ESAF Small Finance Bank net profits soar by 234 per cent

: Kerala-based ESAF Small Finance Bank Ltd has recorded a234 per cent increase in its net profits for the FY19, in its second year of operation.

The increase in net profits is largely led by its higher interest income and efficient NPA management, a press release said.

According to the audited results for the year ending on March 31, the net profit stood at Rs 90.28 crore against Rs 26.99 crore in the previous year.

Commenting on the results, K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said the highly encouraging results showed the growing confidence in the bank.

"Despite a slow-down in internal consumptions, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance."