Ujjivan loan portfolio grows 69% to Rs 625 cr in FY11

Microfinance company Ujjivan Financial Services today said its loan portfolio has risen by 69% to Rs 625 crore during the financial year ending March 31, 2011.

The Bangalore-based company reported 49% growth in net profit in FY11. At the end of March the profit after tax of Ujjivan stood at Rs 11.41 crore, it said in a statement.

"Despite the sector passing through a tough phase since October, we received fresh funding during this period from financial institutions in India and abroad, and maintained our portfolio quality," Ujjivan Managing Director Samit Ghosh said.

Ujjivan, which does not have any exposure in Andhra Pradesh, expanded its presence from 230 branches to 351 branches during the fiscal. Also, customer base grew by 60% to nearly one million.

The company has declared a dividend of 2% for its shareholders. Also, it has budgeted Rs 63.50 lakh towards continuing the highly successful Social Development Program to serve the communities where branches are located.

Last year, Ujjivan spent over Rs 25 lakh towards welfare support for children in state government-run 'Anganwadis', the statement added.

Set up in 2005, in the past six years Ujjivan has disbursed loans worth over Rs 2,000 crore with a repayment rate around 99%.