The Bank primarily caters to small retailers and transporters engaged in daily use products
MUMBAI, Aug 2 (The CONNECT) - Even as the collections and disbursements began to show improvements in July, Equitas Small Finance Bank is cautions of a plausible third wave of the pandemic.
“The Bank primarily caters to small retailers and transporters engaged in daily use products. During the quarter due to lockdowns and other COVID related restrictions, cash flows of these small retailers had been significantly impacted,” said P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank.
Releasing the Q1 -FY22 results, Vasudevan said, the COVID impact was felt across geographies and in rural locations too. With the absence of a moratorium during the second wave of COVID, the bank offered to restructure loans of impacted customers in order to help them manage their cash flows better.
“However, in July, we are seeing a strong uptick in collections and disbursements as the country gets back to near normalcy. We are confident that our customers would be able to regain their cash flows, remain resilient and continue to grow their small businesses as the pandemic wears off,” he said and hastened to add: “However, we remain cautions of a plausible third wave.”
A tweet by the bank said: The financial results for Q1FY22 is out! Pre Provisioning Operating Profit (PPoP) at Rs. 164 Cr, up 16% YoY; Advances grew 15% YoY to Rs. 17,837 Cr.
Thanks to all the stakeholders who made this possible!
Equitas bank reported Net Interest Income for Q1FY22 at Rs. 461 Cr as against Rs. 404 Cr in Q1FY21. The NIM stood at 7.87%. It pre provisioned Operating Profit (PPoP) for Q1FY22 at Rs. 164 Cr as against Rs. 142 Cr in Q1FY21, growth of 16%. PAT has been affected due to provisions made on restructured accounts. PAT for Q1FY22 at Rs. 12 cr as against Rs. 58 Cr in Q1FY21
Equitas continued to play a strong supportive role in conjunction with various State Governments by organizing a total of 3,799 vaccination camps for low-income communities, benefitting 4,45,566 people, Vasudevan added.