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Equitas Small Finance Bank rises after decent Q3 business update

Capital Market 

Equitas Small Finance Bank rose 3.04% to Rs 40.65 after the bank's gross advances grew by 19% year on year and 4% quarter on quarter to Rs 17,385 crore in Q3 December 2020.

Total deposits stood at Rs 15,862 crore in Q3 December 2020, jumping 51% year on year and 23% quarter on quarter.

CASA improved by 81% year on year to Rs 3,967 crore from Rs 2,196 crore in the corresponding period last year. CASA Ratio improved to 25% in Q3 December 2020 from 21% in Q3 December 2019.

Equitas Small Finance Bank is the largest small finance bank in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in FY2019

The bank reported a net profit of Rs 102.99 crore in Q2 FY21 as against a net profit of Rs 49.48 crore in Q2 FY20. Total income during the quarter rose 22.4% YoY to Rs 861.23 crore.

Shares of Equitas Small Finance Bank were listed on bourses on 2 November 2020. The stock was listed at Rs 31, a discount of 6.06% to IPO price of Rs 33. The IPO of Equitas Small Finance Bank was subscribed 1.95 times. The issue opened for bidding on 20 October 2020 and closed on 22 October 2020.

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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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First Published: Mon, January 11 2021. 11:01 IST