Latest news with #ESAF
News18
2 days ago
- Automotive
- News18
ESAF Small Finance Bank Jumps 11% After Board Clears Rs 735-Crore NPA Sale To ARC
Last Updated: ESAF Small Finance Bank shares surged over 11% on Thursday to hit an intraday high of Rs 33.83 on the BSE ESAF Small Finance Bank shares surged over 11% on Thursday to hit an intraday high of Rs 33.83 on the BSE, after the Thrissur-based lender announced board approval for a major asset sale. The bank will offload a pool of non-performing and technically written-off loans worth Rs 735.18 crore to an asset reconstruction company (ARC). The sale includes Rs 362.43 crore in non-performing assets (NPAs) and Rs 372.75 crore in technically written-off accounts. ESAF SFB noted it has provisioning coverage of 90.15% against the total pool. The board has authorised the Asset Sale Committee of Executives to execute the necessary formalities. However, the name of the ARC and detailed terms of the transaction were not disclosed. In a separate development, ESAF Small Finance Bank also announced a strategic tie-up with Maruti Suzuki India to offer retail financing solutions. The two companies signed a memorandum of understanding (MoU) to finance new and used cars, as well as commercial vehicles. The partnership aims to enhance vehicle ownership opportunities, particularly for first-time buyers in tier-II and tier-III cities, by combining Maruti Suzuki's dealer network with ESAF SFB's lending capabilities. From a technical perspective, the stock's Relative Strength Index (RSI) stands at 43.8, suggesting it is neither overbought nor oversold. The MACD is positive at 0.7 but remains below the signal line. ESAF shares are trading below their 10-day, 20-day, and 200-day simple moving averages, but above the 50-day and 100-day SMAs. Over the past three months, the stock has gained around 13.5%, although it remains down 43% over the past year. ESAF Small Finance Bank currently commands a market capitalisation of approximately Rs 1,566.9 crore. ESAF Small Finance Bank, headquartered in Thrissur, Kerala, is a leading small finance bank in India focused on promoting financial inclusion, especially in rural and underserved areas. Originating as a microfinance NGO in 1992, ESAF transitioned into a full-fledged small finance bank in 2017. With over 770 branches across 24 states and a customer base exceeding 8 million, the bank offers a range of products including retail, MSME, agri, gold, and vehicle loans. Known for its strong rural presence—well above RBI's mandated 25% rural lending threshold—ESAF combines physical outreach with digital services. As of FY25, the bank reported strong deposit growth and maintained a healthy CASA ratio, despite recent asset quality challenges. ESAF is also eyeing future transformation into a universal bank, contingent on improving its asset quality and operational metrics. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. First Published:
Time of India
13-06-2025
- Time of India
37-year-old arrested for stealing Rs 40 lakh from bank employee in Kozhikode
Kozhikode: A 37-year-old man has been arrested for allegedly stealing a bag containing Rs 40 lakh from a bank employee at Pantheerankavu in Kozhikode. Police arrested M Shibin Lal, a resident of Kaipalam, from Palakkad on Friday. The incident occurred last Wednesday outside Akshaya Financiers, a private financial firm, in Pantheerankavu, where Shibin snatched a bag containing the money from a staff member of ESAF Small Finance Bank and fled on a scooter. Shibin had approached the ESAF bank branch seeking money to reclaim gold pledged at another financial institution. After opening an account at the bank, the employee came to Pantheerankavu with the requested cash. As soon the bank employee stepped out of the car, the accused snatched the cash from them and fled on a scooter parked nearby at 1.30pm. Police had found that the accused had fabricated the story of him having pledged gold and had misled the bank employee using forged documents. According to police sources, efforts were on to recover the stolen money. Based on CCTV footage and mobile tower locations, police found that he had travelled from Thrissur to Palakkad. He was nabbed by a team led by Pantheerankavu SHO K Shaju and SI R Prashanth. During interrogation, the accused claimed that the bag contained only Rs 1 lakh. Police recovered Rs 55,000 and three mobile phones from him at the time of arrest. Police suspect he may have handed over the remaining money to someone else. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
NDTV
13-06-2025
- NDTV
Man Who Snatched Rs 40 Lakh From Kerala Bank Staff, Taken Into Custody
Kozhikode: A man, who was on the run for the past two days after snatching Rs 40 lakh from the bank staff, was taken into custody from near here by a team of Kerala Police on Friday. The accused was identified as Shibin Lal. Even though Lal is in police custody, the money has not been recovered yet. The incident took place on Wednesday, when Lal asked the local branch of ESAF bank that he wished to re-pawn his gold jewellery, held at a local cooperative bank here. According to the bank rules, they provide loans on the collateral security of gold and also take over gold loans held at other financial institutions. Lal thus convinced the ESAF bank staff to take over his gold pledged at a private financial institution in Kozhikode itself. As per the ESAF rules, when their officials carry cash to give to other banks, for every Rs 10 lakh, there should be two of their staff members who accompany it. Likewise, eight ESAF bank officials with Rs 40 lakh arrived at the private financial institution. Lal said just two officials needed to come into the office, and when they were walking towards it, in a flash, he snatched the bag containing the money and drove away on his two-wheeler. Soon, the police arrived, and the search began for Lal. A day later, the two-wheeler Lal used for the crime, a rented one, was found abandoned. On Thursday, the local police called in all the ESAF bank officials who had gone with the money and took statements from them. After picking up Lal, the police have started questioning him, and they are expecting that they will be able to recover the money that was stolen. Later in the day, the police are expected to produce Lal before a local court.
