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 rose to Rs 402 crore, compared to Rs 343 crore in the same period last year. This growth can be attributed to an improvement in interest income.
In addition, AU Small Finance Bank saw a rise in total income, reaching Rs 2,957 crore from Rs 2,240 crore in the previous year. This positive financial performance was disclosed in a regulatory filing.
The bank also witnessed an improvement in net interest income, which increased from Rs 1,083 crore in September 2022 to Rs 1,249 crore in September 2023. The net interest margin stood at 5.5% by the end of September 2023.
However, the bank experienced a slight increase in its gross non-performing assets (NPAs), which accounted for 1.91% of gross advances in the September quarter of 2023, compared to 1.90% in the previous year. Net NPAs or bad loans also rose slightly from 0.56% to 0.60% during the same period.
Furthermore, the Capital Adequacy Ratio of AU Small Finance Bank decreased to 22.4% from 23.3% at the end of September 2022.
These financial results demonstrate AU Small Finance Bank’s continuing growth and stability in the market.
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