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Equitas SFB's gross advances rise 15% to Rs 20,648 crore in FY22; deposits up 16%

Equitas SFB's gross advances rise 15% to Rs 20,648 crore in FY22; deposits up 16%

Equitas SFB's gross advances rise 15% to Rs 20,648 crore in FY22; deposits up 16%
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By PTI Apr 6, 2022 4:32:16 PM IST (Published)

The bank's current account and savings account (CASA) deposits rose by 76 percent at Rs 9,855 crore in the fiscal year ending March 2022, from Rs 5,614 crore in the year-ago period, it said. For the lender, the cost of funds came down to 6.43 percent during the year, as against 7.20 percent in the year-ago period.

Equitas Small Finance Bank (SFB) on Wednesday said its gross advances witnessed a 15 percent year-on-year growth on a provisional basis to Rs 20,648 crore for the fiscal year ending March 2022. The bank had gross advances worth Rs 17,925 crore in FY21.

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Total deposits during 2021-22 grew by 16 percent to Rs 18,951 crore, as against Rs 16,392 crore in FY21, it said in a regulatory filing. Whereas, the bulk term deposits of the bank plunged by 59 percent during the year under review at Rs 2,002 crore, while the retail term deposits were up by 21 percent to Rs 7,093 crore.
The bank's current account and savings account (CASA) deposits rose by 76 percent at Rs 9,855 crore in the fiscal year ending March 2022, from Rs 5,614 crore in the year-ago period, it said. For the lender, the cost of funds came down to 6.43 percent during the year, as against 7.20 percent in the year-ago period.
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The cost of funds is the interest rate that financial institutions are paying on the funds they use in their business. The numbers as released by the bank as of March 31, 2022 are provisional unaudited numbers and are subject to approval by the audit committee and board of directors, it added.
It is also subject to audit by the statutory auditors of the bank. "Last quarter saw an all-around improvement on performance. With COVID-related disruptions mostly behind us, we are seeing customers' businesses generating healthy cash flows similar to their pre-COVID levels. This is helping not only better collection efficiencies but also greater demand for fresh credit," P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank said
"With a good growth in our deposit franchise, we should be well placed to support strong credit growth for the coming year," the MD & CEO added.
Shares of Equitas SFB were trading 1.28 percent up at Rs 55.60 apiece on BSE.
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