BSE: 544020 | NSE: ESAFSFB | Bank - Private | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that ESAF Small Finance Bank Ltd is a good quality company.
The key valuation ratios of ESAF Small Finance Bank Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of ESAF Small Finance Bank Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income (₹ Cr.) | 0 | 0 | 13.3 | 282 | 573 | 792 | 922 | 1,147 | 1,836 | 2,370 | 2,316 | |
| YoY Gr. Rt. % | - | NA | NA | 2023.6% | 103.3% | 38.2% | 16.3% | 24.5% | 60.1% | 29.1% | - | |
| Total Income | 0 | 0 | 48.2 | 699 | 1,141 | 1,546 | 1,768 | 2,148 | 3,142 | 4,260 | 4,477 | |
| YoY Gr. Rt. % | - | NA | NA | 1349.3% | 63.3% | 35.6% | 14.4% | 21.4% | 46.3% | 35.6% | - | |
| Adj EPS (₹ ) | 0 | 0 | 0 | 0.9 | 2.1 | 4.5 | 2.3 | 1.2 | 6.7 | 8.3 | 0.6 | |
| YoY Gr. Rt. % | - | NA | NA | 2800% | 142.5% | 110.9% | -47.4% | -47.9% | 451.6% | 22.9% | - | |
| BVPS (₹ ) | 0 | 0 | 10.1 | 11 | 20.9 | 25.3 | 30.1 | 31.3 | 38 | 48.3 | 45.3 | |
| YoY Gr. Rt. % | - | NA | NA | 8.6% | 89.7% | 21.3% | 18.7% | 4.1% | 21.5% | 27% | - | |
| To view Net Profit/Total Funds (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Net Profit/Total Funds (%) | 0 | 0 | 0 | 0.7 | 1.5 | 2.3 | 1 | 0.4 | 1.6 | 1.8 | 0.2 | |
| To view Net NPA to Net Advances (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Net NPA to Net Advances (%) | 0 | 0 | 0.3 | 2.7 | 0.8 | 0.6 | 3.9 | 3.9 | 1.1 | 2.3 | 3 | |
| To view Capital Adequacy Ratio (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Capital Adequacy Ratio (%) | - | - | - | - | - | - | - | - | - | - | - | |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | NA | 32.8% | 37% | 29.1% | ||||
| Total Income | NA | 30.2% | 34.1% | 35.6% | ||||
| Adj EPS | NA | 31.4% | 52.3% | 22.9% | ||||
| BVPS | NA | 18.3% | 17.1% | 27% | ||||
| Share Price | - | - | - | -43.6% | ||||
| RATIOS \ YEARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Earned / Total Income | 0 | 0 | 60.97 | 85.42 | 90.43 | 91.39 | 92.8 | 90.33 | 90.83 | 89.63 | 89.2 | |
| Margins | To view Margins Colour Rating Guide click here ⓘ | |||||||||||
| NIM (%) | 0 | 0 | 0.5 | 6.2 | 8.4 | 8.6 | 7.7 | 6.7 | 9.4 | 9.4 | 8.7 | |
| Performance Ratios | To view Performance Ratios Colour Rating Guide click here ⓘ | |||||||||||
| Return on Equity (%) | 0 | 0 | 0.3 | 8.3 | 14.6 | 19.3 | 8.7 | 4 | 19.4 | 20.3 | 1.7 | |
| Liquidity Ratio | To view Liquidity Ratio Colour Rating Guide click here ⓘ | |||||||||||
| CASA (%) | 0 | 0 | 18.2 | 10 | 13.6 | 13.7 | 19.4 | 22.8 | 21.4 | 22.7 | - | |
Total Income has increased 34.06 CAGR in last 3 years
Net Profit has increased 52.32 CAGR in last 3 years
Net NPA to Net Advances has declined versus last 3 years average
Return on Equity has declined versus last 3 years average to 1.20%
Total income growth is poor in last 4 quarters
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.6 | - |
| TTM Sales (₹ Cr.) | 3,995 | - |
| BVPS (₹.) ⓘ | 45.3 | - |
| Reserves (₹ Cr.) ⓘ | 1,818 | - |
| P/BV ⓘ | 0.87 | - |
| PE ⓘ | 71.79 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 37.94 / 82.26 |
| All Time Low / High (₹) | 37.94 / 82.26 |
| Market Cap (₹ Cr.) | 2,024 |
| Equity (₹ Cr.) | 514.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 17.6 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Income | 48 | 699 | 1,141 | 1,546 | 1,768 | 2,148 | 3,142 | 4,260 |
| Interest Income | 29 | 597 | 1,032 | 1,413 | 1,641 | 1,940 | 2,854 | 3,818 |
| Other Income ⓘ | 19 | 102 | 109 | 133 | 127 | 208 | 288 | 442 |
| Expenditure | 47 | 672 | 1,051 | 1,356 | 1,663 | 2,093 | 2,839 | 3,835 |
