ESAF Small Finance Bank total biz jumps 44 pc to Rs 25,019 crore in FY22

ESAF Small Finance Bank registered a nearly 44 per cent jump in its total business to Rs 25,019 crore in fiscal 2022, backed by a positive trend in deposits and loans.

The small finance bank (SFB) had a total business (deposits and gross advances) worth Rs 17,414 crore in the previous fiscal.

''The total business (deposits and gross advances) of ESAF Small Finance Bank amounted to Rs 25,019 crore as of March 31, 2022, up 43.67 per cent from Rs 17,414 crore as of March 31, 2021, with both deposits and gross advances showing a positive trend,'' ESAF Small Finance Bank said in a release on Monday.

The lender said its total deposit increased by 42.41 per cent to Rs 12,816 crore in FY22 against Rs 8,999 crore in the previous fiscal.

The saving deposits witnessed a jump of 69.88 per cent and term deposits increased by 36.35 per cent. Demand deposits and savings bank deposits (CASA) registered a growth of 67.60 per cent. The CASA ratio as of March 31, 2022, stood at 22.85 per cent against 19.41 per cent as of March 31, 2021, the lender said.

Gross advances of the bank were up 45.01 per cent at Rs 12,203 crore from Rs 8,415 crore.

''Despite the continuing effects of the COVID-19 pandemic on business, gross micro banking advances rose by 42.60 per cent and other advances rose by 58.48 per cent,'' it said in the release.

The bank's assets under management (AUM) at end of 2021-22 increased by 47.32 per cent from the year-ago period.

Microloans collection efficiency (before adjustments with respect to collections due towards arrear demands and amount collected in advance) calculated as a percentage of the total collections, including arrears and collected in advance made in March 2022, to the total amount due for collection for the month of March 2022, stood at 149.09 per cent, it said.

''We believe that the resilience of the rural economy and government's focus on financial inclusion amidst COVID is one of the key factors that worked in our favour,'' ESAF SFB Managing Director and CEO K Paul Thomas said.

The lender said that the financial information provided by it is provisional and is subject to an audit by the statutory auditors of the bank.

As of March 31, 2022, ESAF Small Finance Bank Limited was operating in 23 states, including two union territories across India through 575 banking outlets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)