Equitas Small Finance Bank 36% shares rise on strong deposit growth during Q1FY24!

Equitas Small Finance Bank has reported a 36% rise in total deposits to Rs 27,709 crore (Provisional) as of June 30, 2023 (Q1FY24) as compared to Rs 20,386 crore as of June 30, 2022, and on a QoQ basis stood at Rs 25,381 crore as of March 2023. Its gross advances were up by 36% to Rs 29,603 crore (Provisional) in Q1FY24 as against Rs 21,688 crore as of June 30, 2022.

Its CASA grew marginally to Rs 10,642 crore as of June 30, 2023, as compared to Rs 10,548 crore on a yearly basis and on a quarterly basis stood at Rs 10,732 crore as of March 2023. CASA Ratio stood at 38% as of June 30, 2023, as compared to 42% as of March 31, 2023.

Equitas Small Finance Bank offers personalized services and helps finds the right product to suit individual banking requirements for their savings. It started its operations in 2007 in the microfinance segment. It diversified into vehicle and housing finance in 2011 and entered Small Business Loans in 2013. The company received in-principal approval in September 2015 to transform into an SFB. It obtained a scheduled commercial bank license in September 2016 and commenced banking operations under Equitas SFB. scheduled commercial bank license in September 2016 and commenced its banking operations.

Today, the stock opened at Rs 93.26, with a high and low of Rs 94.15 and Rs 92.10. The stock is currently trading at Rs 93.79, up by 0.57%. The stock has a 52-week high of Rs 94.89 and a 52-week low of Rs 38.75. The company has a ROCE of 9.24% and an ROE of 13.5%, with a market capitalisation of Rs 10,437 crore. The shares of the company have gained over 60% in the last six months.

Investors should keep a close eye on this stock.

Disclaimer: This blog is exclusively for educational purposes. The securities quoted are exemplary and are not recommendatory.