ESAF Small Finance Bank on Thursday reported 57% decline in net profit at Rs 43.4 crore for the fourth quarter ended March 2024 on account 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 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 grew 18.4% to Rs 591 crore compared to Rs 499 crore in the same quarter a year ago.
The bank's Gross Non-Performing Assets deteriorated to 4.76% of gross advances as of March 31, 2024, from 2.49% by the end of March 2023.
Net NPAs also increased to 2.26% of the advances from 1.13% 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 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 in FY24 stood at 10.7% compared to 10% in FY23.
Capital Adequacy Ratio improved to 23.27% over 19.83% on March 31, 2023.
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