ESAF Small Finance Bank Limited announced its financial results for the quarter ended December 31, 2023. The bank reported a robust growth in its Net Profit, which surged by 199.8% year-on-year to ? 112 crore. The bank's net interest income grew by 32.3% year-on-year to ? 597 crore, as the net interest margin stood at 10.6%. The pre-provisioning operating profit increased by 20.5% YoY to ? 288 crore in Q3 FY24. the return on asset (ROA) and return on equity (ROE) stood at 2.3% and 25.5%, respectively.
The bank's total business grew by 38.3% YoY to ? 37,009 crore in Q3 FY24, as against ? 26,763 crore in Q3 FY23. The gross advances grew by 36.7% YoY to ? 17,153 crore in Q3 FY24, as against ? 12,544 crore in Q3 FY23. The advances under management (AUM) for the quarter stood at ? 18,149 crore, up by 35.9% YoY. Of the AUM, micro loan and other contributed 72%, while retail loans accounted for 28%. The disbursements during Q3 FY24 grew by 10.6% to ? 3,893 crore, as against ? 3,521 crore in Q3 FY23.
The bank's total deposits grew by 41.0% YoY to reach ? 18,860 crore in Q3 FY24, compared to ? 13,412 crore in Q3 FY23. The current account and savings account (CASA) deposits increased by 20.3% YoY to ? 3,562 crore, compared to ? 2,960 crore in Q3 FY23. The CASA ratio stood at 18.9%.
The bank's asset quality improved in Q3 FY24, as the gross non-performing assets (GNPA) ratio stood at 4.2%, as compared to 7.2% in Q3 FY23. The net non-performing assets (NNPA) ratio stood at 2.2% of the advances in Q3 FY24. The provision coverage ratio (PCR) stood at 59.5%. The capital adequacy ratio (CRAR) was 21.0%, and the Tier I ratio was 18.9%, as at the end of December 2023.
Commenting on the results, Mr. Kadambelil Paul Thomas, MD & CEO of ESAF Small Finance Bank Ltd., said, "The growth in the bank's business numbers has been satisfactory. We are particularly pleased to note a year-on-year growth of 38% in our business numbers. Keeping this positive trend in mind, the bank is strategically reinforcing its efforts to ensure continued success. 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."
Shares of ESAF Small Finance Bank Limited was last trading in BSE at Rs. 78.28 as compared to the previous close of Rs. 78.71. The total number of shares traded during the day was 1340861 in over 7954 trades.
The stock hit an intraday high of Rs. 82.26 and intraday low of 77.44. The net turnover during the day was Rs. 106555717.00. |
