Ujjivan Financial Services has trimmed its net losses to Rs 11.95 crore for the second quarter of 2017-18 from that of Rs 73.01 crore in the same quarter of previous fiscal.
Revenues of the company grew by 5.89 per cent to Rs 377.77 crore during the September quarter of 2017-18 from Rs 356.99 crore in same period of year ago.
The net interest income was at Rs 164.57 crore, down 12.48 per cent from same quarter of 2016-17.
Ujjivan Financial Services is the holding company and promoter of 100 per cent subsidiary Ujjivan Small Finance Bank.
"We have significantly reduced our losses in this quarter compared to the previous quarter due to lower credit cost and business volumes returning to normal levels," said Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank.
The bank expects credit costs to taper off to normal levels in the next two quarters, he said.
Collection efficiency continues impressively at 99.7 per cent for all new businesses from January till September.
"At the same time, we maintain our progress as per plan in our transformation to Small Finance Bank with the conversion of 92 bank branches around the country and crossing 100 bank branches milestone in October, scheduled bank status and a healthy buildup of low cost deposit base as well as steady growth in overall business," he added.
Sudha Suresh, MD & CEO Ujjivan Financial Services said, "With the scheduled bank status, the company has been able to raise funds at competitive rates. We expect to leverage further on this and other optimal sources of funding in the next two quarters."
Ujjivan Financial Services shares closed flat at Rs 344.10 on BSE today.