New Delhi: AU Small Finance Bank on Tuesday reported a 24% rise in net profit at ₹ 77 crore for the first quarter of 2018-19 financial year. The bank had reported a net profit of ₹ 62 crore in the April-June period of 2017-18.
Total income increased by 69% to ₹ 703.33 crore in the first quarter of 2018-19 compared to ₹ 415.99 crore in the same period of last year, it said in a regulatory filing.
Net interest income rose by more than 56% to ₹ 286 crore. Bank reported a stable asset quality in the first quarter of this fiscal amidst high disbursement growth and gross non-performing assets, historically been a tad higher both in the first quarter and the first half of past few financial years, the bank said in a release.
The gross NPA stood at 2.17% as on 30 June 2018 against 2.98% by same period of 2017. Provision Coverage Ratio (PCR) was 36.8% for the June quarter.
Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said: “We continue to differentiate and deliver a strong all round growth on the Banking Platform as seen through a robust growth of more than 60% in AUM, nearly 100% growth in disbursements and deposits touching 10,000 crore mark, with gross and net NPAs tracking well and a 24% growth in PAT over the previous quarter."
Shares of the company rose by 0.46% to ₹ 660.40 at close on BSE.