Tag: ESAF Small Finance Bank

News

ESAF Small Finance Bank opened Retail Asset Hub in New Delhi

Mar 28, 2024 by Praveen 0 Comments #ESAF Small Finance Bank, #ESAF Small Finance Bank opened Retail Asset Hub in New Delhi, #New Delhi

ESAF Small Finance Bank, one of the leading small finance banks in India, has opened its Retail Asset Hub in New Delhi. The asset hub is expected to facilitate seamless collaboration among various teams – Business, Credit, and Operations. The establishment of Retail Asset Hub marks an important milestone in ESAF Small Finance Bank’s expansion strategy and demonstrates its vision of providing accessible financial services across the country.

ESAF Small Finance Bank opened Retail Asset Hub in New Delhi

John Samuel, Non-Executive Nominee Director of ESAF Small Finance Bank, inaugurated the Retail Asset Hub. Among the distinguished guests was Hemant Tamta, Executive Vice President, Shubhankar Sengupta, Sr. Vice President, ESAF Small Finance Bank, and Jata Shankar Mishra, BBH NW2 marked the commencement of the event. Durgeshwar Mishra, Managing Director of Shubh Lakshmi Finance, customers from MSME, Mobility, and Mortgage product segments, along with DSAs and vendors. During the event, sanction letters were handed over to customers across different product categories, symbolizing the bank’s commitment to meeting their financial needs.

Photo Caption: John Samuel, Non-Executive Nominee Director of ESAF Small Finance Bank, inaugurating the Retail Asset Hub. Hemant Tamta, Executive Vice President, Shubhankar Sengupta, Sr. Vice President, ESAF Small Finance Bank, and Jata Shankar Mishra, BBH NW2 were also seen.

Business

ESAF Small Finance Bank and Edelweiss Tokio Life Partner to Offer Life Insurance Solutions

Feb 3, 2024 by Sujata Muguda 0 Comments #ESAF Small Finance Bank, #K. Paul Thomas, #Small Finance Bank, #Sumit Rai

Kochi: In a significant move towards enhancing the financial solutions available to customers, ESAF Small Finance Bank today announced a bancassurance partnership with Edelweiss Tokio Life Insurance. This collaboration brings together two organisations dedicated to prioritizing customer needs and fostering a culture of growth and innovation. This partnership is an integral part of ESAF Small Finance Bank’s strategy to diversify its offerings and its dedication to extending financial security to a broader section of the unbanked and underbanked population.

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Commenting on the collaboration, K. Paul Thomas, MD and CEO, ESAF Small Finance Bank said, “We are pleased to join hands with Edelweiss Tokio Life Insurance. This partnership aligns with our goal of providing our customers with a broad range of financial solutions. Together, we look forward to making a meaningful impact in the lives of our customers. By extending the reach of life insurance to underserved communities, we are taking a significant step towards inclusive financial security.”

Commenting on the partnership, Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “Aligned with IRDAI’s vision of Insurance for all, we have been focused on deepening our distribution width to create easy customer accessibility across the country. We have a strong presence in South India, and our partnership with ESAF Small Finance Bank will enable us to cement our leadership in this region. We will collaborate with the Bank to improve our customer understanding in the region to bring innovative and relevant insurance solutions.”

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The aim of this partnership is to widen the accessibility of innovative life insurance products, capitalizing on ESAF Small Finance Bank’s strong presence across rural markets in India. This alliance plays a pivotal role in Edelweiss Tokio Life’s comprehensive multi-channel distribution strategy, setting the stage for establishing new standards in customer-focused insurance services.

Acknowledging the dynamic shifts in customer aspirations, ESAF Small Finance Bank is dedicated to collaborating with Edelweiss Tokio Life. Together, they aim to provide pertinent solutions that address the distinct requirements of diverse customer segments.

Business World

ESAF Small Finance Bank raises Rs 162 Cr through preferential allotment

Apr 17, 2021 by Neel Achary 0 Comments #ESAF Small Finance Bank

Kochi: ESAF Small Finance Bank has raised Rs 162 crore as equity through preferential allotment of shares. A total of Rs 2.18 cr shares were allotted preferentially, to certain investors in the HNI category including some existing investors, leading to a dilution of approx. 5%, at Rs 75 per share. The shares were priced at 2.64 times pre-issue, and 2.45 times post issue, of its book value as of September 30, 2020.

