Chennai: Kerala-based ESAF Small Finance Bank Ltd has recorded a 234 per cent increase in its net profits during FY19, in only its second year of operation.
The increase in net profits is largely led by its higher interest income and efficient NPA management, a press release said.
According to the audited results for the year ending on 31 March, the net profit stood at Rs 90.28 crore against Rs 26.99 crore in the previous year.
Commenting on the results, managing director and CEO of ESAF Small Finance Bank, K Paul Thomas, said the highly encouraging 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 the rural India, prompting us to further expand our reach especially in the unbanked sections and geographies,” he said.