Equitas Small Finance Bank Sees Sharp Profit Decline Amid Increased Provisions

Equitas Small Finance Bank reported an 80% plunge in net profit to Rs 42.11 crore for the March quarter, primarily due to higher provisioning. The bank's total income grew to Rs 1,869.41 crore, while its gross non-performing assets ratio increased. Net worth stood at Rs 6,073 crore.

Equitas Small Finance Bank experienced a significant 80% decline in net profit for the March quarter, plummeting to Rs 42.11 crore. The bank attributed this sharp fall primarily to increased provisioning.

In contrast, the bank's total income rose to Rs 1,869.41 crore during January to March FY25, compared to Rs 1,685 crore in the previous year's corresponding quarter.

Although gross non-performing assets (NPAs) ratio increased to 2.89%, net NPAs improved slightly to 0.98% by the end of the fourth quarter. Total provisions surged to Rs 258 crore, affecting the bank's financial performance. Shares of Equitas Small Finance Bank saw a 2.83% decrease, settling at Rs 67 on the BSE.

(With inputs from agencies.)