Q1FY24 Quarterly Result Announced for Equitas Small Finance Bank Ltd.
Equitas Small Finance Bank announced Q1FY24 results: Credit Growth continues to remain strong with advance growing at 36% YoY and 6% QoQ to Rs 29,601 crore despite Q1 seasonality The bank registered a strong disbursements growth of 47% YoY to Rs 4,757 crore Deposits grew 36% YoY and 9% QoQ to reach Rs 27,709 crore Q1FY24 saw a 33 bps increase in cost of funds sequentially to 6.94% compared to 6.61% for Q4FY23 NII grew 28% YoY and 5% QoQ, other income grew 50% YoY and 4% QoQ (excluding ARC sale income in Q4FY23) PAT stood at Rs 191 crore for Q1FY24, growth of 97% YoY and 1% QoQ NIM remains healthy at 8.76% Cost to income stood at 65.05% in Q1FY24 as compared to 58.09% in Q4FY23 and 60.60% in Q1FY23. RoA and RoE for Q1FY24 at 2.10% and 14.54% Commenting on the quarterly performance, P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank, said: “The bank has now consistently delivered to a 2%+ ROA and ~15% ROE over the past three quarters back by strong credit growth, continued traction in retail deposits and a favourable credit cycle in urban and rural geographies. We firmly believe over the past 7 years the Bank has created a strong franchise that is stable, scalable, and sustainable and now aspires to convert to a universal bank. Our investments in technology continue to progress well, the impact of which should be felt in the coming few years.” Result PDF31-07-2023