New Delhi: ESAF Small Finance Bank on Thursday reported a 57 per cent decline in net profit at Rs 43.4 crore for the fourth quarter ended March 2024 on account of higher provisions.
The Kerala-based bank had posted a net profit of Rs 101.4 crore for the year-ago period.

Total income increased to Rs 1,152 crore in the March quarter from Rs 868 crore a year ago, the bank said in a regulatory filing.
Interest income grew to Rs 1,002 crore during the period under review from Rs 774 crore in the corresponding quarter a year ago.

Net Interest Income (NII) grew 18.4 per cent to Rs 591 crore compared to Rs 499 crore in the same quarter a year ago. The bank's Gross Non-Performing Assets (NPAs) deteriorated to 4.76 per cent of gross advances as of March 31, 2024, from 2.49 per cent by the end of March 2023. Net NPAs also increased to 2.26 per cent of the advances from 1.13 per cent at the end of 2023.
As a result, provision for bad loans and contingencies rose nearly three-fold to Rs 226 crore as against Rs 82 crore earmarked during the same quarter a year ago.

For FY24, the bank posted a 41 per cent rise in net profit at Rs 425.6 crore as compared to Rs 302.3 crore in the previous fiscal. Net Interest Margin (NIM) in FY24 stood at 10.7 per cent compared to 10 per cent in FY23.
Capital Adequacy Ratio (CRAR) improved to 23.27 per cent over 19.83 per cent on March 31, 2023. 

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