Equitas Small Finance Bank reports 17% rise in Q4 net profit, announces dividend

Equitas Small Finance dividend: Equitas Small Finance Bank Ltd announced a net profit after tax of Rs 207.62 crore for the January-March 2024 quarter, showcasing a notable increase compared to Rs 190.03 crore recorded in the corresponding quarter of the previous financial year. The bank attributed this growth to strategic initiatives and effective management practices.

Annual performance

For the fiscal year ending March 31, 2024, the bank reported a robust net profit after tax of Rs 798.96 crore, marking a significant rise from Rs 573.59 crore registered in the previous fiscal year. This performance underscores the bank's resilience and ability to navigate through challenging market conditions.

Income surge

Total income during the quarter under review surged to Rs 1,685.10 crore from Rs 1,394.41 crore reported during the same quarter of the previous financial year. Similarly, for the fiscal year ending March 31, 2024, the total income stood at Rs 6,285.07 crore, compared to Rs 4,831.46 crore in the corresponding period of the previous financial year.

Dividend 

During the Board of Directors meeting held today, the bank proposed a dividend of Re 1 per share, subject to approval at the ensuing Annual General Meeting. 

Key appointment

Furthermore, the Board approved the appointment of Anil Kumar Sharma as an additional director (Independent) and Part-Time Chairman of the bank for a tenure 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. This appointment is expected to bring valuable leadership and strategic insights to the bank's operations.

Equitas Small Finance Bank's robust financial performance for the Q4 of FY 2023-24 underscores its resilience and strategic agility in navigating through dynamic market conditions. The proposed dividend and key appointment reflect the bank's commitment to enhancing shareholder value and strengthening its leadership team.