Equitas SFB Friday announced a 60% drop in its net profit to Rs 41 crore for the second quarter, compared to Rs 103 crore in the corresponding quarter of the previous financial year, mainly due to restructured provisions. accounts. Total income was Rs.991 crore, as against Rs.852 crore, an increase of 16%.
Gross NPA was 4.64% in the second quarter of FY22, compared to 4.58% in the previous quarter and 2.39% in the second quarter of FY21. Net NPA was 2.37% in the quarter under review, versus 2.29% in the first quarter of FY21 22 and 1.09% in the second quarter of fiscal year 21, and the provision coverage ratio was 50.09%, according to a statement issued by the bank.
PN Vasudevan, Managing Director and CEO, said, “With no shutdowns and the spread of the virus largely under control, the bank saw improved performance. And while the GNP remained flat compared to the first quarter, collection efficiencies have improved, reducing back cases. Between 1 and 90 days.”
Advances as of Q2 FY22 were Rs 18,978 crore, 13% year-on-year growth and around 81.44% of advances were secured loans. Credit demand saw a strong recovery across products. The bank recorded its highest quarterly payments of Rs 3,145 crore in the second quarter of FY22.
The restructured advances totaled Rs 1,401 crore, which constitutes about 7% of the total advances, and the Bank carried provision of Rs 196 crore in the restructured ledger.