Equitas Small Finance Bank rises after a decent Q3 business update

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Equitas Small Finance Bank rises after a decent Q3 business update

Equitas Small Finance Bank, which is the largest small finance bank in India was able to rise 3.04% which amounts to Rs 40.65 after the bank’s gross advances rose by 19% year on year and 4% quarter on quarter to Rs 17,385 crore in Q3 December 2020. The total deposits that were made are around Rs 15,862 crore during Q3 December last year, which allowed them 51% year on year and 23% quarter on quarter.

CASA was able to be improved by 81% year on year that amounts to Rs 3,967 crore from Rs 2,196 crore during the corresponding year last year. It has been reported that CASA Ratio has improved from 21 percent in the quarter of December 2019 to 25% in Q3 December 2020.

Equitas Small Finance Bank happens to be the largest small finance bank in India. It has more banking outlets than any other and is the second-largest SFB in India with more assets under the management and deposits in the financial year of 2019. According to reports, Equitas Small Finance Bank clocked over the two-fold jump in the net profit at Rs 103 crore in Q2 on healthy core income and fall in bad assets.

The bank has already reported a net profit of Rs 102.99 crore in the second quarter of 2021 as opposed to a net profit of Rs 49.48 crore in the second quarter of 2020. The total income during the quarter rose by 22.4% to Rs 861.23 crore.

The shares of Equitas Small Finance Bank had been listed earlier on bourses on 2 November 2020. The stock was reportedly at Rs 31 and a discount of 6.06% was added to the IPO price of Rs 33. The IPO of Equitas Small Finance Bank was subscribed by citizens 1.95 times. The issue was opened for bidding on 20 October 2020 and was closed on 22 October 2020. The share sale of the Chennai-based lender, Equitas Small Finance Bank, consisted of a fresh issue of Rs 280 crore. People were allowed to make bids for 450 equity shares.

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