This small finance bank reports a 59% rise in Q4 net profit!
Today, shares of the company touched a fresh 52-week high.
Equitas Small Finance Bank has reported results for the fourth quarter and year ended March 31, 2023.
Quarterly performance:
In the quarter under review, the bank's net profit increased by 59.02% to Rs 190.04 crore from Rs 119.51 crore for the same period the year prior. When compared to the same quarter last year, the bank's total revenue climbed by 33.57% to Rs 1,394.42 crore during Q4FY23 from Rs 1,043.98 crore.
The bank recorded an increase in net profit of more than two-fold for the year ended March 31, 2023, from Rs 280.73 crore to Rs 573.59 crore. In the year under review, the bank's total revenue climbed by 20.87% to Rs 4,831.46 crore from Rs 3,997.23 crore in the year ended March 31, 2022.
Share Price Movement:
In the last trading session Equitas Small Finance Bank Ltd closed at Rs 72.85 and today it opened at Rs 75.40. Currently, it is trading at Rs 76.40, up by 4.87% from its previous closing at BSE.
Till now the scrip has touched a high and low of Rs 78.35 and Rs 74.80, respectively. So far 6,59,820 shares were traded on the counter at BSE. Today it has touched a 52-week high at Rs 78.35 and it has a 52-week low of Rs 37.50. It is BSE group 'A' stock with a face value of Rs 10.
Company profile
With an emphasis on servicing the financially underserved and unserved consumer segments in India, the bank provides a variety of banking products and services to customers. The bank's area of expertise is encouraging financial inclusion within these markets; in fact, the bank's group started operations in 2007 as an NBFC offering microloans through EMFL.
The supply of sustainable loans to underserved and unserved areas has maintained its primary emphasis over time, despite changes in its business strategy. In addition, the bank also provides non-credit offerings comprising ATM-cum-debit cards, third-party insurance, mutual fund products, and the issuance of FASTag.
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