The Kerala-based ESAF Small Finance Bank Ltd. has recorded a 234% increase in its net profit for the financial year 2019, in its second year of operation, largely led by its higher interest income and efficient NPA Management.
According to the audited results for the year ending March 31, 2019, the net profit stood at ₹90.28 crore against ₹26.99 crore in the previous year.
K. Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said the results showed the growing confidence in the bank.
“Despite a slow-down in internal consumptions, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance. The higher asset quality and higher interest returns contributed to the growth of bottom lines. It also indicates the growth aspirations in rural India, prompting us to further expand our reach, especially in the unbanked sections and geographies. The total branch network will cross the 500 mark by 2020,” he said.