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Equitas Small Finance Bank Ltd. is the second-largest small finance bank in India in terms of total advances as of FY22.
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Equitas Small Finance Bank, located across 17 states and union territories, serves through 887 banking outlets.
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Total advances grew by 20% YoY as disbursements for the quarter grew 22% YoY, led by housing and vehicle finance.
Total deposits of the bank grew by 205% YoY to Rs 21,726 crore. Current account and savings account ratio of the bank stands at 48%.
With 26% YoY growth in net interest income and lower provisioning, the net profit of the bank grew by 183% YoY and 20% sequentially.
Asset quality improved during the quarter, with gross/net non performing asset declining to 3.99%/1.97% compared to 4.18%/2.15% during previous quarter.
Management expects advances to grow at 25% and credit cost to be brought down to 1.5% in FY23.
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