ESAF Small Finance Bank posts 200% surge in Q3 net profit
ESAF Small Finance Bank Limited has reported a robust growth in its net profit at ₹112 crore, which surged by 200 per cent in Q3 of FY24.
The net interest income grew 32 per cent to ₹597 crore. The pre-provisioning operating profit increased 20 per cent to ₹288 crore in Q3 FY24. The return on asset (ROA) and return on equity (ROE) stood at 2.3 and 25.5 per cent respectively.
The total business grew 38.3 per cent to ₹37,009 crore as against ₹26,763 crore in Q3 FY23. The gross advances grew 36.7 per cent to ₹17,153 crore as against ₹12,544 crore in Q3 FY23. The advances under management (AUM) for the quarter stood at ₹18,149 crore, up 35.9 per cent.
Of the AUM, micro and other loans contributed 72 per cent while retail loans accounted for 28 per cent. The disbursements during Q3 FY24 grew 10.6 per cent to ₹3,893 crore as against ₹3,521 crore in Q3 FY23. The bank’s total deposits grew 41 per cent Y-o-Y to reach ₹18,860 crore.
K Paul Thomas, MD & CEO of ESAF Small Finance Bank Ltd, said, “The growth in the bank’s business numbers has been satisfactory. We are particularly pleased to note a year-on-year growth of 38 per cent in our business numbers. Keeping this positive trend in mind, the bank is strategically reinforcing its efforts to ensure continued success. Through improved supervisory oversight at the field level, we aim to proactively manage potential challenges and further optimize our operational efficiency. With these initiatives underway, we are confident in achieving better performance in the coming quarters.”