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Equitas SFB Q2 Results: Net profit up 70% to ₹198 crore, NIIs up 25% YoY
- Equitas SFB Q2 Results: The net interest income (NIIs) during the second quarter of current fiscal stood at ₹765.6 crore, registering a growth of 25 per cent, compared to ₹609.7 crore in the year-ago period.
Equitas Small Finance Bank (SFB) announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a growth of 70.2 per cent in net profit at ₹198 crore, compared to ₹116.4 crore in the corresponding period last year.
The private lender's net interest income (NIIs) – the difference between interest earned and interest expended – during the second quarter of current fiscal stood at ₹765.6 crore, registering a growth of 25 per cent, compared to ₹609.7 crore in the year-ago period.
The total income during the quarter under review surged to ₹1,540.36 crore, from ₹1,147.39 crore registered during the corresponding quarter of last year. For the six month period ending September 30, 2023 the total income grew to ₹2,965.69 crore, as against ₹2,221.01 crore registered during the same period of last year, according to the bank's exchange filing.
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In a statement, the bank said it sustained credit growth with advances growing at 37 per cent year-on-year and 6 per cent quarter on quarter basis. Deposits grew by 42 per cent year-on-year and 11 per cent quarter on quarter to touch ₹30,839 crore during the quarter ending September 30, 2023.
The bank during the quarter under review registered disbursements growth of 29 per cent year-on-year to ₹4,961 crore, according to regulatory filing by Equitas SFB to the stock exchanges.
Commenting on the financial performance, the bank's Managing Director and CEO P N Vasudevan said, "This financial year is witnessing and continues to witness a strong credit growth coupled with stable asset quality and a healthy growth in retail term deposits. CASA seems to be the area of concern for the banking industry.''
"For Equitas, the interest cost has risen to 7.21 per cent for the quarter. With most of the old deposits at lower rates getting replaced with new deposits at higher rates, we expect further increase in the interest cost to moderate over the next two quarters," he added.
On Thursday, October 19, shares of Equitas SFB settled 1.01 per cent lower at ₹98.79 apiece on the BSE.
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Business NewsCompaniesCompany ResultsEquitas SFB Q2 Results: Net profit up 70% to ₹198 crore, NIIs up 25% YoY
First Published:19 Oct 2023, 09:34 PM IST
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