THIRUVANANTHAPURAM, Jun 1: Kerala-based ESAFSmall Finance Bank Ltd has recorded a234 per cent increase inits net profits for the FY19, in its second year of operation.The increase in net profits is largely led by itshigher interest income and efficient NPA management, a pressrelease said.According to the audited results for the year endingon March 31, the net profit stood at Rs 90.28 crore against Rs26.99 crore in the previous year.Commenting on the results, K Paul Thomas, ManagingDirector and CEO of ESAF Small Finance Bank, said the highlyencouraging results showed the growing confidence in the bank.”Despite a slow-down in internal consumptions,declining investments and changing macro situations, we wereable to improve upon our own benchmarks of performance.”The higher asset quality and higher interest returnscontributed to the growth of bottom lines. It also indicatesthe growth aspirations in the rural India, prompting us tofurther expand our reach especially in the unbanked sectionsand geographies, he said.The total branch network will cross the 500 mark by2020, he added.ESAF SFB, the only Kerala-based institution to getbanking licence since the country’s independence, has 424banking outlets and 213 ATMs across 14 states with a clientbase of 3.3 million.The bank has a capital base of Rs 893 crore and morethan 2,000 people employees.ESAF Small Finance Bank was incorporated on May 5,2016 and started operations on March 10, 2017.As part of the expansion, the bank is focusing onUttar Pradesh and North-East states. (PTI)
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