Equitas Small Finance Bank has reported 129 per cent year-on-year growth in low-cost current and savings (CASA) deposits to . ₹9,085 crore for the quarter ended December 2021. The Chennai-based lender reported CASA deposits of ₹3,967 crore during the same quarter previous year.
According to provisional data on key business parameters for Q3FY22, gross advances of the bank on a year-on-year basis, grew by 13 per cent to . ₹19,642 crore (. ₹ 17,373 crore).
Fresh loan disbursements
Fresh disbursements during the quarter stood at ₹2,717 crore, 10 per cent higher than . ₹2,461 crore disbursed in Q3FY21. However, on a sequential basis, the disbursements were lower than ₹3,145 crore recorded in the September quarter.
“The demand for loans from the informal sector borrowers continues to remain very strong. During the third quarter, all the accounts restructured during the year had their first or subsequent installments falling due. Against this backdrop, collections continue to remain healthy. The recent surge in infections is something we are closely tracking and hope it does not affect the livelihood of our borrowers,” PN Vasudevan, MD & CEO of Equitas Small Finance Bank said in a statement.
The total deposits of the bank grew 13 per cent annually to ₹17,884 crore (. ₹15,862 crore) during the December quarter. The share of CASA as a percentage of total deposits doubled to 50.80 per cent as of Q3FY22 from 25 per cent during the year-ago quarter.