ESAF Bank’s Q4 net profit rises 144% to Rs 106 crore

ESAF Small Finance Bank posted 143.93 per cent increase in net profit to 105.60 crore for the fourth quarter ended March 31, 2022.

ESAF Bank’s Q4 net profit rises 144% to Rs 106 crore
ESAF Bank’s Q4 net profit rises 144% to Rs 106 crore

Chennai: ESAF Small Finance Bank posted 143.93 per cent increase in net profit to 105.60 crore for the fourth quarter ended March 31, 2022. It was Rs. 43.29 crore during the same period a year ago. The annual Net Profit of the bank for the fiscal ended 31 March 2022 is Rs. 54.73 crore.

The operating profit during the January-March quarter increased by 174.99% to Rs 158.09 crore against Rs 57.49 crore in the same period of the previous year. Total business increased by 44.36 per cent to Rs. 25156 crore, compared to Rs. 17425 crore of the previous fiscal.

The operating profit for the fiscal increased by 17.96 per cent to Rs. 491.84 from 416.98 crore despite the challenges during the year on account of the pandemic.

Deposits increased by 42.40% from Rs. 8999 Crore to Rs 12815 Crore for the year ended 31 March 2022. Total CASA Improved by 67.45% from Rs. 1748  Crore to Rs. 2927 Crore. CASA proportion to Deposits also significantly improved from 19.42% for the Year ended 31 March 2021 to 22.84% for the year ended 31 March 2022.

Gross Advances increased by 44.15% from Rs. 8415 crore to Rs. 12131 Crore as of 31 March 2022. The collection efficiency sustainably improved after the covid pandemic and the activity level at the field has attained near normalcy.

Commenting on the results, K Paul Thomas, MD & CEO, ESAF Small Finance Bank said: "The overall performance during the financial year was commendable and we as a bank could continue to serve our valued customers better in the difficult times, thereby delivering the joy of banking to everyone."

Gross NPA and net NPA increased to 7.83% and 3.92% from 6.70% and 3.88% respectively during FY 2022. The Bank as a prudent measure holds additional provision in excess of the RBI requirement in the standard category to the extent of Rs. 66.06 Crore as at 31 March 2022 as against 44.04 Crore as at 31 March 2021.