Equitas Small Finance Bank Q1 result: Reports strong results with 97% YoY PAT growth and robust business performance
Equitas Small Finance Bank Limited released its unaudited financial results for the quarter ended June 30, 2023, showing strong growth and steady performance. The bank reported a Profit After Tax (PAT) of Rs. 191 Cr in Q1FY24, marking an impressive 97% YoY growth.
Quarterly disbursements reached Rs. 4,757 Cr, indicating a substantial 47% YoY growth. The bank's gross advances also grew significantly by 36% YoY, amounting to Rs.
29,601 Cr. Key ratios, such as Net Interest Margin (NIM), remained healthy at 8.76%, while the Cost to Income ratio rose to 65.05% in Q1FY24. In terms of business highlights, the bank experienced robust disbursement across all product segments, with the Small Business Loans (SBL) product registering a YoY disbursement growth of 31%.
Advances for the newly launched Merchant Over-Draft loans for tiny/small shopkeepers crossed Rs. 500 Cr. The bank's CASA ratio stood at 38%, and Term Deposits showed impressive growth, reaching Rs.
17,067 Cr with a YoY increase of 73%. Retail Term Deposits contributed 62% of total term deposits, amounting to Rs. 10,536 Cr with a 49% YoY growth.
Regarding capital and liquidity, the bank maintained a strong Net worth of Rs. 5,360 Cr. As of June 30, 2023, Total CRAR stood at 22.06%, with Tier I at 21.36% and Tier II at 0.70%.
The bank's Certificate of Deposit (CD) program received the highest rating at A1+ from CRISIL, CARE, and India Ratings. Liquidity Coverage Ratio (LCR) as of June 30, 2023, was reported at 237%. Additionally, the bank reported a Profit on sale of Investments of Rs.
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