Equitas Small Finance Bank (SFB) rose 1.07% to Rs 98 after the bank's total deposits surged 43% to Rs 36,129 crore in Q4 FY24 as against Rs 25,349 crore recorded in Q4 FY23.
On sequential basis, the banks total deposits rose 12% from Rs 32,385 crore as on 31 December 2023.Gross advances grew 23% to Rs 34,337 crore as on 31 March 2024 as compared to Rs 27,861 crore recorded in 31 March 2023. It includes IBPC/Securitized/Assigned portfolio of Rs 2,912 crore as on 31 March 2024 and Rs 3,147 crore as on 31 December 2023.
On quarter on quarter (QoQ) basis, the gross advances increased 5% from Rs 32,776 crore as of 31 December 2023.
CASA stood at Rs 11,552 crore as on 31 March 2024 (up 8% YoY and up 9% QoQ). CASA ratio reduced to 32% as of 31 March 2024 from 42% as of 31 March 2023 and 33% as of 31 December 2023.
Cost of funds increased at 7.44% in 31 March 2024 as compared to 6.61% as of 31 March 2023 and 7.36% as of 31 December 2023.
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.
The banks net profit increased 18.7% to Rs 202 crore on 34.4% jump in total income to Rs 1,634.27 crore in Q3 FY24 over Q3 FY23.
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