ESAF Bank Reports Rs. 27 Crore Profit

ESAF Bank Reports Rs. 27 Crore Profit

This is the bank’s first full financial year of operations.

Kerala based ESAF Small Finance Bank has posted a profit of Rs. 27 Cr in the first full year of operations ended March 2018.

The Bank MD & CEO Mr K Paul Thomas while announcing its audited financial results highlighted that the total income earned is Rs. 699 Cr for the year.

With a client base of 2.3 million it has crossed Rs 2,500 Cr deposit base, Rs. 4,100 Cr loans and advances and total business Rs. 6,600 Cr within one year of operations. The micro banking assets crossed Rs. 4,050 Cr and the retail banking assets stands at Rs. 50 Crore.

Key highlights for the year ended 31st March, 2018 (In Rupees Crore):

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Commenting on the performance of the bank, Mr K Paul Thomas, Managing Director and CEO said, “The bank plans to achieve Rs. 7,000 Cr deposits, Rs. 8,000 Cr loans and advances, Rs. 15000 Cr total business, 200 new retail banking outlets, 125 new ATMs across the country before the end of the FY ‘18-’19. ESAF Small Finance Bank also plans to cover five more states in the North East and Central India region soon.”

As on date, ESAF Small Finance Bank has more than 400 banking outlets, including 104 new retail banking outlets and 175 ATMs spread across 11 states and almost 100 districts in India, covering the states of Kerala, Tamil Nadu, Karnataka, Maharashtra, Chattisgarh, Madhya Pradesh, Bihar, West Bengal, Pondicherry, New Delhi and Jharkhand.