Equitas SFB PAT soars 108% to Rs 103 cr

Equitas Small Finance Bank reported a profit after tax (PAT) of Rs 103 crore for the second quarter of FY21, against Rs 49 crore in the corresponding quarter of the last fiscal, registering a growth of 108%. Total income stood at Rs 861 crore, compared with Rs 703 crore, logging a 22.47% growth.

Net interest income for Q2FY21 stood at Rs 461 crore, against Rs 351 crore in Q2FY20, a growth of 32% Y-o-Y, while the net interest margin was at 9.02%, the bank said in a release. Gross NPA was at 2.39% for the quarter under review, compared with 2.86% in the same quarter last year, while net NPA stood at 1.00%, against .62% in Q2FY20.
RBI lifts restrictions

Equitas Holdings on Monday said the RBI has lifted the restrictions imposed on its small finance bank subsidiary in September last year, reports PTI. The Reserve Bank lifted the restrictions on Equitas Small Finance Bank (ESFB) subsequent to the listing of its equity shares, Equitas Holdings said in a BSE filing.

RBI had restricted ESFB from opening new branches and froze the remuneration of MD & CEO at the then existing level. “In this connection, we accede to your request for lifting the regulatory restrictions imposed on Equitas Small Finance Bank vide our letter dated September 6, 2019,” the RBI letter attached with the filing said.

The shares of ESFB were listed on the NSE and BSE with effect from November 2, 2020. The listing of the banking subsidiary has been in compliance with requirements of guidelines of licensing of small finance bank by RBI, Equitas Holdings said in a filing last week.