Equitas Bank posts Q4 profit of ₹113 crore

Equitas Small Finance Bank on Thursday posted a 163 per jump in March quarter net profit at ₹113 crore, helped by a jump in ‘other income’. The bank posted a net profit of ₹43 crore in the same quarter of the previous fiscal.

The bank’s total income on a year-on-year (yoy) basis grew by 25 per cent to ₹997 crore (₹799 crore) during Q4 FY21. Of which, interest income grew by 10.18 per cent to ₹736 crore (₹668 crore) while other income grew by 141 per cent to ₹178 crore (₹74 crore).

Net interest income stood for Q4 FY21 stood at ₹449 crore (₹424 crore). Net interest margin was at 7.57 per cent.

Advances of the bank as of Q4 FY21 stood at ₹17,925 crore, registering a yoy growth of 17 per cent. Gross NPA, as a percentage of gross advances, stood at 3.73 per cent as against 3 per cent in the year-ago period. Net NPA to net advances stood at 1.58 per cent (1.67 per cent).

‘Micro finance portfolio’

“During the quarter the bank has written off of ₹171 crore in the Micro Finance portfolio. Loan loss and provision for FY21 was ₹375 crore as against ₹247 crore in FY20,” the bank said in a press release and added that it holds a management overlay provision of ₹153 crore as of March 31, 2021.

Deposits excluding CDs grew by 58 per cent yoy to ₹16,319 crore. The savings account deposits stood ₹5,094 crore, while the CASA deposits stood at ₹ 5,614 crore.

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