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Business News/ Companies / Company Results/  AU Small Finance Bank Q2 results: Net profit up 17% at 402 crore, NII jumps 15%
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AU Small Finance Bank Q2 results: Net profit up 17% at ₹402 crore, NII jumps 15%

The lender's gross NPA ratio improved to 1.76 percent in Q2FY24, from 1.91 percent in the preceding quarter.

AU Small Finance Bank’s net NPA ratio stood at 0.60 percent in the September 2023 quarter. Photo by Aniruddha Chowdhury/MintPremium
AU Small Finance Bank’s net NPA ratio stood at 0.60 percent in the September 2023 quarter. Photo by Aniruddha Chowdhury/Mint

AU Small Finance Bank on October 28 reported a net profit of 401.8 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 17.3 percent higher as compared to 343 crore reported in the year-ago period.

The private sector bank's net interest income (NII) came in at 1,249 crore in the September 2023 quarter, higher by 15.3 percent as against I,083.4 crore reported in the corresponding period of the last fiscal.

The gross non-performing asset (NPA) ratio of AU Small Finance Bank improved to 1.76 percent in Q2FY24, from 1.91 percent in the preceding quarter.

The net NPA ratio, however, increased to 0.60 percent in the second quarter as compared to 0.55 percent in the June 2023 quarter.

Also Read: AU Small Finance Bank introduces its first Green Fixed Deposit; all you need to know

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The bank's overall deposits crossed the 75,000 crore-mark, growing by 30 percent annually and 9 percent sequentially, a press release noted. 

The current account saving account (CASA) deposits grew 6 percent on-quarter to 25,666 crore, the bank added, further noting that the CASA ratio stood at 34 percent.

The total number of new customers acquired in the September 2023 quarter came in at 3.65 lakh, the bank said. Out of them, 45 percent customers were brought onboard via digital products and channels, it added.

“Our performance in Q2FY24 was resilient and sustainable with growth across deposits, digital and advances. This resilience is further complemented by the positive outlook in AU markets, where there are promising prospects for growth and market penetration. Our key strategic focus is on building low-cost retail deposits, even in the current environment of elevated costs and intense competition," Sanjay Agarwal, MD & CEO, AU Small Finance Bank said.

In the last trading session on October 27, the bank's scrip settled at 692.40 apiece on the BSE. This was 0.84 percent higher as against the previous day's close.

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Published: 28 Oct 2023, 03:06 PM IST
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