Company Update : Equitas SFB by Motilal Oswal Financial Services Ltd
Healthy business growth; CD ratio down 69bp QoQ
* Equitas SFB released its 1QFY27 business update. Following are the key takeaways:
* Gross advances grew by 26.7% YoY/3.22% QoQ to INR476b (in line with our estimated growth of 27.2% YoY/3.4% QoQ). Growth was led by MFI, which rose 70.19% YoY/4.57% QoQ to INR60.2b. Non-MFI grew by 22.2% YoY/3.03% QoQ to INR 416b.
* Total deposits grew 10.44% YoY/5.25% QoQ to INR489.7b (beating our estimate of 8.4% YoY/3.8% QoQ growth), while CASA ratio declined to 25% from 26% in 4QFY26.
* Cost of fund increased by 11bp QoQ to 7.05%.
* C/D ratio marginally declined to 92.96% from 93.65% in 4QFY26.
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