small finance bank: Equitas Small Finance Bank reports eight-fold jump in net profit

Equitas Small Finance Bank reported an eight-fold jump in net profit at Rs 97 crore for the June quarter, backed by both core and other income and improvement in asset quality.

It earned a net profit of Rs 12 crore in the year-ago period.

The bank’s interest income rose 15% to Rs 940.4 crore, while other income grew 28% to Rs 133 crore.

Operating profit for the quarter jumped 63% to Rs 268 crore.

The lender’s asset quality improved, with the gross non-performing assets ratio falling to 4.1% at the end of June from 4.8% one year before that. The net NPA ratio was at 2.15% against 2.38%.

It set aside Rs 142 crore as provision and contingencies, which was around 5% lower than what it was in the year-ago period.