ESAF Small Finance Bank net profit soars to Rs 90.28 crore

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Published: May 14, 2019 3:53:49 AM

Kerala-based ESAF Small Finance Bank on Monday said that it has achieved a 234% year-on-year increase in net profit for FY19 at Rs 90.28 crore.

Gross NPA declined to 1.61% from 3.79% during FY18. Net NPA also recorded a decline during the last fiscal to 0.77% from 2.69%.

Kerala-based ESAF Small Finance Bank on Monday said that it has achieved a 234% year-on-year increase in net profit for FY19 at Rs 90.28 crore. During the previous fiscal of 2017-18, net profit stood at Rs 26.99 crore. It said that higher interest income and efficient NPA management helped the lender achieve better result in its second year of operation as a bank.

K Paul Thomas, MD and CEO, ESAF Small Finance Bank, said the highly encouraging results showed the growing confidence in the bank. Gross NPA declined to 1.61% from 3.79% during FY18. Net NPA also recorded a decline during the last fiscal to 0.77% from 2.69%. “Despite a slow-down in internal consumption, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance,” he said.

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