Equitas Small Finance Bank Q2 profit jumps over two-fold to Rs 116 crore?

Does Equitas Small Finance Bank Q2 profit jump over two-fold to Rs 116 crore?

Equitas Small Finance Bank’s second-quarter earnings are more than doubled to Rs. 116 crores. Q2

On the strength of strong growth in loan disbursals, Equitas Small Finance Bank announced a more than doubling increase in net profit for the three months ended in September 2022, coming in at Rs 116 crore.

In the same period last year, the SFB (small finance bank) reported a net profit of Rs 41 crore.

According to a press statement from Equitas SFB, the lender’s net interest income increased to Rs 610 crore from Rs 484 crore during the same period in FY22.

During the quarter, the net interest margin was 9%.

According to the lender, its disbursement during the second quarter of FY23 increased by 22% to Rs 3,845 crore over the same period last year.

Advances were up 20% from the same quarter a year ago to Rs 22,779 crore as of Q2FY23.

Gross non-performing assets dropped from 3.95 percent in the first quarter of FY23 to 3.82

The CEO and Managing Director of Equitas Small Finance Bank, P N Vasudevan, stated: “Credit is still in high demand, particularly in the unregulated industry. In the second half, which is typically active, advances are anticipated to increase even more from the first half’s 20 percent year-over-year growth.”

According to him, the quality of the portfolio remains comforting despite the falling cost of credit, and the increase in deposits has been satisfactory.

(Only the report’s headline and image may have been changed by the Business Standard team; all other material was likely created automatically from a syndicated feed.)

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