Ujjivan SFB Q1: standalone net profit triples YoY to ₹317 Cr as credit costs normalise

Ujjivan Small Finance Bank reported Q1 FY27 (quarter ended June 30, 2026) standalone net profit of ₹316.5 Cr, up 206.7% year-on-year from ₹103.2 Cr and 12.3% sequentially from ₹282.0 Cr. Interest earned rose 25.1% YoY to ₹2,024.9 Cr and total income 22.1% to ₹2,280.9 Cr, but the profit story is a bottom-line one: the YoY tripling is largely a low-base effect. The June-2025 quarter was depressed by elevated microfinance credit costs, and provisions this quarter fell to ₹127.3 Cr from ₹224.9 Cr a year ago (and ₹143.9 Cr last quarter), while operating profit before provisions climbed ~52% YoY to ₹548.1 Cr. Net profit margin expanded to ~13.9% of total income from 5.5% a year ago; quarterly (non-annualised) ROA improved to 0.53% from 0.21%. Asset quality underpins the print: GNPA eased to 2.16% (from 2.52% YoY, 2.26% QoQ) and net NPA to 0.34%, with the bank citing 99.68% microbanking collection efficiency and write-offs down to ₹68 Cr from ₹154 Cr a year earlier. Balance-sheet momentum from the July 2 business update carries through — deposits up 25.1% YoY to ₹48,307 Cr and gross loan book up 28.9% to ₹42,903 Cr — running ahead of management's ~25% FY27 loan-growth guidance from the Q4 concall; the confident, optimistic tone struck then is confirmed by this quarter's normalisation. NIM (~8.5% guided) and the secured-mix shift toward ~56% aren't disclosed in this P&L statement and remain concall items to verify. On expectations, no quarterly PAT consensus was found in the public previews; the stock carries a 15-analyst 'Strong Buy' with a ~₹74 target and an FY27 EPS consensus near ₹5.35, against which the Q1 basic EPS of ₹1.63 (vs ₹0.53 YoY) is a healthy run-rate helped by the benign credit environment. Management's own press release was not part of this filing (to be submitted separately), so framing here rests on the audited-review numbers and the prior business update. Capital remains comfortable at CAR 20.36%.