NE BUSINESS BUREAU
MUMBAI, NOV 10
Equitas Small Finance Bank on Monday reported its net profit more than doubled to ₹103 crore for the quarter ending September 30, 2020. It was ₹49 crore in the year-ago period.
The bank said disbursements during the quarter were at 80% of Q2FY20.
Net interest income rises 32% to ₹461 crore as against ₹351 crore in September 2019.
The bank made additional Covid provision of ₹26 crore in Q2FY21. “The bank now carries Rs. 170.63 Cr of COVID-19 related provisions (other than standard and NPA provisions), which constitutes 1.02% of total Gross Advances,” the bank said in a release.
“Complying with the Small Finance Bank licensing requirement, the bank got listed,” Equitas SFB said in a release.
The lender’s total income grew 22.4 per cent to ₹861.23 crore during the reported quarter as against ₹703.39 crore in the year-ago period.
Provisions for bad loans and contingencies nearly doubled to ₹84 crore from ₹45.4 crore a year ago.
Equitas SFB’s gross non-performing assets (NPAs) fell to 2.48 per cent of the gross advances at the end of September 2020 from 2.88 per cent a year ago.
In value terms, gross NPAs or bad loans stood at ₹399.65 crore, higher than ₹377.22 crore a year ago.
Net NPAs also fell to 1.03 per cent ( ₹199 crore) during the quarter from 1.63 per cent ( ₹231 crore) a year ago.
The bank said its gross and net NPAs would have been at 2.76 per cent and 1.40 per cent, respectively, but for the Supreme Court order of September directing banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders.
