Equitas Small Finance Bank net profit flat at Rs 60 crore in June quarter

Small finance lender Equitas Small Finance Bank on Monday reported a profit after tax of Rs 60 crore for the quarter ended June.

It had reported a net profit of Rs 59 crore in the same quarter of the previous fiscal.

During the quarter, it made provisions of Rs 68.34 crore, including provision of Rs 45 crore for potential impact of COVID-19. This was in addition to Rs 99.63 crore COVID-19 provision created in last quarter, a release said.

Net interest income for the quarter stood at Rs 404 crore as against Rs 337 crore earlier. Net interest margin (NIM) stood at 8.63 per cent.

Gross NPA stood at 2.68 per cent as compared to 2.73 per cent, while net NPAs were at 1.39 per cent as against 1.54 per cent.

As of June 30, 2020, total capital to risk-weighted assets ratio (CRAR) was at 21.59 per cent and tier-I CRAR at 20.61 per cent.

Advances grew 27 per cent to Rs 15,573 crore and deposits excluding CD grew 30 per cent to Rs 11,471 crore.