“The additional capital raised will strengthen the Capital Adequacy by about 250 basis points and will support our ambitious growth plan set for FY 22. The overwhelming response shown by our investors during these tough times gives us the confidence to aim big. Considering the comfortable capital position and subdued market outlook on BFSI stocks we have decided to postpone the IPO scheduled for the last Financial Year” said K. Paul Thomas, MD & CEO, ESAF Small Finance Bank.

Also, the bank has registered stupendous growth during these challenging times. As per the unaudited results, the bank has achieved a YoY growth of 25.86% in gross business during FY 2020-21. The Bank has reported a 28.04% year-on-year rise in total deposits to Rs 9,000 crore and Advances crossed Rs.8413 crore at a growth of 23.61%, as on 31st March 2021. Total business crossed Rs. 17,412 crore against Rs. 13,835 crore in the year-ago period.

“The results show our commitment to our stakeholders. We are also thankful for the resilience shown by our customers” concluded K. Paul Thomas.

The CASA growth was impressive at 82 percent, thanks to the focused strategies adopted by the bank. The CASA component stood at 19.42% vis-a-vis 13.66% recorded in the previous year. The bank has also opened 96 new outlets during the year ended March 31, 2021, to take the total number of branches to 550.

At present, ESAF Small Finance Bank has a presence in 19 states and two union territories in India with a client base of 4.3 million-plus.

Business World

ESAF Small Finance Bank opens new branch in Chennai

Dec 31, 2020 by Neel Achary 0 Comments #ESAF Small Finance Bank

Chennai: ESAF Small Finance Bank has opened a new branch in Anna Nagar recently taking the total number of branches across the country to 506. SMN Swamy, Regional Director, RBI, Chennai, inaugurated the branch at Anna Nagar, Chennai in a virtual event. The bank caters to more than 40 lakh customers through its banking outlets across 19 states and two union territories. The expansion underlines its mission to provide responsive banking services to the public and entrepreneurs alike.

R. Ravi Mohan, Chairman, ESAF Small Finance Bank, George K John, EVP, ESAF Small Finance Bank and Hari Velloor, Head- Branch Banking, ESAF Small Finance Bank also took part in the ceremony.

News

ESAF Small Finance Bank Wins Global Sustainability Award

Dec 19, 2020 by Rekha Nair 0 Comments #Anil Razdan, #Australia's minister for resources, #Australian High Commissioner in India, #Bank founder and CEO K. Paul Thomas, #Barry O'Farrell, #chairman of Energy and Environment Foundation, #ESAF Small Finance Bank, #Keith Pitt, #ministry of water resources, #secretary, #U.P Singh

Chennai: ESAF Small Finance Bank has won the Global Sustainability Award 2020 organised by Energy and Environment Foundation. Bank founder and CEO K. Paul Thomas received the award from Union minister Gajendra Singh Shekhawat in an online summit attended by Marise Payne, Australia’s minister for foreign affairs. The bank was selected for this year’s award in recognition of its outstanding contributions, commitment and actions that have made a positive impact on the environment.

Receiving the award MD and CEO of ESAF K. Paul Thomas said, “The award is recognition to ESAF’s unique social business strategy with a triple bottom line approach emphasizing people, planet and prosperity throughout our journey of three decades impacting over 4.4 million people and their families spread across different states of India as a social bank.” He also congratulated all other winners in the journey together for a sustainable world as a legacy to leave to our next generation.

Keith Pitt, Australia’s minister for resources, Barry O’Farrell, Australian High Commissioner in India, U.P Singh, secretary, ministry of water resources, Anil Razdan, chairman of Energy and Environment Foundation and others delivered speeches in the annual event.  The Global Sustainability Award serves as an inspiration for the transformative action, business excellence and environment management across the world to improve the management of natural resources, demonstrating new ways to tackle climate change or raising awareness of emerging environmental challenges.

Business World

ESAF Small Finance Bank net profit grows by 41.09%

Nov 11, 2020 by Gouri Achary 0 Comments #ESAF, #ESAF Small Finance Bank, #K. Paul Thomas, #Small Finance Bank

ESAF Small Finance Bank Limited, one of the leading small finance banks in India in terms of yield on advances, AUM growth rate, and share of retail deposits (Source: CRISIL Research Report), has posted a 41.09% jump in net profit to Rs 130.42 cr for the half-year ended 30 September 2020, as against Rs.92.44. crore posted in the same period last year.

