1. Equitas posts 16% increase in Q2 profit

Equitas posts 16% increase in Q2 profit

Equitas Holdings on Friday reported a 16% rise in its consolidated net profit to Rs 46.4 crore for the September-ended quarter.

By: | Mumbai | Published: October 22, 2016 6:12 AM

Equitas Holdings on Friday reported a 16% rise in its consolidated net profit to Rs 46.4 crore for the September-ended quarter.

The rise in profit was primarily driven by a 40% growth in net interest income. It had reported a net profit of Rs 61.2 crore in the previous quarter.

Net profit not including a one-time transition cost represents an increase of 50% Y-o-Y. The stock rose .30% to close at Rs 183.10 on the BSE on Friday.

Equitas, which began operations as a small finance bank on September 5, said net interest income increased by 40% to Rs 200.6 crore for the reviewed quarter, compared with Rs.142.8 crore a year earlier.

Gross non-performing assets as a proportion of gross assets fell to 1.43% in Q2FY17, compared with 2.54%, a year ago and 1.61%, in Q1FY2017. Net NPA as a proportion of net assets was at 1.05%, down 12 basis points from a year ago, and by 9 bps from last quarter.

Total income for the quarter rose 46.1% to Rs 384.5 crore on a year-over-year basis.

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