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AU Small Finance Bank
AU Small Finance Bank Ltd on Friday reported a 41 per cent jump in net profit to Rs 528 crore for the third quarter ended December 2024 as interest income improved. The Jaipur-based bank had earned a profit of Rs 375 crore in the same quarter of FY24. The total income of the bank increased to Rs 4,732 crore during the quarter under review against Rs 3,186 crore in the same period last year, AU Small Finance Bank said in a regulatory filing. The bank's interest income rose to Rs 4,113 crore compared to Rs 2,736 crore in the third quarter of the previous fiscal. On the asset quality front, the gross Non-Performing Assets (NPAs) increased to 2.31 per cent of the gross loans at the end of December 2024 from 1.98 per cent a year ago. Similarly, net NPAs or bad loans also rose to 0.91 per cent from 0.68 per cent at the end of the third quarter of the previous fiscal. As a result, the provisions and contingencies jumped to Rs 502 crore from Rs 151 crore in the same quarter a year ago.
AU Small Finance Bank on Wednesday reported a 42 per cent rise in net profit at Rs 571 crore for the quarter ended September 30, 2024 on the back of improvement in interest income. The Jaipur-based lender had logged a net profit of Rs 402 crore in the year-ago period. Total income rose to Rs 4,549 crore in the quarter under review from Rs 2,957 crore in the same period a year ago, AU Small Finance Bank said in a regulatory filing. Net interest income of the bank improved to Rs 1,974 crore in the July-September quarter, from Rs 1,249 crore in the September quarter of 2023, registering a growth of 58 per cent. Net interest margin increased to 6.1 per cent from 5.5 per cent at the end of September 2023. However, asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 1.98 per cent of gross advances at the end of the September quarter 2024, as against 1.91 per cent a year ago. Net NPAs or bad loans also rose to 0.75 per cent, as against 0.60 per cent
AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) on Friday announced a strategic partnership to distribute general insurance solutions to the bank's customers. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more, a joint statement said. This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions, it said. The partnership leverages UIIC's vast network of branches in over 1,000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, it said. AU SFB, having recently filed for a universal banking license with the Reserve Bank of India (RBI), is now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer b
AU Small Finance Bank on Thursday reported a 30 per cent jump in its net profit to Rs 502 crore for the first quarter ended June 30. The Jaipur-based lender had earned a net profit of Rs 387 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 4,315 crore against Rs 2,773 crore a year ago, Au Small Finance Bank said in a regulatory filing. Interest income grew to Rs 3,769 crore during the period under review from Rs 2,458 crore in the corresponding quarter a year ago. The board has also approved for making an application to the Reserve Bank of India (RBI) for the transition from a Small Finance Bank to Universal Bank pursuant to guidelines for 'on tap' licensing of universal banks in the private sector dated August 1, 2016, and circular on voluntary transition to universal banks dated April 26, 2024, it said. The board has constituted a Committee of Directors to vet the application for submission to the RBI, it said. Asset quality of the bank
Private equity firm WestBridge Capital divested on Wednesday a 1.7 per cent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE). As per data available, Westbridge AIF I offloaded 1.30 crore shares, amounting to a 1.75 per cent stake in AU Small Finance Bank. The shares were disposed of at an average price of Rs 650.08 apiece, taking the transaction value to Rs 845.10 crore. After the stake sale, the shareholding of WestBridge Capital in the AU Small Finance Bank has declined to 2.07 per cent from 3.82 per cent. Meanwhile, Goldman Sachs Investments Mauritius I picked up 43.34 lakh shares of the AU Small Finance Bank at an average price of Rs 650 per piece. This took the deal value to Rs 281.71 crore. Details of other buyers of the AU Small Finance Bank shares could not be ...