Equitas Small Finance Bank's net profit jump 8-folds at Rs97 crore; stock tumbles ~4%

Equitas Small Finance Bank announced its results for the quarter ended June 30, 2022, and reported a significant growth in profit during the period under review.

The Small Finance Bank reported a 708% yoy growth in Net Profit at Rs97 crore in Q1FY23, as compared to Rs12 crore in the previous corresponding quarter.

Bank reported a 15% surge in its interest income at Rs940.40 crore. While other income witnessed a jump of 28% yoy at Rs133 crore.

During the quarter, the bank’s operating profit registered a growth of 63% yoy at Rs268 crore.

Further, the bank reported an improvement in its asset quality with the gross non-performing assets ratio falling to 4.1% in the quarter ended June 30, 2022, from 4.8% in the previous corresponding quarter. The net NPA ratio stood at 2.15% against 2.38%.

It kept Rs142 crore as provision and contingencies, which was about 5% lower than what it was in the previous corresponding quarter.