ESAF Small Finance Bank has registered a 234 per cent increase in net profit at ₹90.28 crore in FY19, against ₹26.99 crore in the previous year.
According to K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, the results prove the growing confidence of the public in the bank.
“Despite a slow-down in internal consumptions, declining investments, and changing macro situations, we were able to improve upon our own benchmarks of performance. The higher asset quality and higher interest returns contributed to the growth of bottomlines. It also indicates the growth aspirations in the rural India, prompting us to further expand our reach, especially in the un-banked sections and geographies. The total branch network will cross the 500-mark by 2020,” he said.
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