ESAF Small Finance Bank Q3 Profit Surges 300% to Rs 112 Crore

New Delhi, Feb 9 (PTI) ESAF Small Finance Bank on Friday reported over three-fold increase in net profit at Rs 112 crore for the third quarter ended December 2023 on account of improvement in core income.

The Kerala-based bank had posted a net profit of Rs 37 crore for the year-ago period.

Total income increased to Rs 1,094 crore in December quarter from Rs 782 crore a year ago, the bank said in a regulatory filing.

Interest income also improved to Rs 974 crore from Rs 701 crore in the third quarter of the previous fiscal.

Net interest income rose to Rs 597 crore from Rs 451 crore in the corresponding period of the preceding year.

On asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 4.16 per cent from 7.24 per cent at the end of December quarter FY23.

Similarly, net NPAs also declined to 2.19 per cent from 3.73 per cent in the previous year.

Provision and contingencies nearly came down to Rs 138 crore from Rs 188 crore in same period of FY23.

The capital adequacy ratio increased to 21.03 per cent in December quarter as against 20.27 per cent a year ago.

"Through improved supervisory oversight at the field level, we aim to proactively manage potential challenges and further optimize our operational efficiency. With these initiatives underway, we are confident in achieving better performance in the coming quarters," ESAF Small Finance Bank MD K Paul Thomas said.

Total business grew 38.3 per cent to Rs 37,009 crore in Q3FY24 as against Rs 26,763 crore in the same period a year ago.