1. Opening Hook
January markets were busy celebrating RBI’s rate cut like it was free mithai. Ujjivan SFB, meanwhile, quietly showed up with its best-ever NII and pretended it was “business as usual.” Deposits grew faster than Twitter opinions, asset quality healed without drama, and microfinance—yes, that microfinance—decided to behave again.
Management sounded confident, numbers sounded disciplined, and analysts kept poking the same two questions: “Universal bank license kab milega?” and “Is this NIM real or seasonal?”
Short answer: RBI is silent, NIMs are smiling, and credit costs are finally calming down. Long answer? That’s where it gets interesting—especially once you decode the margin math, microfinance revival, and the subtle shift toward secured lending. Read on, because the footnotes are doing more heavy lifting than the headlines.
2. At a Glance
- Deposits up 22.4% YoY – CASA stayed above 27%, management resisted the urge to brag (barely).
- Loan book up 21.6% YoY – Highest-ever quarterly disbursements flexed quietly.
- NIM at 8.2% – Lower cost of funds finally showed up to the party.
- GNPA at 2.4% – Flat, boring, and exactly what bankers dream of.
- PAT ₹186 cr – ROA 1.5%, ROE 11.5%; profitability back from its stress sabbatical.
3. Management’s Key Commentary
“We have delivered yet another stellar quarter.”
(Translation: Please ignore last year and focus on this slide deck. 😏)
“CASA has stayed above 27% for two consecutive quarters.”
(Translation: Cost of funds is finally listening to us.)
“Cost of funds declined to 7.08%.”
(Translation: Deposit repricing worked, RBI helped, everyone wins.)
“Bucket X collection efficiency improved to 99.7%.”
(Translation: Microfinance stopped misbehaving.)
“GNPA remained flat at 2.4%.”
(Translation: No new landmines detected.)
“Credit costs are expected to normalize by H1 FY27.”
(Translation: Pain mostly paid for, EMIs from here.)
“We remain hopeful on the universal bank license.”
(Translation: RBI has seen the file, we are still waiting. 😌)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Deposits | ₹42,223 cr | Liquidity comfort, no panic funding |
| Loan Book | ₹37,057 cr | Growth without reckless acceleration |
| NIM | 8.2% | Liability-side wins showing up |
| GNPA | 2.4% | Stress cycle officially cooling |
| Credit Cost | ₹195 cr | Downtrend confirmed, not declared yet |
| ROA | 1.5% | Normalisation phase nearly done |
One-liner: This quarter was about stabilization, not fireworks—and that’s a compliment.
