Equitas Small Finance Bank reports Rs 41 crore as PAT in Q2
Chennai Oct 30 PTI City-based Equitas Small Finance Bank on Saturday said the bank has reported a profit after tax of Rs 41 crore for the quarter ending September 30 2021 against Rs 103 crore during the corresponding quarter last year In a press release the bank said the PAT was affected due to provisions made on restructured accounts Commenting on the performance the managing director and CEO of the bank P N Vasudevan said With no lockdowns and the spread of virus under control largely the bank saw an improved all-round performance While there was an overall gross NPA non-performing assets remaining steady compared to the first quarter there was improved collection leading to reduction in overdue cases between 1 and 90 days we expect to reach a steady state in the operating-level shortly he said The demand for credit continues to be strong and the second quarter saw the highest quarterly disbursement by the bank he said Some of the digital initiatives undertaken by the bank have been well-received and the bank would increase its use of analytics to benefit from the large customer base acquired digitally he said Advances grew by 13 per cent year-on-year to reach Rs 18978 crore while the savings account deposits witnessed a 170 per cent growth to Rs 7696 crore The bank has adequate room available to avail of refinance or raise funds through IBPC whenever required which provides strong cushion to ALM asset and liability management position of the bank The net interest income for the quarter under review was Rs 484 crore against Rs 461 crore during the corresponding quarter previous year the release added PTI VIJ NVG NVG
Chennai Oct 30 PTI City-based Equitas Small Finance Bank on Saturday said the bank has reported a profit after tax of Rs 41 crore for the quarter ending September 30 2021 against Rs 103 crore during the corresponding quarter last year In a press release the bank said the PAT was affected due to provisions made on restructured accounts Commenting on the performance the managing director and CEO of the bank P N Vasudevan said With no lockdowns and the spread of virus under control largely the bank saw an improved all-round performance While there was an overall gross NPA non-performing assets remaining steady compared to the first quarter there was improved collection leading to reduction in overdue cases between 1 and 90 days we expect to reach a steady state in the operating-level shortly he said The demand for credit continues to be strong and the second quarter saw the highest quarterly disbursement by the bank he said Some of the digital initiatives undertaken by the bank have been well-received and the bank would increase its use of analytics to benefit from the large customer base acquired digitally he said Advances grew by 13 per cent year-on-year to reach Rs 18978 crore while the savings account deposits witnessed a 170 per cent growth to Rs 7696 crore The bank has adequate room available to avail of refinance or raise funds through IBPC whenever required which provides strong cushion to ALM asset and liability management position of the bank The net interest income for the quarter under review was Rs 484 crore against Rs 461 crore during the corresponding quarter previous year the release added PTI VIJ NVG NVG
