Profit before provisions and contingencies jumped 37.39% to Rs 289.65 crore in Q2 FY24 as compared with Rs 210.83 crore in Q2 FY23.

Deposits jumped 28.82% to Rs 13,520 crore in Q2 FY24 as compared with Rs 17,416 crore in Q2 FY23.

Total business increased 32.8% YoY to Rs 34,906 crore in Q2 FY24.

Gross NPA stood at Rs 399.12 crore in Q2 FY24, implementing a decline of 58.50% YoY. Net NPA was at Rs 177.67 crore in Q2 FY24, down 64.02% YoY.

Net NPA to Net advances stood at 1.19% in Q2 FY24 as against 4.34% in Q2 FY23.

Capital Adequacy Ratio (CRAR) improved to 20.57% in Q2 FY24 as compared with 21.18% in Q2 FY23.

The bank’s segment revenue from retail business stood at Rs 897.5 crore, (up 41.16% YoY), wholesale business was at Rs 20.71 crore, (up 46.49% YoY), while treasury stood at Rs 88.09 crore, (down 4.12% YoY).

K. Paul Thomas, MD & CEO, ESAF small finance bank said, “I am pleased to see that our bank has achieved another quarter of robust financial performance. Our steadfast focus on rural and semi-urban locations along with the sustainable model we pursue has played a pivotal role in driving this success. In line with our strategic vision, our wholehearted dedication to expanding our presence in these underserved areas, contributing not only to our bottom line but also to the economic development of these communities.

Investment in digital technologies continues to be our priority, and we are confident that our strategic initiatives will further propel us towards even greater heights in the future.”

Shares of ESAF Small Finance Bank debuted on the bourses on 10 November 2023. The scrip was listed at Rs 71.90, representing an 19.83% premium to the issue price of Rs 60.

ESAF Small Finance Bank primarily focus on expanding the banking horizon to new unbanked and underbanked area, yet bank stand with for all with presence in urban, semi urban, rural and rural unbanked areas. As on 30 September 2023, the Bank’s distribution network was at 700 branches and 579 ATMs across 236 districts in 21 states and 2 union territories. In addition, we have 25 business correspondents and 855 customer service centres.