Business Upturn
12-06-2025
- Business
- Business Upturn
ESAF Small Finance Bank Selects Kyndryl to Power Its IT Transformation and Digital Banking
About ESAF Small Finance Bank ESAF Small Finance Bank began its operations in 2017 with a strong focus on promoting social and financial inclusion. The Bank serves the underserved and unserved—especially women, micro-entrepreneurs, and rural communities—through a community-centric approach that combines technology with deep local insights. Guided by the values of People, Planet, and Prosperity, ESAF champions sustainable development by reinvesting a share of its profits into impactful social initiatives. As of March 2025, it operates 787 branches, 693 ATMs, and 1,106 Customer Service Centres across 24 states and two union territories. ESAF's journey is backed by a 33-year legacy, rooted in its origins as a mission-driven NGO founded in 1992. About Kyndryl Kyndryl (NYSE: KD) is a leading provider of mission-critical enterprise technology services offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world's largest IT infrastructure services provider, the company designs, builds, manages and modernizes the complex information systems that the world depends on every day. For more information, visit Click here for Media Contact Details Submit your press release Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Zawya
01-03-2025
- Automotive
- Zawya
Ezz Elsewedy Automotive Factories launches $50mln Proton car assembly plant in Egypt
Ezz Elsewedy Automotive Factories (ESAF), a joint venture between Ezz Elarab and Elsewedy Capital, is advancing its automotive manufacturing complex project in 6th October Industrial Zone. In the first quarter of 2025, ESAF commenced assembly of the Proton Saga, a model by Malaysian automaker Proton, in the 70,000 square metre complex, confirmed Hisham Ezz Alarab, Chairman of Ezz Elarab Group. The $50 million assembly facility, one of the three planned in the complex, has an annual production capacity of up to 40,000 vehicles. Ezz Alarab stated that Proton Saga vehicles will be sold domestically and exported to seven African countries. He disclosed that ESAF also plans to establish a spare parts plant within 18 months. The third plant is expected to be a paint shop. In the long term, the company plans to expand into electric vehicle (EV) production and components, he said, adding that 80,000 cars will be assembled annually in the complex. Li Chunrong, CEO of Proton, highlighted Egypt's potential as a gateway to Africa and the Middle East 'For this reason, we are targeting the production of 5,000 Proton Saga CKD units in 2025, aligning with our long-term vision to make exports a key pillar of our growth strategy,' he said. ESAF CEO Amr Abu El Saud said the company is eyeing to serve local and global brands through contract manufacturing and assembly. Bassem Ashmawy, General Manager of Proton Egypt, noted that Proton Saga assembly represents a new milestone in Proton's 20-year partnership with Ezz Elarab, which has brought over 18,000 vehicles of the automaker to the Egyptian market. In November 2024, ESAF had signed a framework agreement with the Egyptian government under the Automotive Industry Development Programme (AIDP) to assemble Proton cars in Egypt. The AIDP aims to localise automotive manufacturing and position Egypt as an export hub for Africa. (Writing by Marwa Abo Almajd; Editing by Anoop Menon)
