 "Sanjay Agarwal, AU Small Finance Bank, AU Small Finance Bank IPO")
AU Small Finance Bank clocked 20 per cent year-on-year (YoY) growth in gross advances at Rs 67,624 crore during Q3FY24 with healthy disbursements across retail assets and the commercial banking group.
According to the exchange filing, advances rose by 4 per cent sequentially from Rs 65,029 crore.
As of December 31, 2023, securitised or assigned loan portfolio stood at Rs 8,553 crore. During the quarter under review, the bank securitised loan portfolio of Rs 2,738 crore to diversify funding and optimise cost.
Sequentially, the average Cost Of Funds (COF) rose by 20 bps in the third quarter to 6.90 per cent as compared to 6.70 per cent in Q2FY24. In the 9 months of FY24, the average COF increased to 6.74 per cent from 5.96 per cent in the year-ago period and 6.64 per cent in H1 FY24.
The deposits of the bank rose 31 per cent to Rs 80,120 crore from Rs 61,101 crore a year ago. Sequentially, they increased by 6 per cent.
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The lender added that it continues to deliver strong performance across both deposit mobilisation and credit growth. Deposit franchise in urban branch banking group and Swadesh banking group aided in driving the deposits above Rs 80,000 crore mark.
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The CASA ratio of the bank declined 33 per cent as compared to 38.4 per cent in Q3FY23.
Further, the bank added that it has more than 830,000 live credit cards with a monthly run rate of nearly 50,000 cards. On the digital banking front, the overall registrations on AU 0101 crossed 2.5 million users in the quarter. The bank opened over 70,000 savings accounts through video banking.
On Wednesday, the bank announced the launch of its Mastercard Debit card for corporate salary customers.
