Business Standard

Equitas Small Finance Bank Q2 profit jumps over two-fold to Rs 116 crore

Quality of portfolio remains a comfort with reducing credit cost, he said, adding that the deposit growth has been satisfactory

Q2

Illustration: Ajay Mohanty

Press Trust of India New Delhi

Equitas Small Finance Bank on Monday reported over two-fold jump in its net profit at Rs 116 crore in the quarter ended September 2022 on good growth in loan disbursals.

The SFB (small finance bank) had posted a net profit of Rs 41 crore in the year-ago period.

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The net interest income of the lender grew to Rs 610 crore in the July-September period of the current fiscal as against Rs 484 crore in the same period of FY22, Equitas SFB said in a release.

The net interest margin during the quarter stood at 9 per cent.

 

The lender said its disbursement during the second quarter of FY23 rose by 22 per cent to Rs 3,845 crore from a year ago.

Advances as of Q2FY23 was at Rs 22,779 crore, up 20 per cent from the same quarter a year ago.

The gross non-performing assets decreased to 3.82 per cent from 3.95 per cent in the first quarter of FY23.

P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank, said: "Demand for credit continues to remain strong, especially in the informal sector. The 20 per cent year-on-year growth in advances for the first half is expected to improve further in the seasonally active second half."

Quality of portfolio remains a comfort with reducing credit cost, he said, adding that the deposit growth has been satisfactory.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 31 2022 | 10:25 PM IST

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