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Motilal Oswal Report
Equitas Small Finance Bank Ltd. reported an overall improvement in operating performance with higher-than-estimated profit after tax of Rs 1.08 billion (our estimate: Rs 610 million) for Q3 FY22 led by higher net interest income growth and 45% QoQ decline in provisions.
Business growth picked up due to healthy traction across segments. Liability momentum remained strong with current account savings account ratio improving to 51%.
On the asset quality front, slippages were elevated. Although higher write-offs resulted in a decline in gross non-performing asset ratio, net non-performing asset ratio increased marginally.
Equitas Small Finance Bank's restructuring book was elevated at Rs 17.64 billion (~9% of loans). Collection efficiency remained healthy, providing comfort on recovery trends.
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