Equitas SFB records 9% YoY growth in Q4 PAT; GNPA rise by Rs 97.32 crore

Equitas Small Finance Bank has reported 9% rise in net profit to Rs 208 crore on a 21% increase in total income to Rs 1,685.10 crore in Q4 FY24 as compared with Q4 FY23.

While the companys interest income rose by 25% YoY to Rs 1,445 crore, finance costs increased by 47% YoY to Rs 659 crore in the fourth quarter.

NIM was at 8.17% for Q4 FY24. Cost to Income stood at 62.83% in Q4 FY24 as compared to 62.87% in Q4 FY23.

Operating profit for the period under review was Rs 374.75 crore, down by 3% YoY.

Provisions and contingencies fell by 15% to Rs 106.60 crore in Q4 FY24 from Rs 125.60 crore in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 268 crore, down by 3% from Rs 261 crore in Q4 FY23.

Equitas Bank stated that the yield on disbursements improved by 135 bps to 18.74% in Q4 FY24 over previous year. Term deposits grew by 68% YoY in Q4 FY24, supported by 65% YoY growth in retail term deposits.

During Q4 FY24, the bank has securitized/assigned advances worth Rs 584 crore pertaining vehicle finance and housing finance. Total securitized portfolio as on 31 March 2024 stood at Rs 1,732 crore.

The banks CD ratio improved to 86.98% in Q4 March 2024 as compared to 103.40% in Q4 March 2023. Return on asset (RoA) and return on equity (RoE) for Q4 FY24 was 1.91% and 14.22%, respectively.

Gross NPAs of the bank amounted to Rs 821.28 crore in Q4 FY24 as against Rs 723.96 crore in Q4 FY23. GNPA ratio of the bank improved by 8 bps YoY to 2.52% in Q4 FY24 as compared to 2.60% in Q4 FY23. NNPA improved by 2 bps YoY to 1.12 % in Q4 FY24 as compared to 1.14% in Q4 FY23.

The small finance bank reported 39% increase in net profit to Rs 799 crore on a 30% rise in total income to Rs 6,285.074 crore in FY24 as compared with FY23.

Equitas Small Finance Bank is one of the largest small finance banks in India.

The scrip declined 3.01% to end at Rs 97.46 on the BSE.

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