ESAF Small Finance Bank net profits soar to Rs 90.28 Cr

Kerala-based ESAF Small Finance Bank Ltd Monday said it has recorded a whopping 234 per cent increase in its net profits for the FY19, in its second year of operation as a bank, largely led by its higher interest income and efficient NPA management.

According to the audited results for the year ending March 31, 2019, the net profit stood at Rs 90.28 crore against Rs 26.99 crore in the previous year, the bank said in a statement here.

Commenting on the results, K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said the highly encouraging results showed the growing confidence in the bank.

"Despite a slowdown in internal consumptions, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance," he said.

"The higher asset quality and higher interest returns contributed to the growth of bottom lines. It also indicates the growth aspirations in rural India, prompting us to further expand our reach ...