The Bank will soon introduce new products such as Credit Cards, Personal Loans; CENTRUM Promoted SFB Delivers Robust Performance in Q3FY24 with Sustained Growth in Profitability, Deposits and Advances
FinTech BizNews Service
Mumbai, February 5, 2024: CENTRUM Promoted Unity Small Finance Bank Limited (Unity Bank), a new age, digital first bank, today announced its financial results for the quarter and nine months ending 31st December, 2023. The bank has maintained a strong growth momentum across parameters, while maintaining asset quality thereby demonstrating sound financial management amidst a challenging economic environment.
Key Parameters at a Glance
Particulars (Amt in Rs crs) | Quarter Ended On (3 months) | Year Ended On (9 months) | ||||
31 Dec'23 | 31 Dec' 22 | Growth % | 31 Dec'23 | 31 Dec'22 | Growth % | |
Total Income | 438 | 208 | ↑ 111% | 1,111 | 544 | ↑ 104% |
Net Income | 328 | 172 | ↑ 90% | 843 | 412 | ↑ 104% |
Net Interest Income | 257 | 151 | ↑ 71% | 700 | 378 | ↑ 85% |
Pre Provisioning Operating Profit (PPoP) | 133 | 47 | ↑ 180% | 269 | 115 | ↑ 135% |
Net profit | 110 | 61 | ↑ 79% | 296 | 87 | ↑ 240% |
Total deposits | 5,004 | 1,903 | ↑ 163% | 5,004 | 1,903 | ↑ 163% |
Net Advances | 6,601 | 3,665 | ↑ 80% | 6,601 | 3,665 | ↑ 80% |
Greater Geographic Presence
With the erstwhile PMC Bank staff, customers and branches successfully integrated and operating efficiently as Unity Bank, the bank expanded its presence by opening several new branches. It strengthened its existing operations in Karnataka and NCR, while entering the states of Kerala, Punjab & West Bengal. It now operates through 441 locations across 17 States and plans to build presence in Andhra Pradesh, Telangana and Tamil Nadu during the year.
Strong Focus on Corporate Governance
The Bank maintains robust emphasis on corporate governance. With a strong Board comprising of seasoned professionals guiding the overall strategy, the bank recently appointed Dr. Pronab Sen, former Principal Economic Adviser (Planning Commission), Government of India as it’s Chairman. Dr. Sen’s vast experience in the areas of Statistics, Finance & Economics will add significant value to the long term vision of Unity Bank. Additionally, reputed Auditors ensure meticulous financial management practices are adhered to efficiently. The Bank has a professional management team with vast expertise across Banking & Technology that uphold high standards in running the bank’s operations.
Way Forward
Unity Bank remains committed to increasing investments in technology and will roll out several digital offerings during the year. Our digital banking business which will be Mobile App driven, should gain momentum during the year and along with significant marketing efforts will help increase reach and acquire customers across business segments. Additionally, new branches will be strategically rolled out in existing as well as new geographies, which is expected to further drive business growth and strengthen visibility. The Bank will soon introduce new products such as Credit Cards, Personal Loans, etc.
About Unity Small Finance Bank Limited
Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd. (Subsidiary of BSE & NSE listed – Centrum Capital Ltd.) with Resilient Innovations Pvt Ltd as a joint investor. It strives to be a Digital First Bank with a business model of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital banking experience. Driven by its mission to have the highest standards of Corporate Governance, Unity Bank has in place a strong Board comprising of industry veterans. It offers services across Branch Banking, Business Banking, Inclusive Banking, Digital Banking and Treasury Services.
