Equitas Small Finance Bank's term deposits decline over 72% yoy, Gross Advance surges by 13% yoy

13 Jan 2022 , 03:50 PM

Equitas Small Finance Bank has released its provisional unaudited data for the quarter ending December 2021. The company reported a y-o-y growth of 13% in Gross Advances, whereas it settled at 3% for the quarter. New account opening remained robust through both physical and online channels.

Total Disbursements for the quarter lowered by 14% at Rs 2717cr, as against Rs 3145cr for the September 2021 quarter. Its total deposits registered a growth of 13% y-o-y basis whereas it dipped by 1% since the last quarter. Total deposits stood at Rs 17,884cr against Rs18,094cr for Q2.

Bulk term deposits witnessed a contraction of 72% y-o-y basis, as the Bank shifts focus on retail deposits and moderate LCR to an acceptable level. Average LCR for Q3FY22 was 126% as compared to 139% as of Q2FY22.

CASA registered a significant increase of 129% y-o-y basis at Rs 9,085cr. CASA ratio settled at 50.80% for December 2021 quarter, against 25% for December 2020 quarter.

Commenting on the performance, P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank said, “The demand for loans from the informal sector borrowers, continues to remain very strong. During the 3rd quarter, all the accounts restructured during the year had their first or subsequent instalments falling due. Against this backdrop, collections continue to remain healthy. The recent surge in infections is something we are closely tracking and hope it does not affect the livelihood of our borrowers.”