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Private sector Equitas Holdings Ltd has recorded a steep decline in consolidated net profits at Rs 15.59 crore for the quarter ending June 30, 2017.
The Chennai-based bank has recorded consolidated net profits at Rs 61.17 crore in the corresponding quarter last year.
“Given the stress in the micro finance business, the bank has made an incremental provision of Rs 23 crore during the quarter ending June 30, 2017 towards the micro finance portfolio”, a press release said.
For the year ending March 31, 2017 the consolidated net profit was at Rs 159.36 crore.
Consolidated total revenue for the April-June 30, 2017 quarter grew to Rs 456.67 crore from Rs 348.83 crore registered during the year ago period.
For the full year ending March 31, 2017, total revenue stood at Rs 1,555.49 crore.
Total deposits stood at Rs 2,255 crore as of June 30, 2017, up from Rs 1,886 crore registered during the corresponding quarter of last year.
The bank has added 51 new branches during the quarter ending June 30, 2017, taking the total to 335 across the country, the release added.
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