Stock To Add: Add Bank Stock For TP Rs 57, Record Date For Rs 1.5/Sh Dividend Fixed

Kotak Institutional Equities has recommended add call to banking sector stock Ujjivan Small Finance Bank Ltd with target price of Rs 57 per share. Current market price of Ujjivan Small Finance share 44.56 per share with intraday fall of 1.48%. If you buy Ujjivan Small Finance Bank shares now, you can fetch potential return of 27.92%. Ujjivan Small Finance shares offered attractive return of 214% in last 2-years and declined 11% in last 1-week. The bank declared a final dividend of Rs 1.50 per equity share for the FY 2023-24 and on June 14 announced July 12 as the record date. The bank has a market capitalisation of Rs 8611.53 crore. Check details below:

Ujjivan Small Finance Sets Record Date For Dividend: As per the BSE filing of Ujjivan Small Finance Bank exchange filing issued as on June 14, 2024, "This is with reference to our intimation no. USFB/CS/SE/2024-25/18 dated May 18, 2024, wherein we had intimated that the Board on May 18, 2024 has declared a final dividend of 15% i.e. Rs. 1.5 per equity share of the Bank for the FY 2023-24 for approval of shareholders in the upcoming Annual General Meeting (AGM) of the Bank scheduled on July 26, 2024. This is to inform that the Record Date for determining the eligibility of the equity shareholders entitled to receive the aforesaid Final Dividend, if approved in the aforesaid AGM will be Friday, July 12, 2024."

Ujjivan Small Finance Share Performance: The 52-week high price of Ujjivan Small Finance share on BSE is Rs 62.99 per share (as on 11/12/2023) and 52-week low price is Rs 37.70 per share (as on 27/06/2023), respectively. Ujjivan Small Finance shares declined 16% in last 1-month, slipped 22% year-to-date, and gained 18% in last 1-year. In last 3-years, Ujjivan Small Finance shares soared 45%.

Ujjivan Small Finance Financials: The bank on May 18 declared a surge of 6.5% year-on-year (YoY) in its net profit for the quarter ended March 31, 2024 to Rs 329.6 crore as against the net profit of Rs 309.5 crore announced in the corresponding quarter of last year, as per the BSE filing. Net interest income (NII) of the bank rose 26.4% to Rs 933 crore for the March 2024 quarter as compared to Rs 738 crore announced in the corresponding quarter of FY23.

About: It is a wholly owned subsidiary of Ujjivan Financial Services Ltd. USFL is the 3rd largest SFB with a loan book size of Rs.25,326 crore and a deposit base of Rs.26,660 crore. Ujjivan Small Finance Bank Limited is a mass market focused bank in India, catering to financially unserved and under-served segments and committed to building financial inclusion in the country.

Disclaimer:

The stock has been picked from the brokerage report of Kotak Institutional Equities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.