Equitas Small Finance Bank Limited has announced its audited financial results for the quarter and full year ended March 31, 2024, showcasing robust growth and stability across key metrics.
The bank recorded its highest Profit After Tax (PAT) of Rs. 799 Cr for FY24, marking a 39 per cent increase from Rs. 574 Cr in FY23. In Q4FY24 alone, the bank achieved its highest quarterly PAT of Rs. 208 Cr, compared to Rs. 190 Cr in Q4FY23, depicting a significant growth trajectory.
Gross Advances as of Q4FY24 stood at Rs. 34,337 Cr, indicating a substantial 23 per cent Year-on-Year (YoY) growth, while Total Deposits surged to Rs. 36,129 Cr, marking an impressive 43 per cent YoY increase. The Gross Non-Performing Assets (GNPA) saw a favorable decline to 2.52 per cent in Q4FY24 from 2.60 per cent in Q4FY23, reflecting the bank’s focus on asset quality management.
The bank also witnessed significant milestones such as the cross of Rs. 1200 Cr in Used Car Advances and a substantial 213 per cent YoY growth in Merchant Overdraft (OD).
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Furthermore, the bank showcased its commitment to innovation and customer-centric services by introducing the Equitas Express App, facilitating doorstep banking for Senior Citizens and Elite Customers. The bank’s robust financial performance was underpinned by a strong Capital Adequacy Ratio (CAR) with Total CRAR at 21.70 per cent and Tier I at 20.71 per cent as of March 31, 2024.
Equitas Small Finance Bank‘s resilient performance amid challenging market conditions underscores its position as a trusted financial institution driving inclusive growth and innovation in the banking sector.
