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April 24, 2024

Equitas SFB Reports Strong Q4 Results: PAT Soars to Rs 207 Cr, Total Income Hits Rs 1,685 Cr

Equitas Small Finance Bank Ltd has showcased impressive financial performance for the January-March 2024 quarter, with a notable surge in its net profit after tax (PAT) and total income, as reported on Wednesday.

The bank revealed that its PAT for the quarter stood at Rs 207.62 crore, a significant rise from Rs 190.03 crore recorded during the same period of the previous financial year. For the fiscal year ending March 31, 2024, the bank’s PAT reached Rs 798.96 crore, marking a substantial increase from Rs 573.59 crore registered in the preceding year, as detailed in a BSE filing.

Total income also witnessed a robust growth trajectory during the quarter under review, soaring to Rs 1,685.10 crore from Rs 1,394.41 crore in the corresponding quarter of the previous financial year. Similarly, for the fiscal year ending March 31, 2024, total income escalated to Rs 6,285.07 crore compared to Rs 4,831.46 crore reported during the same period of the previous financial year.

Moreover, the Board of Directors, during its meeting held today, proposed a dividend of Re 1 per share, pending approval at the ensuing Annual General Meeting of the bank.

In another significant development, the Board approved the appointment of Anil Kumar Sharma as an additional director (Independent) and Part-Time Chairman of the bank for a period of five years, effective from April 25. Anil Kumar Sharma succeeds Arun Ramanathan, who ceased to be the Part-Time Chairman and Independent Director of the bank from the close of business hours on April 24.

These latest financial results and strategic decisions underscore Equitas SFB’s resilience and commitment to driving sustainable growth amidst evolving market conditions. With strong leadership and a focus on delivering value to its stakeholders, Equitas SFB continues to consolidate its position in the banking sector, poised for further success in the future.

Jhumpa Lahiri

Jhumpa Lahiri

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