Quick News Bit

Equitas Small Finance Bank Q4 Results: Firm posts profit of Rs 120 crore

Equitas Small Finance Bank reported a 6% rise in net profit at 120 crore for the March quarter against Rs 113 crore in the year-ago period, despite higher provisions even as asset quality improved.

The bank has made an additional standard assets provision of Rs 26 crore, taking the total provision to Rs 123 crore against Rs 97 crore earlier.

Its net interest margin, a key profitability ratio, stood at 9.12%. Net interest income grew 23% at Rs 552 crore as against Rs 449 crore in the year-ago quarter.

Operating profit was at R. 284 crore against Rs 250 crore for the same period.

The bank said its credit costs normalised to the pre-pandemic level with asset quality improving sequentially. The gross non-performing assets ratio was at 4.06% at the end of March as compared with 4.39% three months before that. Gross NPA was at 3.59% a year back. Net NPA was at 2.37% as compared to 2.38% and 1.52% respectively.

Its advances grew 15% year-on-year to Rs 20,597 crore.

“The demand for credit has come back to normal levels. We are expecting to get back to the pre-Covid level of the growth rate of around 30% a year,” managing director PN Vasudevan told ET.

He said that his bank would follow other lenders on the interest rate movement following the 40 basis point rise in repo rate.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment