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Post the decrease in SA interest rates done in Dec22, the SA deposits had a de-growth this quarter, as expected. It has dropped from Rs 10,021Cr to Rs 9758Cr. Overall the customer deposits have continued to rise. CASA has dropped from 46% to 42%.
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COF have increased by 0.21%. Most likely the savvy depositors either transferred their funds to other accounts or booked a TD with Equitas.
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Either way it will be Equitas’ loss here. It’ll reflect either in lower deposit growth or higher COF.
I don’t quite get the strategy here. If anyone here understood their strategy, do share your views.
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