Ujjivan Small Finance Bank has planned to add 100 new branches in 2023-24 with a foray in Andhra Pradesh as it chases a 25 per cent loan book growth and 30 per cent deposit growth in the ongoing fiscal.

“During the (fourth) quarter we picked up branch expansion with 31 new branches taking the total to 629 for the financial year ending March 31, 2023…We expect to open 100 branches in the financial year 2024. That includes entering the state of Andhra Pradesh which will be our 26th state,” said the bank’s managing director and CEO, Ittira Davis at the fourth quarter earnings call with the analysts.

The bank’s gross loan book as of March 31, 2023, was at Rs 24,085 crore against Rs 18,162 crore as of March 31, 2022, growing at 32.61 per cent. Total deposits of the bank as of March 31, 2023, was Rs 25,538 crore against Rs 18,292 crore on March 31, 2022, growing at 39.61 per cent.

For FY23, the bank had posted a net profit of Rs 1,100 crore, against a loss of Rs 415 crore in FY22.

Ujjivan Small Finance Bank scrips at Rs 30.66 were up 4.82 per cent over the previous close at the Bombay Stock Exchange.