank was Rs 21,895 crore as of Q3FY23, up 33 per cent from Q3FY22 and the bank is expecting a 25 per cent growth in FY24.