Equitas Small Fin Q1 net profit zoomed 713.16% at Rs 97.01 cr
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The bank reported standalone net profit of Rs 97.01 crore for the quarter ended June 30, 2022 as compared to Rs 11.93 crore in the same period last year, registering a year-on-year?growth?of 713.16 per cent. Interest income of the bank rose by 14.83 per cent at Rs 940.40 crore for the quarter ended June 30, 2022 as against Rs 818.97 crore in the corresponding period last year. During the April-June quarter, total income rose moderately by 16.37 per cent to Rs 1,073.62 crore from Rs 922.59 crore in the year ago period.
Meanwhile, operating expenses increased by 6.24 per cent to Rs 805.43 crore from Rs 758.15 crore in the same period last year. Operating profit surged 63.09 per cent to Rs 268.19 crore from Rs. 164.44 crore. Provisions and Contingencies slipped by 5.72 per cent at Rs 141.60 crore from Rs 150.19 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 25.93 per cent at Rs 580.58 crore versus Rs 461.04 crore in the year ago period. Non-interest income rose 28.57 per cent year-on-year to Rs 133.22 crore. On the asset side, gross non- performing assets (NPAs)?fell?to 4.10 per cent of the gross advances as at the end of June 30, 2022 from a level of 4.76 per cent year earlier. Its net NPAs or bad loans too?declined?to 2.15 per cent of net advances on June 30, 2022 from 2.38 per cent a year ago.
