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Axis Securities Report
Equitas Small Finance Bank Ltd.'s results were a mixed bag. While growth on the asset and liability side was encouraging and opex growth was modest at 10% YoY thereby supporting operating profit, higher than expected provisions weighed on the bottom line.
Disbursements stood at Rs 3,279 crore (up 29% YoY, up 21% QoQ) aiding loan growth revival.
Advances grew by 15% YoY, with growth driven primarily by home loans (up 71% YoY) and small business loans (up 14% YoY).
Equitas SFB's management indicated that while January 2022 was slightly muted in terms of disbursements, the bank witnessed a strong rebound in demand over February-March 2022.
With the business activity picking up, the on-ground situation improving, and growth visibility emerging, the management remains confident of growing the book at 30-35% (pre-Covid-19 growth rate) in FY23.
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