ESAF Small Finance Bank FY23 net profit jumps over four-fold to Rs 302 cr

ESAF Small Finance Bank posted an over four-fold jump in net profit to Rs 302.33 crore for the year ended March 31, 2023.

The bank had earned a profit of Rs 54.73 crore a year ago.

Total business (including advances under collection management) increased by 23.22 per cent to Rs 30,996.89 crore, compared to Rs 25,155.76 crore in the preceding year, ESAF Small Finance Bank said in a statement on Wednesday.

Deposits increased 14.44 per cent from Rs 12,815.07 crore to Rs 14,665.63 crore for the year ended March 31, 2023. Gross Advances increased 16.38 per cent from Rs 12,130.64 crore to Rs 14,118.13 crore as of March 31, 2023.

The operating profit for the fiscal year increased by 81.70 per cent to Rs 893.71 crore from Rs 491.85 crore.

The Net Interest Income improved 60.08 per cent to Rs 1,836.34 crore.

Total CASA rose 7.18 per cent to Rs 3,137.45 crore from Rs 2,927.40 crore.

The net profit for the quarter was Rs 101.38 crore as against Rs 37.41 crore during the fourth quarter of the previous year.

ESAF Small Finance Bank managing director K Paul Thomas said, "the soaring profit stands testimony to the opportunities in front while being steadfast in our commitment to sustainability."

As the bank expand footprints across India, he said, it will continue to ensure inclusive growth and prosperity for all.

Gross NPA and Net NPA stands reduced to 2.49 per cent and 1.13 per cent from 7.83 per cent and 3.92 per cent, respectively, during FY23.

Capital adequacy ratio stood at 19.83 per cent as on March 31, 2023 as against the minimum requirement of 15 per cent and Earnings per share improved from Rs 1.22 to Rs 6.73.