Money & Banking

ESAF Bank logs ₹24-cr profit

Kochi | Updated on November 20, 2018

Kerala-based ESAF Small Finance Bank has registered ₹24 crore profit after tax (PAT) for the six months ending September 30 against a loss of ₹48.99 crore during the H1 of FY18.

The net profit achieved by the Thrissur-based bank was driven by a 70 per cent growth in gross advances at ₹3,993.45 crore, mostly riding on its retail portfolio which now remains its mainstay.

K Paul Thomas, MD and CEO of ESAF Small Finance Bank, said the results reflected the improving macro economic conditions, especially in the under-served sections of society. The increase in profit was because of the significant improvement in asset quality. While the net NPA came down to 0.49 per cent from 4.99 per cent, the gross NPA came down to 3.37 per cent from 6.85 per cent on y-o-y basis. This is commendable as Kerala, where the bank has a significant exposure, faced the worst floods during the period.

“We have been on an expansion mode to increase the number of branches by 200 this fiscal year and tap the untapped market for which plans are well on track,” he said.

Published on November 20, 2018

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