Earnings in line; business growth remains healthy

29 Jan 2024
5 Min read 
  • Equitas Small Finance Bank (EQUITASB) reported in-line earnings for 3QFY24 with a YoY growth of 18.7%.
  •  AUM growth remained steady at 32% YoY/5% QoQ, driven by healthy traction in most segments.
  •  Deposit growth was robust at 38% YoY/5% QoQ, led by faster growth in term deposits.
  •  Asset quality ratios deteriorated, with GNPA/NNPA ratios increasing QoQ.
  •  The management expects credit growth to remain robust at 25-28% in FY24.
  •  Maintain BUY rating with a target price of INR125.
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