ESAF Bank Q4 net profit rises 144%
For the fourth quarter ending March 31, 2022, ESAF Bank (ESAF Small Finance Bank) increased its net profit by 143.93 percent to 105.60 crore. In the same period a year ago, it was Rs. 43.29 crore. The bank’s yearly net profit for the fiscal year ended March 31, 2022 was Rs. 54.73 crore.
During the January-March quarter, operational profit climbed by 174.99 percent to Rs 158.09 crore, compared to Rs 57.49 crore the previous year. In comparison to the previous year, total business climbed by 44.36 percent to Rs. 25156 crore.
Despite the challenges posed by the pandemic during the year, the operating profit for the fiscal climbed by 17.96% to Rs. 491.84 crore from Rs. 416.98 crore.
As of March 31, 2022, gross advances had increased by 44.15 percent, from Rs. 8415 crore to Rs. 12131 crore. Following the Covid epidemic, collection efficiency increased steadily, and field activity returned to near-normal levels.
“The overall performance throughout the financial year was impressive,” stated K Paul Thomas, MD & CEO, ESAF Small Finance Bank, “and we as a bank could continue to service our valued customers better in the difficult times, thereby bringing the joy of banking to everyone.”
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