Kerala-based ESAF Small Finance Bank Ltd Monday said it has recorded a whopping 234 per cent increase in its net profits for the FY19, in its second year of operation as a bank, largely led by its higher interest income and efficient NPA management.
According to the audited results for the year ending March 31, 2019, the net profit stood at Rs 90.28 crore against Rs 26.99 crore in the previous year, the bank said in a statement here.
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 slowdown in internal consumptions, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance," he said.
"The higher asset quality and higher interest returns contributed to the growth of bottom lines. It also indicates the growth aspirations in rural India, prompting us to further expand our reach especially in the unbanked sections and geographies. The total branch network will cross the 500 mark by 2020," he added.
ESAF SFB has 424 banking outlets and 213 ATMs across 14 states with a client base of 3.3 million.
The bank has a capital base of Rs 893 crore and employs more than 2,000 people.
ESAF Small Finance Bank was incorporated on May 5, 2016 and started operations on March 10, 2017.
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