Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Shares price of Ujjivan Small Finance Bank jumped over 6 per cent on Wednesday after it posted a 15 per cent rise in net profit to Rs 73.15 crore for the fourth quarter ended March 2020. The bank had posted a net profit of Rs 63.78 crore in the year-ago period.
The company’s stock gained 6.02 per cent to Rs 28.15 on BSE during intraday trade. It rallied 6.40 per cent to Rs 28.25 on NSE.
On Tuesday, Ujjivan Small Finance Bank reported a 15 per cent rise in net profit to Rs 73.15 crore for the quarter ended on March 31, 2020.
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Bank’s net interest income in Q4FY20 increased 46 per cent to Rs 466 crore while Net Interest Margin rose to 11.2 percent as against 10.8 percent, YoY.
Speaking about the asset quality, the gross non-performing assets (GNPA) during the fourth quarter increased to Rs 137.14 crore from Rs 129.45 crore while net NPA declined to Rs 274.9 crore from Rs 514.9 crore, QoQ.
Total income rose to Rs 809.65 crore during the quarter under review from Rs 602.23 crore in the corresponding quarter a year ago.
The bank expects the mass market to show resilience and recover strongly and the economic package announced by government would also boost recovery and open various opportunities, it said.
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