INSUBCONTINENT EXCLUSIVE:
Equitas Holding reported four fold growth in net profit during the quarter ended March 31, 2018, aided by growth in non-micro loans
During the quarter, the company reported net profit of Rs 34 crore against Rs 7 crore in the same period a year ago
Profit in the March quarter of 2017 was lower because of extra provision
managing director Equitas Holdings
The non-micro loan segment grew 54% while micro-finance dropped by 30%
The non-micro loans includes commercial vehicles finance, micro lap, business loans, agri loans and small corporates
Overall advances grew 15% to Rs 8,200 crore in the last financial year.
Net interest margin remained at 9.5%.
With higher write-offs in the
micro-finance segment, the percentage of non-performing loans to total advances declined
Gross NPA was at 2.7% in March quarter down from 5% in third quarter ended December 31, 2017
GNPA for non-micro finance was at 3.4% from 4.1% in December quarter
NPA in micro-finance fell to 0.78% from 6% as company wrote off Rs 140 crore, which was dragging down the balance sheet since demonetization
said Digant Haria analyst Antique Broking
