ESAF Small Finance Bank announced Q3FY24 results: Financial Performance Highlights: Net Interest Income (NII): Increased by 32.3% YoY to Rs 597 crore in Q3FY24, up from Rs 451 crore in Q3FY23. Net Interest Margin (NIM): Stood at 10.6% for Q3FY24. Pre-provisioning Operating Profit (PPoP): Grew by 20.5% YoY to Rs 288 crore in Q3FY24 compared to Rs 239 crore in Q3FY23. Profit After Tax (PAT): Saw a significant increase of 199.4% to Rs 112 crore in Q3FY24 from Rs 37 crore in Q3FY23. Return on Assets (ROA): Was at 2.3%. Return on Equity (ROE): Reached 25.5%. Cost of Funds: Increased to 7.3% for 9MFY24, a rise by 110 basis points reflecting a rise in deposit costs. Capital Adequacy Ratio (CRAR): Stood at 21.0%, with Tier I at 18.9% as of the end of December 2023. Business Growth Highlights: Total Business Growth: Reached a 38.3% YoY increase to Rs 37,009 crore in Q3FY24 from Rs 26,763 crore in Q3FY23. Gross Advances: Grew by 36.7% YoY to Rs 17,153 crore in Q3FY24, up from Rs 12,544 crore in Q3FY23. Advances Under Management (AUM): Stood at Rs 18,149 crore, marking a 35.9% YoY increase. Disbursements: Experienced a 10.6% growth during Q3FY24 to Rs 3,893 crore compared to Rs 3,521 crore in Q3FY23. Total Deposits: Witnessed a 41.0% YoY increase to Rs 18,860 crore in Q3FY24 from Rs 13,412 crore in Q3FY23. Asset Quality Highlights: Gross Non-Performing Assets (GNPA): Improved to 4.2% in Q3FY24 from 7.2% in Q3FY23. Net Non-Performing Assets (NNPA): Stood at 2.2% of Advances in Q3FY24. Provision Coverage Ratio (PCR): Reported at 59.5%. CASA Deposits: Increased by 20.3% YoY to Rs 3,562 crore in Q3FY24 vis-à-vis Rs 2,960 crore in Q3FY23, with the CASA ratio at 18.9%. Commenting on the results, Kadambelil Paul Thomas, MD & CEO of ESAF Small Finance Bank, stated: "The growth in the bank's business numbers has been satisfactory. We are particularly pleased to note a year-on-year (YoY) growth of 38% in our business numbers. Keeping this positive trend in mind, the bank is strategically reinforcing its efforts to ensure continued success. Through improved supervisory oversight at the field level, we aim to proactively manage potential challenges and further optimize our operational efficiency. With these initiatives underway, we are confident in achieving better performance in the coming quarters." Result PDF
Conference Call with ESAF Small Finance Bank Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.