Multibagger stock under Rs 100: This private sector bank reports an impressive 97 per cent jump in net profit!

Shares of the bank gained more than 80 per cent in the last six months.

Equitas Small Finance Bank has reported results for the first quarter ended June 30, 2023 (Q1FY24). On a consolidated basis, the bank has reported a 97.1 per cent jump in its net profit at Rs 191.20 crore for the quarter ended June 30, 2023, as compared to Rs 97.00 crore for the same quarter in the previous year. The operating profit of the bank saw a significant jump of 16.38 per cent. The total income of the bank increased by 28.63 per cent at Rs 1425.33 crore for Q1FY24 as compared to Rs 1073.62 crore for the corresponding quarter previous year.

Equitas is a Chennai-headquartered Small Finance Bank, which commenced its banking operations on September 05, 2016. Equitas Small Finance Bank is currently focused on the retail banking business with a focus on MF, VF, HF, business loans, loan-against-property (LAP), and providing financing solutions for individuals and MSEs that are underserved by formal financing channels while providing comprehensive banking and digital platform for all.

Shares of Equitas Small Finance Bank have given multibagger returns during the last one year. The company's shares jumped from Rs 44.85 on August 01, 2022, to Rs 98.70 on July 28, 2023, an increase of about 120 per cent in one year holding period.

On Friday, the stock opened at Rs 99.39, with a high and low of Rs 99.39 and Rs 96.17. The stock closed trading at Rs 98.61, down by 0.51 per cent.    

The stock has a 52-week high of Rs 101.16 and a 52-week low of Rs 42.90. The company has a market capitalisation of Rs 11,007.67 crore.  

Disclaimer: The article is for informational purposes only and not investment advice.