Equitas Small Finance Bank on Monday posted a net profit of ₹108 crore for the quarter ended December 2021 against a net profit of ₹111 crore during the year-ago quarter. However, on a sequential basis, the bank’s Q3 net profit was 162 per cent higher than ₹41 crore posted during the September 2021 quarter. 

Interest income of the bank, on a year-on-year basis, grew by 5 per cent to ₹901 crore (₹857 crore) in Q3FY22.  Advances of the bank as of Q3FY22 stood at ₹19,687 crore, growing at 13 per cent year-on-year. Deposits (excluding Certificate of Deposits) at the end of third quarter stood at ₹17,884 crore. While savings account deposits accounted for ₹8,554 crore, low-cost CASA (current account, savings account) deposits stood at ₹9,085 crore. 

The bank’s gross non-performing assets (NPAs) as a percentage of gross advances moved up to 4.61 per cent in Q3FY22 from 2.27 per cent in Q3FY21 and 4.82 per cent at the end of second quarter. Net NPAs as a percentage of net advances grew to 2.51 per cent in Q3FY22 from a mere 0.67 per cent in the third quarter of the previous fiscal. 

“The business environment is slowly but surely coming back to normal. The third Covid wave is a matter of concern, but at this point in time, we see that normal life has not been impacted much due to this. Our flagship product, Small Business Loans remains resilient and affordable housing loans and new commercial vehicle loans are primed for growth in the coming quarters,” PN Vasudevan, MD & CEO, Equitas Small Finance Bank, said, in a press statement.

comment COMMENT NOW