Commenting on the results, K. Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said: “The bank has performed well during the period and I believe the results show that the micro-entrepreneurs are in a recovery mode after the COVID-19 pandemic induced slow down, indicating a positive sign for the economy altogether.”

The total business during the period increased by 35.06% to Rs.15,582 cr. The deposits increased by 35.38% to Rs 8208 cr and advances increased by 34.70% to Rs 7374 cr. Gross NPAs as a percentage of gross advances decreased from 1.76% as at 30 September 2019  to 1.32% as at 30 September 2020 and net NPAs as a percentage of net advances reduced from 0.62% as at 30 September 2019 to 0.19% as at 30 September 2020. The provision coverage ratio improved to 93.45% as at 30 September 2020 from 81.53% as at 30 September 2019. The CRAR was 24.29% with Tier I CRAR of 21.10% as at 30 September 2020, as against a regulatory requirement of 15% and 7.50%, respectively.

On the impact of COVID-19, K. Paul Thomas said “The bank’s customers have shown immense resilience in the face of adversity. I believe the bank has taken suitable steps and sufficient safeguards to support the customers to tide over the crisis and bring them back to normalcy”. He also expressed his gratitude for the hard work and commitment of the employees in the face of the pandemic.

The bank opened 29 branches during the half-year ended 30 September 2020, giving it a total of 483 branches across 19 states and two Union Territories.

Highlights of the Results

 (Rs. in crores, except percentages)

  As at and for the half-year ended 30 September 2020 As at and for the half-year ended 30 September 2019 Growth (Cr) Growth %
Net Profit 130.42 92.44 37.98 41.09%
Deposits 8208.39 6063.37 2145.02 35.38%
CASA 1236.85 741.71 495.14 66.76%
Gross Advances 7373.77 5474.24 1899.53 34.70%
Net Interest Income 485.91 365.95 119.96 32.78%
Operating Profit 264.94 152.80 112.14 73.39%
Net Profit 130.42 92.44 37.98 41.09%
Business 15582.16 11537.61 4044.55 35.06%

  As at and for the half-year ended 30 September 2020 As at and for the half-year ended 30 September 2019
Return on Assets (Annualised) 2.47% 2.31%
EPS in Rs. 3.05 2.16
CRAR 24.29% 25.69%
Gross NPA 1.32% 1.76%
Net NPA 0.19% 0.62%
Provision Coverage Ratio 93.45% 81.53%
Business World

ESAF Small Finance Bank Announces Fintech Conclave 2020

Sep 8, 2020 by Neel Achary 0 Comments #ESAF Small Finance Bank, #Fintech news

ESAF Small Finance Bank has announced its first Fintech Conclave for the country’s cutting edge fintech companies who can redefine the future of digital banking with innovative technologies and to be a partner in rebuilding India. The conclave endorses entrepreneurship in the banking sector and is open for start-ups, established and growth-phase technology firms, social innovators and entrepreneurs having innovative solutions that align with ESAF’s core mission to provide responsive banking services to the underserved and unserved population of India.

Through this conclave, ESAF provides fintech firms a platform to showcase their new digital banking solutions that facilitate last mile financial inclusion. The competent finalist can eventually become a long term strategic partner of the bank as the co-creator of new financial digital products that will be the latest enhancement to happen in the banking sector.

The new normal evolved post the Covid-19 pandemic has given fillip to contactless digital banking and the banking sector is exploring more such solutions that would enhance customer experience and technology-based service delivery. It is here the Fintech Conclave 2020 inviting entrepreneurs who offer digital solutions to multipartite banking, to have a say. As the banking sector exploring new digital avenues with customer satisfaction in the spotlight, the doors are wide open for fintech entrepreneurs to devise digital products that meet the need.

Mr. K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank said: “Digital channel is a key component of the bank’s strategy and over the years it has leveraged digital platforms for all its services. The bank is now aiming to look beyond this and wants technologically advanced solutions and its extensive application to help customers to build sustainable livelihoods. The Fintech Conclave 2020 would be a platform for such digital entrepreneurs.”

For the participation in the Fintech Conclave, firms can visit https://www.esafbank.com/esaf-fintech-conclave-2020/ and submit the form. Shortlisted companies will receive communication from the bank.

For queries please write to fintechconclave@esafbank.com