ESAF Small Finance Bank Q4 results: Net profit zooms two-folds to Rs 190 crore
The bank's advances grew 37 per cent to Rs 6,818 crore with deposit rising 63 per cent to Rs 7,028 crore.
by Atmadip Ray
Kolkata: Kochi-based ESAF Small Finance Bank, which has received market regulators' approval to float initial public offer, said that its net profit for FY20 more than doubled at Rs 190 crore as compared with Rs 90 crore in the preceding fiscal.
The bank's advances grew 37 per cent to Rs 6,818 crore with deposit rising 63 per cent to Rs 7,028 crore. Its asset quality improved to 1.53 per cent at the end of March from 1.61 per cent a year back.
The bank plans to raise up to Rs 976 crore via IPO, which would comprise a fresh issue worth Rs 800 crore and an offer for sale up to Rs 176 crore.
However, the proposed IPO may not happen anytime soon given the precarious market condition and disruptions caused by the Covid-19 pandemic.
The bank's managing director K Paul Thomas told ET that the timeline for the IPO had not been decided yet.
RBI has mandated the bank to go public before July 29, 2021 as per the licensing condition.
The approval from Securities & Exchange Board of India received on March 20 remains valid for a year.