New Delhi, October 23, 2016: Equitas Holdings Limited, a diversified financial service provider, announced today the Unaudited & Consolidated financial performance for the quarter ended September 30, 2016.
· Consolidated AUM as of September 30, 2016 Rs.7,079 Crore; growth of 45% over Q2FY16
· Net Interest Income grows by 40% over Q2FY16
· Equitas Small Finance Bank Limited, wholly owned subsidiary, commenced operations as a Bank on September 5, 2016
· Strong Operating performance despite NPA recognition period change from 4 months to 90 day norms effective September 16
· Consolidated Financials of Q2 impacted by One-time bank transition costs
· Consolidated PAT for the quarter grows by 50% over Q2FY16 before reckoning the transition costs and by 16% on reported basis
· RoA @ 2.32% and RoE @ 8.67% for Q2FY17
The growth has been led by healthy disbursements in key focus asset products such as Microfinance, Used Commercial Vehicle finance [UCV] and Micro & Small Enterprise [MSE] loans. Gross NPA and Net NPA at Consolidated level have shown increase due to migration of NPA recognition from September 16 to 90 day norms from earlier 4 months norms.
Q2FY17 Consolidated Results
Net Interest Income increased by 40% at Rs.200.6 Crore for the quarter ended September 30, 2016 as against Rs.142.8 Crore in the corresponding quarter last year. Profit after Tax [PAT] grew by 16% to Rs.46.4 Crore for the quarter ended September 30, 2016 as against Rs.39.4 Crore for the corresponding quarter last year. PAT without reckoning transition costs represents an increase of 50% YoY.
Banking operations commencement
Equitas Small Finance Bank Limited [ESFBL] commenced its banking operations on September 5, 2016 with 3 branches in Chennai. It is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
Corporate Comm India(CCI Newswire)
