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." Result PDF
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.