Private lender Equitas Small Finance Bank on Friday reported a 91.1 percent year-on-year (YoY) jump in net profit at Rs 191.2 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Equitas Small Finance Bank posted a net profit of Rs 97 crore, the company said in a regulatory filing. A CNBC-TV18 poll had predicted a profit of Rs 182.5 crore for the quarter under review.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 28 percent, coming at Rs 743.2 crore against Rs 580.6 crore in the corresponding quarter of FY23.

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The gross non-performing assets (GNPAs) stood at 2.75 percent in the June quarter against 2.76 percent in the March quarter. Net NPA came at 1.18 percent against 1.21 percent quarter-on-quarter.

In monetary terms, gross NPAs stood at Rs 770.2 crore against Rs 724 crore quarter-on-quarter, whereas net NPAs came at Rs 325.1 crore against Rs 312.01 crore quarter-on-quarter.

The annualised gross slippages remain healthy at 3.07 percent for the first quarter as compared to 3.06 percent in the fourth quarter of FY23 and 5.75 percent in the first quarter of FY23.

In order to strengthen the provision coverage ratio (PCR), the bank has made additional provisions of Rs 13.99 crore during the quarter, PCR improved to 57.79 percent from 56.90 percent in the fourth quarter of FY23 and 48.46 percent in the first quarter of FY23.

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The bank's credit growth continues to remain strong with advance growing at 36 percent year-on-year and 6 percent quarter-on-quarter to Rs 29,601 crore despite Q1 seasonality.

The bank registered a strong disbursement growth of 47 percent year-on-year to Rs 4,757 crore, while deposits grew 36 percent year-on-year and 9 percent quarter-on-quarter to reach Rs 27,709 crore.

The results came after the close of the market hours. Shares of Equitas Small Finance Bank ended at Rs 98.61, up by Rs 0.49, or 0.50 percent on the BSE.