Saturday, July 13, 2024

AU Small Finance Bank Q3 results: Net profit jumps to ₹479 crores, NII rises 25%

AU Small Finance Bank’s net profit for the third quarter of the fiscal jumped up to ₹479.02 crore as against ₹190.19 crore a year ago.

For the quarter ended December 31, 2020, its net interest income surged by 25 percent to ₹633 crores versus ₹507 crores a year ago.

Other income rose by 14 per cent to ₹184 crore in the quarter under review.

The bank’s provisions rose to ₹283.62 crores in the third quarter this fiscal from ₹40.1 crores a year ago.

Gross non-performing assets stood at one percent of gross advances as of December 31, 2020, compared to 1.9 percent as of December 31, 2019. Net NPAs stood at 0.2 percent at the end of the third quarter this fiscal compared to one percent a year ago.

“In the third quarter of the fiscal, AU Small Finance Bank restructured ₹ 251Cr (0.8 percent of gross advances), mainly in the bus, taxi (within wheels) and schools, apparels. Overall restructured advances should stabilize at about 1.5 percent of gross advances including a fresh restructuring that the bank may undertake in the fourth quarter this fiscal,” it said in a statement on Thursday.

Commenting on the performance, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank said,

“I believe the worst is behind us, things are going to get better now with the public vaccination in horizon. We as a Bank stood strong in the last 9 months and have performed well enough on all metrics such as Deposit Growth, Liquidity, Asset Quality, Digital Banking, Inclusive Banking, Customer Engagement and Employee Safety & well-being. The accelerated growth of technology adoption has enabled us to offer seamless customer experience. We are working on various digital properties to create a holistic digital Bank. We have a positive outlook towards the growth of our economy, we believe we will grow with it as well.”

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