Equitas Small Finance Bank Q1 PAT soars by 97.1% to Rs 191 crores

Private sector Equitas Small Finance Bank Ltd has reported a 97.1 per cent jump in its profit after tax for the April-June 2023 quarter at Rs 191.20 crore, the bank said on Friday.

The bank registered a net profit at Rs 97 crore during the corresponding quarter of the previous year.

For the year ending March 31, 2023, the net profit stood at Rs 573.59 crore.

The total income during the quarter under review grew to Rs 1,425.32 crore from Rs 1,073.61 crore registered in the same period of last year.

For the year ending March 31, 2023, the total income was Rs 4,831.46 crore.

According to a bank statement, credit growth continues to remain strong with 'advances' growing at 36 per cent year-on-year and 6 percent quarter-on-quarter to Rs 29,601 crore.

During the quarter under review, the bank said it registered strong disbursements growth of 47 per cent year-on-year to Rs 4,757 crore.

Deposits grew by 36 per cent year-on-year and 9 per cent quarter-on-quarter to reach Rs 27,709 crore.

Commenting on the bank's performance, Managing Director and CEO P N Vasudevan said, "The bank has now consistently delivered to a 2 per cent plus ROA (Return on Assets) and 15 per cent ROE (Return on Equity) over the past three quarters back by a strong credit growth, continued traction in retail deposits and a favorable credit cycle in urban and rural geographies."

"We firmly believe over the past 7 years the bank has created a strong franchise which is stable, scalable and sustainable and now aspires to convert to a universal bank," he said.

"Our investments in technology continue to progress well, the impact of which should be felt in the coming few years," he added.