ESAF Small Finance Bank Limited has registered a 23 per cent growth in its net profit in Q1 of FY24 at ₹129.96 crore compared to a net profit of ₹105.97 crore during the corresponding quarter of the last fiscal year.

The operating profit grew 33.46 per cent to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year.

The net interest income increased by 30.46 per cent to ₹585.45 crores for Q1, underscoring ESAF Bank’s prudent lending practices and interest rate management strategies.

Advances and deposits

The total Advances under Management increased by 35.08 per cent, reaching ₹17,203 crore from ₹12,735 crore, indicating the bank’s successful expansion of its lending portfolio.

The total deposits increased by 16.33 per cent to ₹15,656 crore from ₹13,458crore. The NPA position has significantly improved with GNPA stood at ₹237.61 crore and the NNPA amounted to ₹115.61 crore.

The proactive measures and efficient asset quality management have resulted in reduced GNPA ratio of 1.65 per cent and NNPA ratio of 0.81 per cent compared to gross NPA ratio of 6.16 per cent and a net NPA ratio of 3.78 per cent.

Customer-centric solutions

“We are pleased to announce these positive financial results for Q1 of FY 2023-2024, which reflects our dedication to prudent banking practices and delivering value to our customers. We remain committed to sustainable growth and community development” said Kadembelil Paul Thomas, the Managing Director and Chief Executive Officer of ESAF Bank.

“With a focus on innovation, growth, and customer-centric solutions, ESAF Bank continues to contribute to the financial ecosystem and drive economic development”, he added.

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