Ujjivan Small Finance Bank (Ujjivan) continued to lead the SFB space with industry leading profitability. RoA sustained at >3.5% for the fourth consecutive quarter with an average RoE of 30% during the same period. While profitability was boosted by provision write-backs during FY23, it still remained robust despite credit cost normalising to 40bps in Q1FY24 reflecting strong underlying business momentum.