Shares of this small finance bank are rallying on the bourses today!

Today, the company traded at a new 52-week high value of Rs 73.45.

The shares of Equitas Small Finance Bank are buzzing on the bourses today. As of 10.43 am, the shares of the bank are trading higher by 5.04%. Owing to this, the stock is one of the top gainers on BSE from Group A.  Today, the company traded at a new 52-week high value of Rs 73.45.

Meanwhile, the frontline index S&P BSE Sensex is down by 0.05%.

Looking at the recent announcements, the bank has not made any significant announcements of late. Hence, the rally in the share price could be attributed to market forces.

Quarterly performance highlights

In Q3FY23, the bank’s total income grew by 17.49% YoY to Rs 1,216.03 crore. Its net interest income grew by 20% YoY to Rs 647 crore, taking the net interest margin (NIM) to 9.01%. Meanwhile, PAT grew 57% YoY to Rs 170 crore.

The advances grew by 27% YoY to Rs 24,915 crore. The bank’s total deposits grew 31% to Rs 23,393 crore. On a YoY basis, its cost of funds got reduced by 6 bps to 6.41%. The bank’s CASA stood at Rs 10,817 crore, which is 46% of the total deposits.

On the asset quality front, the gross non-performing assets (GNPAs) have improved to 3.46% in Q3FY23 from 3.82% in Q2FY23 and 4.39% in Q3FY22. The net non-performing assets (NNPAs) stand at 1.73% in Q3FY23 as compared to 1.93% in Q2FY23 and 2.38% in Q3FY22.

Further, in order to strengthen data-led decision-making, the bank has developed a business intelligence unit (BIU) to leverage the power of data analytics to drive superior management reporting, cross-selling, customer engagement, and internal control systems.

Share price movement-

Today, the scrip opened at Rs 69.55 and has touched a high and low of Rs 73.45 and Rs 69.20, respectively. So far 4,27,737 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 73.45 and Rs 37.50 respectively on BSE.