Jaipur: The Pink City-headquartered AU Small Finance Bank on Thursday said it achieved a significant milestone with its balance sheet surpassing Rs 1 lakh crore and deposits crossing Rs 80,000 crore.
While announcing financial results for the October-December quarter, 2023, the bank said its net profit expanded by 16% year-on-year (y-o-y) to Rs 1,164 crore in the first three quarters of the current financial year compared to Rs 1,003 crore in the same period of 2022-23.
For Q3, the bank’s advances grew by 20% y-o-y to Rs 67,624 crore in the reporting quarter compared to Rs 56,335 crore last year. It reported a net profit of Rs 375 crore in the December quarter, down 4.3% from the year-ago period. The bank’s credit to deposit ratio stood at 83%.
Its current account and saving account (CASA) deposits also increased by 13% y-o-y to Rs 26,446 crore compared to Rs 23,471 crore in Q3 of FY23. CASA ratio stands at 33%.
The bank also expanded its presence, and its physical network is spread across 1,049 touchpoints by the end of December 31, 2023, across 24 states and UTs.
During the quarter, the lender added 1.5 lakh credit card customers taking the total active base to 8.3 lakh.
Sanjay Agarwal, MD and CEO, AU Small Finance Bank, said, “Our performance in the current quarter has remained absolutely on track with deposit growth outpacing advances growth and margins remaining within our guided range.”
Agarwal said, “As a young bank, we continue to invest in our franchise build-out, brand building and investing in our tech capabilities while continuing to deliver consistent returns to our stakeholders.”
