By Jomy Jos Pullokaran May 8, 2023 2:03:47 PM IST (Updated)
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Private lender Equitas Small Finance Bank on Friday, May 5, reported a 59 percent year-on-year (YoY) jump in consolidated net profit at Rs 190 crore for the fourth quarter that ended March 31, 2023. It was the bank's highest-ever quarterly profit after tax (PAT).
In the corresponding quarter last year, the company posted a net profit of Rs 119.5 crore. CNBC-TV18 Polls had predicted a profit of Rs 174.2 crore for the quarter under review.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 28 percent, coming at Rs 706.9 crore against Rs 552.5 crore in the corresponding quarter of FY22.
Gross NPA stood at 2.76 percent in the March quarter against 3.63 percent in the December quarter. Net NPA came at 1.21 percent against 1.82 percent quarter-on-quarter.
In monetary terms, gross NPA stood at Rs 724 crore against Rs 861.4 crore quarter-on-quarter (QoQ), whereas net NPA came at Rs 312 crore against Rs 423.4 crore (QoQ).
The bank's total deposits grew 34 percent year-on-year to Rs 25,381 crore, the CASA deposit grew 9 percent year-on-year to Rs 10,732 crore, the CASA ratio stood at 42 percent, the term deposits grew 61 percent year-on-year to Rs 14,649 crore and retail term deposits grew 25 percent year-on-year to Rs 8,883 crore.
The board has recommended a maiden dividend of Re 1 per equity share for FY23, the company said.
P.N. Vasudevan, Managing Director and CEO, said the bank is in its second phase of growth and the overarching strategy is to leverage the investments made in branches, people, systems, products, and most importantly customers. Initiatives centred on these investments will drive operational efficiencies, customer retention and improve the overall profitability of the bank, he said.
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