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finance | IST

Will reach 520 branches this year from 180 branches currently, says Ujjivan Financial Services

Ujjivan Small Finance Bank, which currently operates with 180 branches, may reach 520 branches this year, said Samit Ghosh, MD and CEO of the company.
"Aiming at total deposits of Rs 8000 crore in FY19 of which retail deposits will be Rs 2000-3000 crore," he said.
Ghosh said that financial year 2018 was a challenging year for the firm due to demonetisation. However, microfinance disbursements were now back to pre-demonetisation levels.
The company expects housing and MSE book to grow double due to base effect and also plans to launch personal loans and loans for two wheelers for microfinance customers, he said.
Ghosh clarified on concerns relating to farm loan waiver saying that Ujjivan is in semi-urban market in Karnataka and that historically, farm loan waiver has not had any significant impact on microfinance players.
Ghosh said that the company slowed down branch expansion which aided in operating efficiency.
Ujjivan Financial Services reported a more than three-fold jump in its consolidated net profit at Rs 64.86 crore for the last quarter ended March 2018.
The company had posted a net profit of Rs 19.35 crore in the January-March quarter of 2016-17.
Income during the March quarter rose to Rs 460.90 crore from Rs 340 crore in the same period a year ago, the company said in a regulatory filing.