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

Bank reported a 15% surge in its interest income at Rs940.40 crore.

July 29, 2022 1:44 IST | India Infoline News Service
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.

At around 1.47 PM, Equitas Small Finance Bank was trading 3.98% lower at Rs44.60 against previous close of Rs46.45 on NSE. So far, it touched intraday high and low of Rs46.65 and Rs44.25 respectively.

For any queries related to the article, please contact: ankur.chandra@iifl.com

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