Equitas Small Finance Bank advanced 1.60% to Rs 50.85 after the bank said its gross advances rose 20% to Rs 22,802 crore as on 30 September 2022 as against Rs 18,978 crore as on 30 September 2021.
Equitas Small Finance Bank's gross advances rose 5% last quarter from Rs 21,688 crore posted in Q1 FY23.Disbursements during the quarter were up 22% year on year (YoY) and 19% quarter on quarter (QoQ) to Rs 3,845 crore. Total deposits grew 20% YoY and 7% QoQ to Rs 21,726 crore in Q2 FY23.
During the quarter, CASA deposits stood at Rs 10,456 crore, up 28% YoY but fell 1% QoQ. CASA ratio stood at 48.13% in Q2 FY23, higher than 45.31% in Q2 FY22, but lower than 51.74% in Q1 FY23.
Retail term deposits rose 13% YoY and 8% QoQ to Rs 7,665 crore in Q2 FY23. Bulk term deposits were at Rs 3,605 crore in Q2 FY 23, up 15% YoY and 31% QoQ. Cost of funds stood at 6.25% in Q2 compared with 6.81% in Q2 FY22.
The bank's net profit jumped 713.2% to Rs 97.01 crore on 16.4% rise in total income to Rs 1,073.62 crore in Q1 FY23 over Q1 FY22.
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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