On quarter on quarter (QoQ) basis, gross advances rose 6% from Rs 29,601 crore posted on 30 June 2023.

Total deposits grew 42% year on year (YoY) and 11% quarter on quarter (QoQ) to Rs 30,839 crore as on 30 September 2023.

During the quarter, CASA deposits stood at Rs 10,349 crore, down 1% YoY while down 3% QoQ. CASA ratio was at 34% as on 30 September 2023 as compared to 48% as on 30 September 2022 and 38% as on 30 June 2022.

Cost of funds increased to 7.21% in Q2 FY24 from 7.21% in Q2 FY23 and 6.94% in Q1 FY24.

Equitas Small Finance Bank offers products and services to meet the needs of individuals with limited access to formal financing channels, as well as affluent and mass affluent, small & medium enterprises (SMEs) and corporates.

The bank reported 97.1% surge in net profit to Rs 191.20 crore on 32.8% jump in total income to Rs 1,425.33 crore in Q1 FY24 as compared with Q1 FY23.

The scrip rose 0.03% to currently trade at Rs 91.33 on the BSE.