Equitas Small Finance Bank Q2 PAT at Rs 47.6 crore

Equitas Small Finance Bank Ltd has clocked a marginal decline in its profit after tax at Rs 47.6 crore for the quarter ending September 30, 2019.

The city-based bank recorded a profit after tax at Rs 48.7 crore during the corresponding quarter of the previous year.

"The profit after tax of Rs 47.6 crore for second quarter of current financial year was impacted by Deferred Tax Assets (DTA) markdown of Rs 24.5 crore due to changes in corporate tax rate," a bank statement said on Saturday.

Total income stood at Rs 704.8 crore for quarter ending September 30 as against Rs 591.7 crore in the year ago period.

The Net Interest Income grew by 29 per cent to Rs 350.5 crore while advances grew by 33 per cent to Rs 13,269 crore.

"We continue to register strong growth in small business loans and vehicle finance. Disbursements witnessed a 11 per cent growth over the previous year to Rs 2,400 crore for the quarter ending September 30, 2019," the statement said.

Gross NPA stood at 2.88 per cent as on September 30 as against 3.36 per cent recorded in the same quarter of the previous year, it said.

Net NPA stood at 1.76 per cent as on September 30 compared to 2.18 per cent, the statement added.