Equitas Small Finance Bank reports Rs 41 crore as PAT in Q2

Chennai: City-based Equitas Small Finance Bank on Saturday said the bank has reported a profit after tax of Rs 41 crore for the quarter ending September 30, 2021, against Rs 103 crore during the corresponding quarter last year.
In a press release, the bank said the PAT was affected due to provisions made on restructured accounts.
Commenting on the performance, the managing director and CEO of the bank P N Vasudevan said, “With no lockdowns and the spread of virus under control largely, the bank saw an improved all-round performance. While there was an overall gross NPA (non-performing assets) remaining steady compared to the first quarter, there was improved collection leading to reduction in overdue cases between 1 and 90 days.”
“…we expect to reach a steady state in the operating-level shortly,” he said. The demand for credit continues to be strong and the second quarter saw the highest quarterly disbursement by the bank, he said.
Some of the digital initiatives undertaken by the bank have been well-received and the bank would increase its use of analytics to benefit from the large customer base acquired digitally, he said. —PTI

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