| Interest Expense | 16 | 315 | 458 | 621 | 720 | 793 | 1,017 | 1,449 |
| Operating Expenses | 23 | 306 | 453 | 601 | 632 | 863 | 1,231 | 1,649 |
| Provisions | 8 | 51 | 139 | 134 | 312 | 437 | 591 | 737 |
| Profit Before Tax | 2 | 44 | 127 | 256 | 141 | 74 | 406 | 570 |
| Taxes | 1 | 17 | 37 | 66 | 36 | 19 | 104 | 145 |
| Profit After Tax | 1 | 27 | 90 | 190 | 105 | 55 | 302 | 426 |
| Adjusted EPS (₹) | 0.03 | 0.87 | 2.11 | 4.45 | 2.34 | 1.22 | 6.73 | 8.27 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Share Capital ⓘ | 302 | 312 | 428 | 428 | 449 | 449 | 449 | 515 | ||
| Total Reserves ⓘ | 4 | 31 | 466 | 656 | 903 | 957 | 1,260 | 1,971 | ||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deposits | 409 | 2,523 | 4,317 | 7,028 | 8,999 | 12,815 | 14,666 | 19,868 | ||
| Borrowings ⓘ | 2,053 | 1,675 | 1,702 | 1,203 | 1,694 | 2,953 | 3,354 | 3,223 | ||
| Other Liabilities | 171 | 183 | 144 | 154 | 293 | 533 | 495 | 510 | ||
| Total Liabilities ⓘ | 2,938 | 4,724 | 7,057 | 9,470 | 12,339 | 17,708 | 20,224 | 26,087 | ||
Assets | ||||||||||
| Balance with RBI | 107 | 438 | 247 | 305 | 1,618 | 1,301 | 740 | 1,365 | ||
| Balance with Banks | 449 | 259 | 535 | 598 | 201 | 211 | 28 | 58 | ||
| Investments ⓘ | 579 | 732 | 1,531 | 1,734 | 1,932 | 4,070 | 4,889 | 5,541 | ||
| Advances | 1,482 | 3,155 | 4,548 | 6,548 | 8,168 | 11,637 | 13,924 | 18,293 | ||
| Net Block ⓘ | 31 | 60 | 86 | 116 | 133 | 159 | 188 | 205 | ||
| Other Assets | 288 | 71 | 107 | 166 | 281 | 329 | 456 | 622 | ||
| Total Assets ⓘ | 2,938 | 4,724 | 7,057 | 9,470 | 12,339 | 17,708 | 20,224 | 26,087 | ||
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -1,393 | 700 | -240 | 1,089 | 1,127 | -585 | -571 | 1,001 |
| Cash Flow From Investing Activity ⓘ | -473 | -181 | -170 | -635 | -638 | -982 | -573 | -583 |
| Cash Flow From Financing Activity ⓘ | 2,358 | -368 | 488 | -499 | 653 | 1,259 | 399 | 235 |
| Net Cash Flow ⓘ | 492 | 151 | 78 | -45 | 1,143 | -308 | -745 | 653 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 0 | 1 | 2 | 4 | 2 | 1 | 7 | 8 | ||
| DPS (₹) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | ||
| BVPS (₹) | 10 | 11 | 21 | 25 | 30 | 31 | 38 | 48 | ||
Margin Ratios | ||||||||||
| Yield on Advances (%) | 2.0 | 18.9 | 22.7 | 21.6 | 20.1 | 16.7 | 20.5 | 20.9 | ||
| Yield on Investments (%) | 0.4 | 7.4 | 6.4 | 8.0 | 7.8 | 5.7 | 6.7 | 6.7 | ||
| Cost of Liabilities (%) | 0.7 | 7.5 | 7.6 | 7.5 | 6.7 | 5.0 | 5.7 | 6.3 | ||
| NIM (%) | 0.5 | 6.2 | 8.4 | 8.6 | 7.7 | 6.7 | 9.4 | 9.4 | ||
| Interest Spread (%) | 1.3 | 11.4 | 15.1 | 14.0 | 13.4 | 11.6 | 14.9 | 14.6 | ||
Performance Ratios | ||||||||||
| ROA (%) | 0.0 | 0.7 | 1.5 | 2.3 | 1.0 | 0.4 | 1.6 | 1.8 | ||
| ROE (%) | 0.3 | 8.3 | 14.6 | 19.3 | 8.7 | 4.0 | 19.4 | 20.3 | ||
| ROCE (%) | 0.7 | 11.5 | 13.9 | 16.1 | 9.6 | 5.1 | 12.4 | 14.5 | ||
Efficiency Ratios | ||||||||||
| Cost to Income Ratio (%) | 72.9 | 79.8 | 66.4 | 64.9 | 60.2 | 63.7 | 57.9 | 58.7 | ||
| Operating Costs to Assets (%) | 0.8 | 6.5 | 6.4 | 6.3 | 5.1 | 4.9 | 6.1 | 6.3 | ||
Valuation Parameters | ||||||||||
| Price/Book(x) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | ||
The Bank was incorporated as ‘ESAF Small Finance Bank Limited’ on May 5, 2016 at Thrissur, Kerala, as a public limited company under the Companies Act, 2013, and was granted the certificate of incorporation by the Registrar of Companies, Kerala at Ernakulam (RoC). Its Promoter, ESAF Financial Holdings Private Limited, was granted in-principle approval to establish a small finance bank (SFB), by the RBI, pursuant to its letter dated October 7, 2015. Subsequently, the bank received the final approval to carry on the SFB business in India, pursuant to a letter dated November 18, 2016 issued by the RBI. The bank commenced its business with effect from March 10, 2017 and was included in the second schedule to the RBI Act pursuant to a notification dated November 12, 2018 issued by the RBI.
