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Equitas Small Finance Bank Q1 Result: Net Profit Falls to Rs 25.75 cr | Corporate Results

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Equitas Small Finance Bank Q1 Result: Net Profit Falls to Rs 25.75 cr | Corporate Results

Total revenue during the quarter under review grew to Rs 1,709.65 crore, as compared to Rs 1,425.32 crore recorded in the same period last year.

State-owned banks including Canara Bank and Bank of India are targeting the infrastructure bond market.
Total deposits showed robust growth of 35 percent YoY and 4 percent QoQ | Illustration: Ajay Mohanty

Press confidence of India Chennai

Private sector Equitas Small Finance Bank has reported a decline in net profit for the April-June period of Rs 30.24 crore at Rs 25.75 crore.

The bank had posted a profit after tax of Rs 191.20 crore in the year-ago period. For the year ended March 31, 2024, the bank’s net profit stood at Rs 798.96 crore.

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Total income during the quarter under review grew to Rs 1,709.65 crore, as compared to Rs 1,425.32 crore recorded in the same period last year. For the year ended March 31, 2024, the bank’s total income stood at Rs 6,285.07 crore.

In a statement on Saturday, the bank said the decline in profit after tax for the quarter in question was due to “a floating provision of Rs 180 crore to strengthen the bank’s Provisioning Coverage Ratio”.

To strengthen PCR, the bank has made additional provisions in the form of floating provision of Rs 180 crore during the quarter. PCR improved to 70.29 per cent in Q1FY’25 from 56.06 per cent (during the same quarter last year) and 57.79 per cent in Q1FY’24, the statement said.

Gross non-performing assets (GNPA) for the quarter ended June 30, 2024 increased 7 basis points year-on-year to 2.67 percent, while net non-performing assets improved 31 basis points year-on-year to 0.81 percent.

The yield on gross advances rose 13 basis points to 16.45 percent in the first quarter compared to the previous year, while gross advances growth was 18 percent year-on-year and 2 percent quarter-on-quarter.

Total deposits showed solid growth of 35 percent year-on-year and 4 percent quarter-on-quarter.

Net interest margin (NIM) stood at 7.97 percent in the quarter under review, while cost/income stood at 65.75 percent in Q1FY’25, compared to 62.83 percent in Q4FY24, the statement said.

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