ESAF Small Finance Bank announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Net Interest Income (NII) grew 18.4% YoY to Rs 591 crore compared to Rs 499 crore in Q4FY23
- Pre-provisioning operating profit (PPoP) for Q4FY24 grew 30.1% YoY to Rs 285 crore compared to Rs 219 crore in Q4FY23
- Profit After Tax is at Rs 43 crore in Q4FY24 compared to Rs 101 crore in Q4FY23
- The Return on Asset (ROA) and Return on Equity (ROE) stood at 1.9% and 20.3% respectively.
- Cost of funds for the FY24 was 7.4%, higher by 10 bps on account of increase in the deposit cost in line with the market trend.
- CRAR was 23.3% and Tier I at 19.7% as at end of March 2024.
- Total business grew by 27.5% YoY to Rs 39,527 crore in Q4FY24 as against Rs 30,997 crore in Q4FY23.
- Gross advances grew by 33.0% YoY to Rs 18,772 crore in Q4FY24 as against Rs 14,118 crore in Q4FY23.
- Advances Under Management (AUM) for the quarter stood at Rs 19,659 crore, up by 20.4% YoY. Of the AUM, Micro Loan and other contributes 81.2%, Retail Loans being 18.8%.
- Disbursements during Q4FY24 stood at Rs 5,266 crore as against Rs 6,043 crore in Q4FY23
- The total deposits grew by 35.5% YoY to reach Rs 19,868 crore in Q4FY24 compared to Rs 14,666 crore in Q4FY23
- CASA deposits increased by 43.5% YoY to Rs 4,502 crore in Q4FY24 compared to Rs 3,138 crore in Q4FY23; CASA ratio stand at 22.7%
- Bank’s asset quality stand (GNPA) at 4.8% in Q4FY24 vs 2.5% in Q4FY23.
- Net NPA stood at 2.3% of the Advances in Q4FY24
- Provision Coverage Ratio (PCR) stood 65.2%
FY24 Financial Highlights:
- The Bank’s Net Interest Income (NII) grew 29.0% YoY to Rs 2,370 crore compared to Rs 1,836 crore during FY23.
- Net Interest Margin (NIM) for FY24 stood at 10.7% compared to 10.0% in FY23
- The Bank’s pre-provisioning operating profit (PPoP) for FY24 increased 30.1% YoY to Rs 1,163 crore as compared to Rs 894 crore in FY23.
- The Profit After Tax for FY24 increased by 40.8% YoY to Rs 426 crore as compared to Rs 302 crore in FY23
Commenting on the performance, K. Paul Thomas, MD & CEO, said, "The bank's business is growing at a commendable pace, with a satisfying YoY growth of 28%. Technology advancement remains a central focus, driving our efforts to enhance both customer experience and operational efficiency. Through fortified supervisory oversight and strategic initiatives, we are poised to navigate challenges effectively and achieve even better performance in the coming quarters. Meanwhile, we continue our pioneering efforts in the realm of ESG, underscoring our commitment to sustainability."