The Kerala-based ESAF Small Finance Bank has recorded a 284 per cent increase in its net profits for the half year at Rs 92.44 crore against Rs24.07 crore in the previous year.
The increase in net profit is largely led by its higher business volume and asset quality improvement.
K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said the encouraging results showed the strong performance of the bank despite a slowdown in the market. This also indicates the growth aspirations in rural areas.
The deposits have registered an increase of 98.72 per cent touching Rs 6063.37 crore against Rs 3054.20 crore during the previous year. The advances (Assets Under Management) increased by 24.13 per cent to the tune of Rs 5486.06 crore. The gross NPA stood at 1.76 per and Net NPA stood at 0.62 per cent.