ESAF Small Finance Bank posts profit of Rs 27 crore in its first year

Kerala-based ESAF Small Finance Bank has posted a profit of Rs 27 crore 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 crore for the year.

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

Commenting on the performance of the bank, Mr K. Paul Thomas, managing director and CEO said,

“The bank plans to achieve Rs 7,000 crore deposits, Rs 8,000 crore loans and advances, Rs 15,000 crore total business, 200 new retail banking outlets and 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.

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