AU Small Finance Bank, based in Jaipur, has reported a 17% increase in standalone net profit for the September quarter of 2023-24. The bank’s net profit reached Rs 402 crore, compared to Rs 343 crore in the same period last year. This rise in profit was supported by an improvement in interest income.
According to a regulatory filing, AU Small Finance Bank’s total income also saw significant growth, increasing from Rs 2,240 crore to Rs 2,957 crore year-on-year.
The bank’s net interest income also showed improvement, rising to Rs 1,249 crore for September 2023 from Rs 1,083 crore the previous year. The net interest margin stood at 5.5% at the end of September 2023.
In terms of asset quality, AU Small Finance Bank reported gross non-performing assets (NPAs) of 1.91% of gross advances for the September quarter of 2023, slightly higher than the 1.90% recorded a year ago. Additionally, net NPAs or bad loans rose to 0.60% from 0.56% in the year-ago period.
The Capital Adequacy Ratio of the bank decreased to 22.4% at the end of September 2023, compared to 23.3% in September 2022.
AU Small Finance Bank’s strong financial performance and growth in net profit highlight its success and resilience in the market. With improved interest income and a steady increase in total income, the bank continues to establish itself as a key player in the finance industry.
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