The bank is a small finance bank with a focus on unbanked and under-banked customer segments, especially in rural and semiurban centres. The bank’s primary products are its advances (asset products) and deposits (liability products). The bank’s advances comprise: (a) Micro Loans, which comprises Microfinance Loans and Other Micro Loans; (b) retail loans, which includes gold loans, mortgages, personal loans, and vehicle loans; (c) MSME loans; (d) loans to financial institutions; and (e) agricultural loans. Its liability products comprise current accounts, savings accounts, term deposits and recurring deposits. Its services includes safety deposit lockers, foreign currency exchange, giving its customers access to the Bharat Bill Payment System, money transfer services and Aadhaar Seva Kendra services. It also distributes third-party life and general insurance policies and Government pension products.
The bank focuses on leveraging technology to deliver products and services and it continuously work towards improving its customers’ experience through the use of technology. It has crossed a technology milestone with the successful adoption of e-signatures for Micro Loan disbursals. It offer its customers various digital platforms, including an internet banking portal, a mobile banking platform, SMS alerts, bill payments and RuPay branded ATM cum debit cards. Its customers are also able to register for its savings accounts on a unified payment interface based mobile applications. Its account opening and loan underwriting processes have been digitalised by using tablets. It has a digitalised central credit-processing unit for its Micro Loans. Its customer on-boarding process has been predominantly digitalised for its Micro Loans. It leverages technology for underwriting and credit sanctioning for its loan products based on inputs from credit bureaus and/or its customer data analytics.
Business area of the bank
The bank primarily focuses on expanding the banking horizon to new unbanked/underbanked area, yet it stands as a bank for all with presence in urban, semi urban, rural and rural unbanked areas. The bank offers a host of modern banking services like ATMs, Debit Cards, Safe Deposit Lockers, Internet Banking, Mobile Banking, Agent Banking, SMS Banking, RTGS, NEFT, CTS, etc. The doorstep delivery services, free video calling facility at branches and Hrudaya Fixed Deposit Scheme are some of the exclusive features offered by ESAF Small Finance Bank. As an organization, it strives for financial peace by bridging the gap between the haves and the have-nots. A unique deposit scheme of ESAF Small Finance Bank, namely Hrudaya deposit scheme, as the name suggests, stands for a social cause, through which, the Bank provides the customers an opportunity to be a part in economic development of the bottom of the pyramid. As an organization it strives for financial peace by bridging the gap between the haves and the have-nots.
Key awards, accreditations and recognitions
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Major events and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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