BackAU Small Finance Bank announces 1:1 bonus issue, Q4 profit more than doubles
The Board has also considered and approved increase in authorised capital from ₹350 crores to ₹1,200 crore, and recommended a dividend of ₹1 per share
PremiumAU Small Finance Bank on Tuesday approved a bonus issue in the ratio of 1:1, which means for every one share an investor holds, he or she will get one additional share.
"To celebrate successful completion of 5 years of the Banking operations, the Board considered and recommended a bonus issue of 1 equity share for every 1 equity share held, subject to approval by the shareholders and any other applicable statutory and regulatory approvals," AU Small Finance Bank said.
Further, the bonus shares will be credited to those shareholders who are holding the equity shares as on a record date to be determined by the Board.
The Board has also considered and approved increase in authorised capital from ₹350 crores to ₹1,200 crore, and recommended a dividend of ₹1 per share on pre-bonus share capital out of net profit for the year ended 31 March, 2022.
The Bank's net profit for the March quarter more than doubled to ₹346 crore.
Sanjay Agarwal, MD & CEO, AU Small Finance Bank said, "Amid an exceptionally challenging environment, AU Bank completing 5 years as a Small Finance Bank on 19 April 2022 gives me immense satisfaction and pride as a founder and an entrepreneur. I am grateful to our customers, investors, employees, and other stakeholders for their unwavering trust in AU. I would also like to express my gratitude to the Government, RBI and other regulators for their support and guidance during these challenging times."
On Tuesday, AU Small Finance Bank shares closed 3% higher at ₹1,410 apiece on NSE.
The Bank's net interest income, difference between interest earned and interest expended, was up 43% year-on-year to ₹936 crore for the March quarter.
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