ESAF Bank Net Profit Soars 452%; Reaches an all-time high

Chennai: ESAF Small Finance Bank posted a 452.40% increase in net profit to Rs. 302.33 crore for the year ended 31st March 2023. 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% to Rs. 30,996.89 crore, compared to Rs. 25,155.76 crore in the previous fiscal year. The operating profit for the fiscal year increased by 81.70% to Rs. 893.71 crore from Rs. 491.85 crore. The Net Interest Income improved by 60.08% from Rs. 1,147.14 crore to Rs. 1,836.34 crores.

 
Deposits increased by 14.44% from Rs. 12,815.07 crore to Rs. 14,665.63 crore for the year ended 31st March 2023. Total CASA improved by 7.18% from Rs. 2,927.40 crore to Rs. 3,137.45 crore. Gross Advances increased by 16.38% from Rs. 12,130.64 crore to Rs. 14,118.13 crore as of 31st March 2023. The collection efficiency sustainably improved after the COVID pandemic and the activity level at the field has attained near normalcy.
 

Commenting on the results, K. Paul Thomas, MD & 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 footprints across India, we will continue to ensure inclusive growth and prosperity for all." Gross NPA and Net NPA stands reduced to 2.49% and 1.13% from 7.83% and 3.92%, respectively, during FY 2023. CRAR stood at 19.83% as on 31st March, 2023 as against the minimum requirement of 15% and Earnings per share improved from Rs. 1.22 to Rs. 6.73.