ESAF Small Finance Bank posts 111 pc rise in net profit

Kerala-based ESAF Small Finance Bank has recorded 111 per cent increase in its net profit for the year ended March 31 (FY20) to Rs 190 crore from Rs 90 crore in FY19.

The deposits jumped by 63 per cent to Rs 7,028 crore and advances (assets under management) by 37 per cent to Rs 6.818 crore. Total business during FY20 increased by 49 per cent to touch Rs 13,846 crore.

The gross non-performing asset (NPA) percentage reduced from 1.61 per cent to 1.53 per cent and net NPA reduced from 0.77 per cent to 0.64 per cent. Also, the provision coverage ratio improved to 79.93 per cent from 78.45 per cent during the previous year.

The capital position of the bank is comfortable at 24.03 per cent with tier 1 capital to risk assets ratio of 20.99 per cent as against regulatory requirement of 15 per cent and 7.5 per cent respectively.

Managing Director and CEO K Paul Thomas said the growth in business has not affected the bank's asset quality. "It also highlighted the fact that we are delivering the joy of banking to all by keeping our focus on empowering the poor and marginalised."

ESAF Small Finance Bank serves 35 lakh customers through 454 branches, 14 business correspondent entities and 222 ATMs in 17 states and one union territory.

( With inputs from ANI )