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Kolkata: ESAF Small Finance Bank, a yet to be publicly listed lender, posted a net profit of Rs 106 crore for the fourth quarter ended March 31, 2022 against Rs 43 crore during the same period a year ago.

The operating profit during the January-March quarter grew sharply to Rs 158 crore from Rs 57.59 crore in the year-ago period.

The annual net profit of the bank was Rs 55 crore while operating profit for the fiscal rose 18% at Rs 492 crore.

ESAF received approval for its proposed initial public offer of Rs 998 crore in October last year for the second time after it scrapped its earlier plan just before the second wave of Covid-19.

The Kerala-based bank’s total business rose 44.4% to Rs 25,156 crore at the end FY22, compared with Rs 17,425 crore a year back. Gross advances grew 44% to Rs 12,131 crore while deposits rose 42% to Rs 12,815 crore.

Its CASA (current and savings account) ratio stood at 23%.

The bank said its collection efficiency sustainably improved after the Covid pandemic and the activity level at the field has attained near normalcy.

However, asset quality deteriorated with gross non-performing assets ratio rose to 7.83% at the end of FY22 from 6.7% a year back. Net NPA ratio was at 3.92% against 3.88% over the same period.

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