ESAF Small Finance Bank’s net profit up by 143%
ESAF Small Finance Bank has reported a net profit of ₹140.12 crore in the second quarter of the financial year 2023-24, registering a y-o-y growth of 143.35 per cent.
The net operating profit for the quarter is ₹289.65 crore, an increase of 37.39 per cent over the revenue recorded in the corresponding period of the previous year.
Total business reached ₹34,906 crore registering a growth of 32.81 per cent, while total deposits increased from ₹13,520 crore to ₹17,416 crore, up by 28.82 per cent. The Advances Under Management (AUM) grew by 37.03 per cent to reach ₹17,490 crore from ₹12,764 crore. The gross NPA stood at 2.64 per cent and net NPA at 1.19 per cent during the second quarter. Capital Adequacy Ratio (CRAR) stood at 20.57 per cent.
As of September 30, the bank’s distribution network was at 700 branches and 579 ATMs across 236 districts in 21 states and 2 Union Territories. In addition, the bank has 25 business correspondents and 855 customer service centres.
Commenting on the quarterly performance, K. Paul Thomas, MD & CEO, ESAF Small Finance Bank said, “Our steadfast focus on rural and semi-urban locations along with the sustainable model we pursue has played a pivotal role in driving this success. In line with our strategic vision, our wholehearted dedication to expanding our presence in these underserved areas, contributing not only to our bottom line but also to the economic development of these communities.”
He also emphasised on the sustainable approach that ensured growth, not only beneficial for the company but also created a positive impact on the lives of individuals. “Investment in digital technologies continues to be our priority, and we are confident that our strategic initiatives will further propel us towards even greater heights in the future,” he added.