Equitas SFB posts 8.4% rise in FY20 pre-tax profit, income up 22%

Bank has made a provision of Rs 99.63 cr for the period ended March 31, 2020, based on assessment of recoverability of advances

Equitas Small Finance Bank Ltd, a subsidiary of Equitas Holdings Ltd, has posted a growth of 8.4 per cent in profit before tax for the year ended March 31, 2020 at Rs 350.94 crore as compared to Rs 323.74 crore during the previous financial year. The SFB's total income grew 22 per cent to Rs 2,927.8 crore during the year from Rs 2,394.83 the previous year.

The Bank had filed a revised Draft Red Herring Prospectus (DRHP) in March 2020 after addressing Sebi's observations on its previous DRHP. It was in the process of completing the Initial Public Offer (IPO) of