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Equitas SFB to venture into personal loans segment
August 21, 2023
Private sector Equitas Small Finance Bank Ltd has plans to foray into credit cards and personal loan segments as it expects to build a consumer finance portfolio, a top official said.
Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations.
Equitas Small Finance Bank reported a 97.1 per cent jump in its profit after tax (PAT) for the April-June 2023 quarter at ₹191.20 crore. The bank had registered a net profit of ₹97 crore during the corresponding quarter of the previous year.
“In the coming years, we plan to build our consumer finance portfolio by foraying into credit cards and personal loans which will further help increase stability through a diversified loan portfolio,” said Arun Ramanathan, the bank’s Part-Time Chairman and Non-Executive Independent Director.
The bank would work on offerings like forex cards, Foreign Currency Non-Resident (FCNR) deposits, and remittances, among others, he said.
Ramanathan, in the latest annual report released on Sunday, said the bank completed the reverse merger of Equitas Holdings Ltd with Equitas Small Finance Bank Ltd which would allow the financial institution to apply for a Universal Bank License.
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