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The bank’s total deposits increased to ₹40,738 crore, marking a growth of 2.21% on a quarter-on-quarter (QoQ) basis and an impressive 25.79% year-on-year (YoY).
What indicates the challenges in maintaining low-cost deposit growth in a rising interest rate environment: the bank’s CASA (current account savings account) deposits saw a decline of 4.24% QoQ and 9.79% YoY, reaching ₹11,668 crore.
The CASA ratio stood at 29%, down from 31% in the previous quarter and 33% in the same period last year.
The cost of funds for Equitas Small Finance Bank stood at 7.49%, slightly down from 7.50% in Q2 FY2025, but up from 7.36% in Q3 FY2024.
Equitas Small Finance Bank saw a solid increase in its total gross advances, which rose by 3.58% QoQ and 13.94% YoY, reaching ₹37,345 crore.
Equitas Small Finance Bank’s share price settled 1.24% higher on Friday, quoting at ₹66.30 on the NSE. In the last one year, the lender’s stock has corrected more than 40%.
The lender’s Q2 net profit declined by 49.6% year-on-year (YoY) to ₹13 crore, owing to additional provisions of approximately ₹146 crore for its microfinance portfolio.
The gross non-performing asset (GNPA) stood at 2.95% in the September quarter against 2.73% in the June quarter. Net NPA came at 0.97% against 0.83% quarter-on-quarter.
(Edited by : Ajay Vaishnav)
First Published: Jan 4, 2025 5:28 PM IST
