Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis. However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.