Ujjivan Financial Services expects to be back in black

Ujjivan Financial Services, the holding firm for Ujjivan Small Finance Bank, is expected to be back in black in the December quarter, its founder Samit Ghosh said Thursday.
Ujjivan booked net losses for the first two quarters this fiscal with demonetisation and loan waivers in some states impacting the repayment culture.

The company had to written off loans worth Rs 300 crore. It reported Rs 87 crore loss in the April-September period.

"We are in the last leg of demonetisation impact," Ghosh said. "By the end of the fiscal, everything should be fine."

Ujjivan's gross non-performing assets ratio was at 4.99% as on September 30, as against 6.16% at the end of the preceding quarter.

Its share closed 1.63% lower to Rs 394.95 on BSE while sensex gained 178.47 points to 35,260.29 Thursday.