Equitas SFB net profit rises 57% to ₹170 cr in Q3, NII up 19.7%
1 min read . Updated: 08 Feb 2023, 08:17 PM IST
Premium- The net interest income (NII), which is the difference between interest earned and expended, rose 19.7 per cent to ₹647.5 crore from ₹540.8 crore year-on-year
Equitas Small Finance Bank on Wednesday reported 57 per cent rise in net profit to ₹170.11 crore for the quarter ended December 2022. This is against a net profit of ₹108.11 crore in the year ago period.
The net interest income (NII), which is the difference between interest earned and expended, rose 19.7 per cent to ₹647.5 crore from ₹540.8 crore year-on-year (YoY). NIM’s stable at 9.01 per cent.
The disbursement for the December quarter stood at ₹4,797 crore, growth of 68% YoY. While, the total deposits grew 31 per cent on a year-on-year basis to ₹23,393 crore.
The Asset quality continued to improve with gross non-performing assets (NPA) coming 3.46% in the current quarter.
In Q3FY23, in percentage terms, Equitas SFB posted a gross NPA that stood at 3.46% in Q3FY23 from 3.82% in Q2FY23 and 4.39% in Q3FY22
Also, net NPA came at 1.73% in Q3FY23 as compared to 1.93% in Q2FY23 and 2.38% in Q3FY22
"The effect of Covid on the bank’s financials has waned. Many initiatives of the Bank to create a stable, sustainable and scalable bank have started yielding results and the performance of the 3rd quarter reflects the same. Various projects on the digital side are expected to become operational over the next few quarters. As they go live, we expect further improvement in both productivity and efficiency as well as in generating newer business models," said P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank.
The company's scrip was up 3.14 per cent to ₹55.80 on BSE.
