ESAF Small Finance Bank has recorded a 110.8% jump in its net profit for the financial year ended March 31, 2020. The previous year the bank had recorded a net profit of Rs 90.29 crore. which has now increased to Rs 190.39 crore.
ESAF Bank Records a Huge 111% Profit Jump in FY 20
The Karnataka based bank has witnessed an increase of 62.81% in its deposits to Rs 7.028 crore and an increase of 37.11% in the loans during the financial year.
The gross NPA has also declined from 1.61% to 1.53% and net NPA from 0.77% to 0.64%. K Paul Thomas the Managing Director said that the results were encouraging for the company despite the financial sector facing a slowdown amidst the ongoing situation. The bank is open to all the customers, focusing primarily on empowering the poor and the marginalized.
ESAF Bank has also enough capital cushion for its medium-term business plan. Further, the relaxations provided by the government to the rural entrepreneurs would act as an uplift to the rural economy on which the bank is looking forward to playing a key role.