ESAF SFB FY24 results 40.8% YoY of profit, Recommends 7% Dividend

ESAF Small Finance Bank witnessed a rise in Net Interest Income (NII), surging by 18.4% year-on-year to Rs 591 Crore, compared to Rs 499 Crore in Q4FY23.

Additionally, the Pre-provisioning operating profit (PPoP) for Q4FY24 grew by 30.1% year-on-year to Rs 285 Crore, showcasing an improvement from Rs 219 Crore in Q4FY23. However, the bank has allocated higher provisions, resulting in a Profit After Tax of Rs 43 Crore for the quarter, compared to Rs 101 Crore in Q4FY23.

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In terms of business growth, the bank showcased impressive results, with total business surging by 27.5% year-on-year to Rs 39,527 Crore in Q4FY24, compared to Rs 30,997 Crore in Q4FY23. Gross advances saw a substantial increase of 33% year-on-year to Rs 18,772 Crore in Q4FY24, compared to Rs 14,118 Crore in Q4FY23.

Advances Under Management for the quarter stood at Rs 19,659 Crore, marking a year-on-year growth of 20.4%. The loan segment contributed 70% to Assets Under Management. Total Disbursements during Q4FY24 stood at Rs 5,266 Crore.

Gross Non-Performing Assets (GNPA) stood at 4.8% in Q4FY24 compared to 2.5% in Q4FY23. Net Non-Performing Assets (NNPA) stood at 2.3% of advances in Q4FY24. The Provision Coverage Ratio (PCR) stood at a healthy 65.2%.

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Deposits witnessed robust growth, with total deposits growing by 35.5% year-on-year to reach Rs 19,868 Crore in Q4FY24, compared to Rs 14,666 Crore in Q4FY23. CASA deposits increased by 43.5% year-on-year to Rs 4,502 Crore in Q4FY24, compared to Rs 3,138 Crore in Q4FY23, resulting in a CASA ratio of 22.7%.

The Bank’s pre-provisioning operating profit (PPoP) for FY24 increased 30.1% YoY to Rs 1,163 Crore as compared to Rs 894 Crore in FY23.

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