NEW DELHI: Financial services provider Equitas Holdings today reported 64 per cent jump in consolidated net profit at Rs 61.2 crore for the first quarter of 2016-17 financial year.
Its net profit stood at Rs 37.4 crore in the corresponding April-June quarter of 2015-16.
“Total income increased by 46 per cent at Rs 348.8 crore for the quarter ended June 30, 2016 as against Rs 239.3 crore in the corresponding quarter last year,” it said in a release.
The asset under management as of June 2016 increased by 48 per cent to Rs 6,559 crore, as against Rs 4,419 crore year ago.
“The growth has been led by healthy disbursements in key focus asset products such as micro-finance, used commercial vehicle finance and micro enterprise loans,” it said.
“We continue to remain focussed on the segments not sufficiently served by the mainstream financial system. To a large percentage of our customers, we are the only lenders,” said P N Vasudevan, Managing Director, Equitas Holdings Ltd.
The company, which has received an in-principle approval from RBI to set up small finance bank (SFB) said ” we are hopeful of starting the bank (SFB) by September 2016″.
The stock closed 4.66 per cent higher at Rs 181.75 on BSE