Equitas Holdings today reported 16 per cent rise in consolidated net profit at Rs 46.4 crore in the second quarter of 2016-17 compared to Rs 39.4 crore in the corresponding quarter of 2015-16.
Equitas Holdings commenced operations of small finance bank on September 5, 2016.
Total income from operations rose to Rs 384.46 crore during July-September from Rs 263.06 crore in the same period year ago, it said in a regulatory filing.
"Our profit would have grown by 50 per cent. In the period, we prepaid our bank loans and borrowed funds for maintaining CRR/ SLR for small finance bank which affected the profit," managing director P N Vasudevan said.
The net interest income (NII) increased by 40 per cent at Rs 200.6 crore for the quarter ended September 2016 as against Rs 142.8 crore a year ago.
The growth has been led by healthy disbursements in key focus asset products such as micro-finance, used commercial vehicle finance and Micro & Small Enterprise (MSE) loans, it said.
Assets under management (AUM) as of September 30 grew 45 per cent y-o-y to Rs 7,079 crore compared to Rs 4,892 crore as of September 30, 2015.
Gross NPA and Net NPA at consolidated level increased due to migration of NPA recognition from September 16 to 90 day norms from earlier 4 months norms.
GNPA increased to 2.54 per cent from 1.43 per cent, while net NPA rose to 1.17 per cent from 1.05 per cent.
Equitas Holdings shares closed 0.3 per cent up at Rs 183.10 on BSE.
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