Equitas SFB Total Deposits Grew by 3.9% QoQ
Equitas Small Finance Bank (SFB) reported a 3.9% quarter-on-quarter growth in total deposits, reaching Rs. 37,524 crore as of June 30, 2024, showcasing its effective deposit mobilization strategies amid market dynamics.
by Damodharan N
Updated Jul 08, 2024
Equitas Small Finance Bank (SFB) has disclosed its financial performance for the quarter ended June 30, 2024, highlighting a notable 3.9% increase in total deposits compared to the previous quarter.
As of June 30, 2024, the bank's total deposits stood at Rs. 37,524 crore, marking a significant growth trajectory in its deposit base. This growth underscores Equitas SFB's robust strategies in attracting and retaining deposits amid dynamic market conditions.
The bank also reported a sequential increase in Current Account Savings Account (CASA) deposits, which rose by 1.5% quarter-on-quarter (QoQ) to Rs. 11,724 crore. Despite a slight decline in CASA ratio from 32% to 31%.
The bank's focus on expanding its deposit base reflects its resilience and ability to capitalize on customer confidence. Equitas SFB continues to navigate the financial landscape with a cautious approach,
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Equitas Small Finance Bank
Equitas Small Finance Bank Limited is a progressive financial institution in India, evolving from its roots as a microfinance company to become a dynamic small finance bank. With a mission to build the most valuable bank for all stakeholders by prioritizing employee satisfaction, Equitas SFB emphasizes trust as the cornerstone of its operations.
The bank is committed to redefining banking experiences through customer-centric approaches, ensuring fairness, transparency, and respect in all dealings. Embodying core values such as putting customers first, taking pride in performance, and fostering a culture of ownership, Equitas SFB aims to empower individuals, families, and businesses across India while enhancing livelihoods and enriching lives.
Equitas SFB Total Deposits grew by 3.9% QoQ - FAQs
1. What are Gross Advances?
Gross Advances refer to the total value of loans extended by the bank, including securitized and assigned portfolios.
2. How much did Gross Advances increase Year-on-Year (YoY)?
Gross Advances increased by 17.8% Year-on-Year, from Rs. 29,601 crore in June 2023 to Rs. 34,872 crore in June 2024.
3. What is the total amount of Total Deposits as of June 30, 2024?
Total Deposits amounted to Rs. 37,524 crore as of June 30, 2024.
4. What was the percentage growth of Total Deposits Quarter-on-Quarter (QoQ)?
Total Deposits grew by 3.9% Quarter-on-Quarter, from Rs. 36,129 crore in March 2024 to Rs. 37,524 crore in June 2024.
5. What is CASA?
CASA stands for Current Account Savings Account, representing the portion of deposits held in current and savings accounts.
6. How much did CASA deposits increase QoQ?
CASA deposits rose by 1.5% Quarter-on-Quarter, reaching Rs. 11,724 crore in June 2024.
7. What was the CASA Ratio as of June 30, 2024?
The CASA Ratio was 31% as of June 30, 2024, down from 32% in March 2024.
8. What is the Cost of Funds?
The Cost of Funds refers to the average interest rate paid by the bank on its liabilities, such as deposits.
9. How did the Cost of Funds change QoQ?
The Cost of Funds increased marginally from 7.44% in March 2024 to 7.46% in June 2024.
10. What does YoY and QoQ mean in financial terms?
YoY stands for Year-on-Year, comparing figures from the same quarter of the previous year. QoQ stands for Quarter-on-Quarter, comparing figures from the previous quarter.