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Equitas Small Finance Bank on Wednesday said its collection efficiency has improved to 104.62 per cent in July, up from 83.49 per cent in the previous month. However, the collection efficiency of the lender is still lower than 105.16 per cent recorded in April 2021.
On a product-wise basis, month-on-month collection efficiency in Microfinance went up to 91.76 per cent in July from 66.90 per cent in June while the collection efficiency of Small Business Loans went up to 109.19 per cent (85.14 per cent) during the period.
Equitas Small Finance Bank’s Q1 net profit drops 79%
Vehicle finance witnessed a collection efficiency of 99.75 per cent in July (89.33 per cent) while the efficiency in Corporate loans went up sharply to 159.91 per cent (103 per cent).
The overall billing efficiency of the Chennai-based lender also went up to 83.86 per cent in July from 69.52 per cent in the previous month. However, billing efficiency in July is lesser than 91.12 per cent recorded in March 2021.
Last week, the bank reported a net profit of ₹11.93 crore for the first quarter, 79 per cent down from the net profit of ₹57.67 crore posted for the same quarter last year.
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