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Tag: ESAF Small Finance Bank’

  • ESAF Small Finance Bank joins with Edelweiss Tokio Life to offer life insurance products

    ESAF Small Finance Bank joins with Edelweiss Tokio Life to offer life insurance products

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    Taking a substantial step to enrich the array of financial solutions for customers, ESAF Small Finance Bank has officially declared a bancassurance collaboration with Edelweiss Tokio Life Insurance.

    The partnership plays a crucial role in ESAF Small Finance Bank’s strategy to broaden its range of offerings, demonstrating its commitment to providing financial security to a more extensive segment of the unbanked and under-banked population.

    K. Paul Thomas, MD and CEO, ESAF Small Finance Bank said, “This partnership aligns with our goal of providing our customers with a broad range of financial solutions. 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.”

    Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance said, “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 bring innovative and relevant insurance solutions.”

    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. The 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, a press release said.



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  • Shrinithi Capital to open 30 more branches in the South, inks pact with ESAF

    Shrinithi Capital to open 30 more branches in the South, inks pact with ESAF

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    Chennai-headquartered Shrinithi Capital Pvt Ltd, which provides commercial vehicle and two-wheeler loans, plans to open 30 more branches in South India and aims to double its AUM (assets under management) from ₹300 crore to ₹600 crore by 2024.

    The company said it has entered into a Business Correspondent agreement with ESAF Small Finance Bank Ltd to expand its assets under management and geographical presence.

    “Our partnership with ESAF Small Finance Bank aligns with our expansion goals, as we plan to disburse loans to small truck transporters and owner-cum-drivers, particularly focusing on customers at the bottom of the pyramid who face challenges in securing loans from traditional banks and leading NBFCs,” said S Sellamani, MD & CEO of Shrinithi Capital

    With the proposed addition of 30 new branches, its total branch network will expand to 80, extending operations to Kerala, Andhra Pradesh and Karnataka.

    Commenced operations in 2020, Shrinithi Capital has achieved an asset under management of ₹304.53 crore within a short period, supported by partnerships with Hinduja Leyland Finance Ltd, Shriram Finance Ltd, and Tata Capital Ltd.

    Sellamani has two decades of lending experience in the niche area of used and new commercial vehicles. The company employs about 600 people.

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  • ESAF Small Finance Bank’s net profit up by 143%  

    ESAF Small Finance Bank’s net profit up by 143%  

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    ESAF Small Finance Bank has reported a net profit of ₹140.12 crore in the second quarter of the financial year 2023-24, registering a y-o-y growth of 143.35 per cent.

    The net operating profit for the quarter is ₹289.65 crore, an increase of 37.39 per cent over the revenue recorded in the corresponding period of the previous year.

    Total business reached ₹34,906 crore registering a growth of 32.81 per cent, while total deposits increased from ₹13,520 crore to ₹17,416 crore, up by 28.82 per cent. The Advances Under Management (AUM) grew by 37.03 per cent to reach ₹17,490 crore from ₹12,764 crore. The gross NPA stood at 2.64 per cent and net NPA at 1.19 per cent during the second quarter. Capital Adequacy Ratio (CRAR) stood at 20.57 per cent.

    As of September 30, the bank’s distribution network was at 700 branches and 579 ATMs across 236 districts in 21 states and 2 Union Territories. In addition, the bank has 25 business correspondents and 855 customer service centres.

    Commenting on the quarterly performance, K. Paul Thomas, MD & CEO, ESAF Small Finance Bank said, “Our steadfast focus on rural and semi-urban locations along with the sustainable model we pursue has played a pivotal role in driving this success. In line with our strategic vision, our wholehearted dedication to expanding our presence in these underserved areas, contributing not only to our bottom line but also to the economic development of these communities.”

    He also emphasised on the sustainable approach that ensured growth, not only beneficial for the company but also created a positive impact on the lives of individuals. “Investment in digital technologies continues to be our priority, and we are confident that our strategic initiatives will further propel us towards even greater heights in the future,” he added.

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