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Equitas Small Finance Bank Q1 result: Net profit dips to Rs 25.75 cr

Private sector Equitas Small Finance Bank has reported a dip in its net profits for the April-June 30, 2024 at Rs 25.75 crore. The bank had registered a profit after tax of Rs 191.20 crore registered in the year ago period. For the year ending March 31, 2024 the net profit of the bank stood at Rs 798.96 crore. Total income during the quarter under review grew to Rs 1,709.65 crore, as compared to Rs 1,425.32 crore registered in the same period of last year. For the year ending March 31, 2024 the total income of the bank stood at Rs 6,285.07 crore. In a statement on Saturday, the bank said the decline in profit after tax for the quarter under review, was due to 'floating provision of Rs 180 crore to strengthen the Provisioning Coverage Ratio of the bank'. In order to strengthen PCR, Bank has made additional provision in the form of floating provision of Rs 180 crore during the quarter. PCR improved to 70.29 per cent in Q1FY'25 from 56.06 per cent (during the same quarter of last year

Strong loan growth for small finance banks in Q1FY25, Casa declines

The deposits of the SFBs posted a double-digit increase from the quarter ended in June 2024. Deposits of Equitas SFB grew by 35.40 per cent, Capital SFB by 10 per cent, and Suryoday SFB by 42 per cent

AU Small Finance Bank eligible for universal banking licence application

AU Small Finance Bank has recorded profits for the previous two fiscal years, and maintained gross and net non-performing assets below 3% and 1%, respectively, as mandated by the RBI

Equitas SFB Q4 result: PAT at Rs 207 cr, total income surges to Rs 1,685 cr

Equitas Small Finance Bank Ltd has registered a net profit after tax at Rs 207.62 crore for the January-March 2024 quarter, the bank said on Wednesday. The private sector lender had registered a profit after tax at Rs 190.03 crore during the corresponding quarter of last financial year. For the year ending March 31, 2024 the net profit after tax stood at Rs 798.96 crore, as against Rs 573.59 crore registered year ago, the bank said in a BSE filing. Total income during the quarter under review surged to Rs 1,685.10 crore from Rs 1,394.41 crore registered during the same quarter of last financial year. For the year ending March 31, 2024 the total income went up to Rs 6,285.07 crore as against Rs 4,831.46 crore registered during the corresponding period of last financial year. Meanwhile, the Board of Directors at its meeting held today proposed a dividend of Re 1 per share subject to the approval at the ensuing Annual General Meeting of the bank. The Board also approved the appointmen

Small finance bank stocks are on an uptrend. Does the rally have more legs?

Analysts believe that small finance banks have a much bigger role to play in the overall banking sector

RBI turns down request to remove 'small finance' tag from bank name

Retaining it crucial given mandate for financial inclusion

Equitas Small Finance Bank to venture into personal loans segment

Private sector Equitas Small Finance Bank Ltd has plans to foray into credit cards and personal loan segments as it expects to build a consumer finance portfolio, a top official said. Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations. Equitas Small Finance Bank reported a 97.1 per cent jump in its profit after tax (PAT) for the April-June 2023 quarter at Rs 191.20 crore. The bank had registered a net profit of Rs 97 crore during the corresponding quarter of the previous year. "In the coming years, we plan to build our consumer finance portfolio by foraying into credit cards and personal loans which will further help increase stability through a diversified loan portfolio," said Arun Ramanathan, the bank's Part-Time Chairman and Non-Executive Independent Director. The bank would work on offerings like forex cards, Foreign Currency Non-Resident (FCNR) deposits, and remittances, among others,

Buy Equitas Bank, RPG Life for up to 16% upside, recommends HDFC Securities

On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the Nifty needs to breakout from the 18,669 - 18,888 range to gain momentum.

RBI approves re-appointment of Vasudevan P N as MD, CEO of Equitas SFB

The Reserve Bank of India on Friday gave its nod for the re-appointment of P N Vasudevan as Managing Director and Chief Executive Officer of private sector Equitas Small Finance Bank The tenure of his appointment would be for a period of three years with effect from July 23, 2023. In a BSE filing, Equitas Small Finance Bank said, "..we would like to inform that Reserve Bank of India vide its letter.... dated June 15, 2023, has given its approval for re-appointment of Vasudevan P N, Managing Director and Chief Executive Officer of the Bank for a period of three years with effect from July 23, 2023." Vasudevan had expressed his desire to move on from his role for a career in health and education. However, in December 2022 he withdrew his decision. Equitas Small Finance Bank reported a net profit of Rs 190.03 crore for the quarter ending March 31, 2023. The bank had registered a net profit at Rs 119.50 crore during the corresponding quarter of the previous year. For the year ending M

Equitas SFB gets RBI approval to re-appoint Vasudevan as MD, CEO

Reappointment effective from July 23, 2023, lender told BSE

Equitas SFB collaborates with IBM to build digital banking platform

Equitas Small Finance Bank has signed an agreement with IBM Consulting to design and build a digital banking platform aimed at providing a secure experience to customers, the bank said on Saturday. The collaboration between the two entities aims at boosting the digital products offered by Equitas as well as its service offerings, as it evolves its business for a digital-first generation, a press release from the bank said. As part of the next growth phase, Equitas aims to commence its modernisation journey with a cloud-native platform architecture. "The bank's delivery model would be highly product-centric, moving away from traditional program management methodologies to agile frameworks for the various channels including mobile," Equitas's Chief Information Officer Narayanan Easwaran said in the release. "This partnership with IBM is just the first step towards engaging customers. We are confident that this strategic partnership will help simplify and transform the banking experien

No holding back: FPIs sweeten the pot for Equitas SFB and Sona BLW

Highest increase in holding by FPIs in the March quarter

Equitas Small Finance Bank zooms 8% on solid March quarter results

Equitas SFB reported a 58 per cent jump in its net profit for the March quarter at Rs 190 crore, which was the lender's highest-ever profit

Equitas Small Finance Bank Q4 results: Net profit rises 58% to Rs 190 crore

Equitas Small Finance Bank board approves dividend of Rs 1 per share

Equitas SFB slips 13% as new shares list post merger with Equitas Holdings

Total 789.53 million shares have been listed pursuant to the scheme of amalgamation of Equitas Holdings with Equitas Small Finance Bank

Equitas Small Finance Bank hits fresh 52-week high; stock up 38% in a month

On February 8, the board approved allotment of 789.5 million equity shares (swap ratio at 231:100) of Equitas SFB to the eligible shareholders of the erstwhile Equitas Holdings.

NCLT sanctions amalgamation of Equitas Holdings and Equitas SFB

Amalgamation scheme shall be effective upon the filing of tribunal's order

Equitas SFB hits 52-week high, up 7% as RBI approves SBI MF stake buy plan

RBI gave approval to SBI Funds Management Limited (SBIFML) to acquire up to 9.99 per cent of the paid-up equity capital of the Bank through the schemes of SBI Mutual Fund (SBIMF).

P N Vasudevan to continue as Equitas Small Finance Bank MD, CEO

In May, Vasudevan had said that he wished to move on from the bank in order to work for his trust

SFBs hope to give large private banks a run for their money: BFSI panelists

When we started five years ago, we thought it would be a marathon but it has turned out to be a steeplechase: Samit Ghosh