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ESAF Small Finance Bank posted a 452 per cent increase in net profit to Rs 302.33 crore for the year ended March 31. It was Rs 54.73 crore during the previous year.
The net profit for the quarter was Rs 101.38 crore as against Rs 37.41 crore during the trailing quarter. Total business (including advances under collection management) increased by 23.22 per cent to Rs 30,996.89 crore, compared to Rs 25,155.76 crore in the previous fiscal year.
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The operating profit for the fiscal year increased by 81.70 per cent to Rs 893.71 crore from Rs 491.85 crore. The net interest income improved by 60.08 per cent from Rs 1,147.14 crore to Rs 1,836.34 crore.
Deposits increased by 14.44 per cent from Rs 12,815.07 crore to Rs 14,665.63 crore for the year ended March 31. Total CASA (current account, savings account) improved by 7.18 per cent from Rs 2,927.40 crore to Rs 3,137.45 crore.
Gross advances increased by 16.38 per cent from Rs 12,130.64 crore to Rs 14,118.13 crore as of March 31. The collection efficiency sustainably improved after the Covid pandemic and field-level activity has reached near-normalcy.
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K Paul Thomas, MD and CEO, ESAF Small Finance Bank, said, “The soaring profit stands testimony to the opportunities in front while being steadfast in our commitment to sustainability. For us, this result is a celebration of the resilience shown by our loan customers. Also, we are happy that we could create a meaningful impact on the lives of many, especially the underprivileged. As we expand our footprint across India, we will continue to ensure inclusive growth and prosperity for all.”
Gross non-performing assets (GNPA) and net NPA stands reduced to 2.49 per cent and 1.13 per cent from 7.83 per cent and 3.92 per cent, respectively, during FY 2023. Capital to risk assets ratio, or CRAR, stood at 19.83 per cent as on March 31, as against the minimum requirement of 15 per cent, and earnings per share improved from Rs 1.22 to Rs 6.73.
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