Equitas Small Finance Bank Q1 Profit Dips to Rs 25.75 Cr

Chennai, Jul 27 (PTI) Private sector Equitas Small Finance Bank has reported a dip in its net profits for the April-June 30, 2024 at Rs 25.75 crore.


The bank had registered a profit after tax of Rs 191.20 crore registered in the year ago period. For the year ending March 31, 2024 the net profit of the bank stood at Rs 798.96 crore.


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


In a statement on Saturday, the bank said the decline in profit after tax for the quarter under review, was due to 'floating provision of Rs 180 crore to strengthen the Provisioning Coverage Ratio of the bank'.


In order to strengthen PCR, Bank has made additional provision 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 of last year) and 57.79 per cent in Q1FY'24, the statement said.


The Gross Non-Performing Assets (GNPA) for the quarter ending June 30, 2024 increased by 7 bps year-on-year to 2.67 per cent while Net NPA improved by 31 bps year-on-year to 0.81 per cent.


Yield on Gross Advances improved by 13 basis points to 16.45 per cent in Q1 over previous yar while the Gross Advances growth was at 18 per cent year-on-year and 2 per cent quarter-on-quarter basis.


The overall deposits registered a robust growth of 35 per cent year-on-year and 4 per cent quarter-on-quarter.


The Net Interest Margin (NIM) stood at 7.97 per cent during the quarter under review while the Cost to Income stood at 65.75 per cent in Q1FY'25 as compared to 62.83 per cent in Q4FY24, the statement added.