Equitas bank’s H1 profit rises 7.45% to ₹137.10 cr.


Equitas Small Finance Bank Ltd., a subsidiary of Equitas Holdings Ltd., has posted a 7.45% increase in its net profit for the six months ended March 2020 to ₹137.10 crore.

During the period, total income grew to ₹1,562 crore from the ₹1,260 crore in the year-earlier period. The ratio of gross non-performing assets (NPAs) to advances grew to 3% from 2.53% and net NPAs to advances to 1.66% from the 1.44% in the year-earlier period.

The bank said the lockdown had led to a significant disruption and dislocation of individuals and businesses. This impacted regular banking operations such as lending, fund mobilisation and collections. The bank had made a provision of ₹99.63 crore towards COVID-19 during March 2020 based on an assessment of recoverability of advances after considering the internal and external information and norms prescribed by the RBI.

The bank also granted a moratorium of three months on payment of all instalments and interest falling due between March 1 and May 31, 2020 to all eligible borrowers. The full extent of COVID-19 impact on the bank’s operations and financial metrics, including impact on provisioning on advances, will depend on the government and regulatory guidelines and future developments, it said.

Regarding plans for an IPO, the company said due to COVID-19 and the subsequent nation-wide lockdown, the completion of listing process and the IPO were delayed. The management and the board remain committed to completing the IPO in due course once normalcy in business operations was restored. it added.

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