The Thrissur-based ESAF Small Finance Bank has recorded 110.86% increase in its net profit for the year ended March 31.
The net profit for the fiscal rose to ₹190.39 crore from ₹90.29 crore registered the year before. “The encouraging results show the strong performance of the bank despite a slowdown in the market. Moreover, the growth in business has not affected the asset quality. They also highlight the fact that we are delivering the joy of banking to all by keeping our focus on empowering the poor and the marginalised,” said K. Paul Thomas, managing director and CEO, ESAF Bank.
Business during the year increased by 49.05% to touch ₹13,846 crore. Deposits registered an increase of 62.81% to ₹7,028 crore and advances (Assets Under Management) rose by 37.11% to the tune of ₹6,818 crore.
The gross NPA percentage came down from 1.61% to 1.53%, and net NPA was down from 0.77% to 0.64% during the year. Also, the provision coverage ratio improved to 79.93% from 78.45% in the previous year.
