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Ujjivan Small Finance Bank's shares rose over 2% to Rs 34.5 after the board approved the sale of non-performing assets and written-off loans worth Rs 270 crore to an asset reconstruction company for Rs 40.55 crore. This sale, completed through the Swiss Challenge Method, comes amid ongoing stress in the microfinance sector, with the bank's shares having declined over 41% this year.
Ujjivan Small Finance Bank reported a 24% miss in PAT at Rs 2.3 billion, attributed to lower other income and increased provisions amid rising MFI stress. The bank's AUM growth slowed to 14% YoY, but it aims to boost secured loans to 40% by March 2025, despite potential margin pressures. Emkay Global Financial has revised its target price to Rs 45 from Rs 55, while maintaining a BUY rating due to the bank's superior return on assets and prospects of transitioning to a Universal Bank.
Ujjivan Small Finance Bank Limited
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Ujjivan SFB shares rise after board approves sale of bad loans
05:07 28.11.2024
Ujjivan Small Finance Bank targets Rs 45 amid cautious growth strategy
10:50 25.10.2024
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