 "AU Small Finance Bank's net interest income up 15% Y-o-Y in Q3FY24")
AU Small Finance Bank, on Thursday, reported a 15 per cent year-on year (Y-O-Y) increase in net interest income (NII) to Rs 1,325 crore in the third quarter of the current financial year (Q3FY24) compared to Rs 1,153 crore during the same period a year ago.
In a regulatory filing, the Jaipur-based bank posted a 4 per cent Y-o-Y decrease in profit at Rs 375 crore compared to Rs 393 crore in the Q3FY23.
According to the release, the bank's gross non-performing assets (GNPA) stood at 1.98 per cent in Q3FY24 compared to 1.81 per cent in Q3FY23. The bank's standard restructured advances declined to 0.7 per cent.
The bank's overall deposits crossed Rs 80,000 crore, growing 31 per cent Y-o-Y and 6 per cent quarter-on-quarter (Q-o-Q), it said.
"Return on Asset (ROA) and Return on Equity (ROE) stood at 1.5 per cent and 12.5 per cent with sustained investment in digital, branding, products and distribution to build a sustainable and forever bank," it said.
CASA deposits up 13 per cent Y-o-Y
The bank's CASA deposits increased by 13 per cent Y-o-Y to Rs 26,446 crore compared to Rs 23,471 crore in Q3FY23. The CASA ratio stands at 33 per cent, the bank said.
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It also reported a 20 per cent Y-o-Y increase in gross advances at Rs 67,624 crore. The figures also mean a 4 per cent Q-o-Q growth. The bank's securitised or assigned loan portfolio stood at Rs 2,740 crore during Q3FY24 .
The lender added that it has 833,000 live credit cards, with about 150,000 of them acquired during the quarter.
The lender said its net worth has surpassed Rs 12,000 crore, an over fivefold growth in six years.
Bank's diversification plans
Commenting on the performance, the bank's MD & CEO, Sanjay Agarwal, said that he is excited about India's 'Viksit Bharat@2047' growth period planned by the current leadership and noted that it coincides with the bank's philosophy of building 'AU forever'.
"...Our performance in the current quarter has remained absolutely on track with deposit growth outpacing advances growth and margins remaining within our guided range. As a young bank, we continue to invest in our franchise build-out, brand building and investing in our tech capabilities while continuing to deliver consistent returns to our stakeholders. I am happy that our proposed merger has received approvals from CCI and while we await RBI approvals, we remain excited about the diversification it can add to AU," he said.