Equitas Holdings Net up 4% to Rs 45 cr in Oct-Dec quarter

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Equitas Holdings today reported 4 percent growth in consolidated net profit at Rs 45 crore for the third quarter of 2016-17.

It had registered a net profit of Rs 43 crore in the corresponding quarter of the previous fiscal.

"Net interest income increased by 48 percent year-on-year at Rs 230.70 crore for the quarter ended December 31, 2016 as against Rs 155.7 crore in the same quarter last year," the company said in a release.

The diversified financial services group said the growth has been led by healthy disbursements in key focus asset products like micro finance, used commercial vehicle finance and micro and small enterprise (MSE) loan offerings.

The assets under management (AUM), as of December 31, 2016 grew 30 percent to Rs 7,181 crore as compared to Rs 5,505 crore a year ago, it said.

The company's net non-performing assets (NPAs) fell to 0.77 percent of net advances for the quarter ended December 2016, against 0.97 percent a year ago.

Gross NPAs, however, were higher at 2.46 percent against 1.33 percent.

"We had a reasonable quarter. We continue to remain focussed on the segments not sufficiently serviced by the mainstream financial system since our transformation into the Bank in the previous quarter. To a large percentage of our borrowers, we are the only lenders," Equitas Holdings Executive Director and Chief Executive Officer S Bhaskar said.

Equitas Small Finance Bank is the wholly-owned subsidiary of the company. Another fully owned Equitas Technologies Pvt Ltd (EPTL) is engaged in freight aggregation.

Shares of the company closed 3.5 percent higher at Rs 170.25 apiece on BSE.