The ESAF Small Finance Bank Limited recorded an increase of 22.64% on a year-on-year basis with a net profit of ₹129.96 crore for the quarter ended June 30, 2023, compared to a net profit of ₹105.97 crore during the corresponding quarter of the last fiscal year, according to a press release from the bank.
The Bank’s operating profit (which the Bank defines as net profit including provisions and contingencies) grew by 33.46% to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year.
The Net Interest Income (NII, which the Bank defines as interest earned minus interest expended), a crucial measure of the Bank’s core operations, increased by 30.46% on a year-on-year basis to ₹585.45 crore for Q1 2023-24 from ₹448.76 crore for the corresponding quarter of the last fiscal year, underscoring ESAF Bank’s prudent lending practices and interest rate management strategies.
