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ESAF Bank’s Q4 net profit rises 144% to ₹106 crore

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Money & Banking

Total business surges 44.36% to ₹25,156 crore

ESAF Small Finance Bank has posted a 144 per cent increase in net profit at ₹106 crore in the fourth quarter of FY22 against ₹43.29 crore in the same period a year ago.

The annual net profit for the fiscal ended March 31 was ₹54.73 crore. The operating profit during the January-March quarter increased by 175 per cent to ₹158 crore from ₹57.49 crore in the same period of the previous year. Total business increased by 44.36 per cent to ₹25,156 crore from ₹17,425 crore of the previous fiscal.

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The operating profit for the fiscal increased by 17.96 per cent to ₹491.84 crore from ₹416.98 crore despite the challenges during the year on account of the pandemic. Deposits increased by 42.40 per cent from ₹8,999 crore to ₹12,815 crore for the year ended March 31. Total CASA improved by 67.45 per cent from ₹1,748 crore to ₹2,927 crore.

K Paul Thomas, MD & CEO, ESAF Small Finance Bank, said: “The overall performance during the financial year was commendable and we as a bank could continue to serve our customers better in the difficult times.”

Gross NPA and net NPA increased to 7.83 per cent and 3.92 per cent from 6.70 per cent and 3.88 per cent, respectively during FY22. The bank as a prudent measure holds additional provision in excess of the RBI requirement in the standard category to the extent of ₹66.06 crore as at March 31 against ₹44.04 crore as at March 31, 2021.

Published on May 11, 2022

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