ESAF SFB Q2 results: Net profit jumps 145% to Rs 140 crore

The net NPA (NNPA) of the lender for the July-September FY24 quarter stood at 1.19 percent, improving from 4.34 percent.

ESAF Small Finance Bank on November 18 reported a net profit of Rs 140 crore for the July-September FY24 quarter. The net profit was up 145 percent from Rs 57 crore in the year-ago period.

The asset quality of the lender also improved. Gross non-performing assets (GNPA) were at 2.64 percent against 8.11 percent in the corresponding quarter of the previous year. The net NPA stood at 1.19 percent, improving from 4.34 percent.

The net interest margin (NIM) of the bank stood at 11.98 percent.

As of September 30, 2023, the Bank’s distribution network was at 700 branches and 579 ATMs across 236 districts in 21 States and 2 union territories. In addition, we have 25 business correspondents and 855 customer service centres.

On November 17, the stock closed at Rs 68.86, down by 0.52 percent.

IPO 

The lender's stock made a stellar debut, listing at 19 percent premium to the IPO price on November 10. The stock opened at Rs 71 on the NSE and Rs 71.9 on the BSE against the issue price of Rs 60.

Ahead of the listing, the shares were trading at a 26 percent premium in the grey market. The grey market is an unofficial trading platform where shares get traded well before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) of a stock to get an idea of the listing price.