The upcoming board meeting of Utkarsh Small Finance Bank on February 26 will discuss a proposal for the issuance of equity shares. The board will also seek shareholder approval through an extraordinary general meeting/postal ballot process.
In July 2023, the Varanasi-based bank raised ₹500 crore by issuing 20 crore equity shares. These shares were listed on the BSE and NSE on July 21, 2023. However, in the third quarter, the bank reported a net loss of ₹168 crore, a stark contrast to the net profit of ₹116 crore in the same period last year.
Furthermore, the bank saw an increase in gross non-performing loans by ₹458 crore, reaching ₹1,177 crore as of December 2024.
The board meeting comes at a crucial time for Utkarsh Small Finance Bank as it navigates through financial challenges and seeks to boost its capital base.
Published on February 24, 2025.