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Utkarsh Small Finance Bank posts Rs 34 crore Q1 loss; asset quality stress persists

News Snapshot:

Utkarsh Small Finance Bank on Saturday reported a Rs 34 crore net loss in the first quarter of the fiscal, continuing its loss making streak for the fifth consecutive quarters on account of high asset quality stress.The extent of loss however moderated from a net loss of Rs 188 crore in the fourth quarter and Rs 240 crore in the year ago period. The narrowing of loss was helped by lower provisions which came down to Rs 109 crore in the reporting quarter from Rs 411 crore in the corresponding period last year.Its operating profit however stood lower at Rs…

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