Equitas Small Finance Bank rose 1.20% to Rs 59 after the company said its gross advances rose 3% quarter-on-quarter (QoQ) in Q3 December 2021 (Q3 FY22).
Equitas Small Finance Bank’s gross advances were up 13% year-on-year (YoY) to Rs 19,642 crore in Q3 FY22.
Disbursements during the quarter were up 10% YoY and were down 14% QoQ to Rs 2,717 crore.
Total deposits grew 13% YoY and declined 1% QoQ to Rs 17,884 crore in Q3 FY22.
During the quarter, CASA stood at Rs 9,085 crore, up 129% YoY and 11% QoQ.
CASA ratio stood at 50.80% in Q3 FY22, higher than 45.30% in Q2 FY22 and 25% in Q3 FY21.
The bank said that during the quarter, it continued to focus on scaling up and strengthening the liability franchise. New account opening through both digital and physical channels remained strong. Bulk deposits saw a contraction as the bank is focusing on retail deposits and moderate liquidity coverage ratio (LCR) to a more normal level. Average LCR for Q3 FY22 was 126% compared with 139% as on Q2FY22.
Commenting on the performance, P N Vasudevan, managing director and CEO of Equitas Small Finance Bank said, “The demand for loans from the informal sector borrowers, continues to remain very strong. During the 3rd quarter, all the accounts restructured during the year had their first or subsequent instalments falling due. Against this backdrop, collections continue to remain healthy. The recent surge in infections is something we are closely tracking and hope it does not affect the livelihood of our borrowers.”
Equitas Small Finance Bank’s net profit tanked 60% to Rs 41.19 crore on 16.4% rise in total income to Rs 991.40 crore in Q2 FY22 over Q2 FY21.
Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, Small & Medium Enterprises (SMEs) and corporates.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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