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Nirmal Bang Report
Equitas Small Finance Bank Ltd. has corrected 45% since its Managing Director and Chief Executive Officer's resignation on May 19, 2022. Mr. PN Vasudevan, has intimated to leave the bank in due course to pursue social goals.
The Reserve Bank of India has approved one year's extension for Mr. Vasudevan's term until July 21, 2023. Mr. Murali Vaidyanathan (Head of Liabilities) and Mr. Rohit Phadke (Head of Assets) are likely internal candidates for the post of MD and CEO and the search committee is in the process of evaluating other internal as well as external candidates.
In our view, the liability as well as asset traction continues to remain strong while the asset quality pain is largely recognised.
Equitas SFB offers an interesting play on financing opportunity in under-penetrated segment of small businesses, which attracts limited competition from traditional banks.
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