ESAF Small Finance Bank has posted a 27 per cent growth in its total business in Q4 of FY24 at ₹39,527 crore as compared to ₹30,997 crore in Q4 FY23.

However, the bank has allocated higher provisions, resulting in a profit after tax of ₹43 crore for the quarter compared to ₹101 crore in Q4FY23.

The bank witnessed a rise in Net Interest Income (NII), surging by 18.4 per cent year-on-year to ₹591 crore, compared to ₹499 crore in Q4FY23. Additionally, the Pre-provisioning operating profit (PPoP) for Q4FY24 grew by 40.7 per cent to ₹285 crore, showcasing an improvement from ₹219 crore in Q4FY23.

Deposits witnessed robust growth, with total deposits growing by 35.5 per cent to reach ₹19,868 crore in Q4FY24, compared to ₹14,666 crore in Q4FY23. Gross NPA stood at 4.8 per cent in Q4FY24 compared to 2.5 per cent in Q4FY23. Net NPA stood at 2.3 per cent of advances in Q4FY24.

K Paul Thomas, MD & CEO, said, “The bank’s business is growing at a commendable pace, with a satisfying year-on-year growth of 28 per cent. Through fortified supervisory oversight and strategic initiatives, we are poised to navigate challenges effectively and achieve even better performance in the coming quarters”.