Equitas Small Finance Bank obtains a net profit of Rs 48 million in the second quarter

CHENNAI Equitas Small Finance Bank reported a net profit of Rs 47.6 million in Q2FY20, affected by the reduction of deferred tax assets (DTA) of Rs 24.5 million due to changes in the corporate tax rate.

The growth of the bank's advances is 33% to Rs 13,269 million annually.

The bank said: “We continue to record strong growth in loans for small businesses and vehicle financing. Disbursements recorded a growth of 11% over the year prior to Rs 2,400 million rupees for the quarter ended September 2019.

The guaranteed advances portfolio has experienced an improvement of 72% to 74%, while asset quality experienced a marginal slippage with a gross NPA of 2.88%, compared to 2.75% in the previous quarter and 3, 36% of the same quarter of the previous year.

Equitas Small Finance Bank Deposits increased to more than Rs 9,800 crore. The bank continued its focus on retail deposits and Retail Term Deposits as on Q2FY20 stood at Rs 2,607 crore.

The bank's CASA index stood at 24% with CASA balances at Rs 2,249 million rupees for the quarter ended September.