Latest News | AU Small Finance Bank Q2 Profit Jumps 42 Pc to Rs 571 Cr

New Delhi, Oct 23 (PTI) AU Small Finance Bank on Wednesday reported a 42 per cent rise in net profit at Rs 571 crore for the quarter ended September 30, 2024 on the back of improvement in interest income.

The Jaipur-based lender had logged a net profit of Rs 402 crore in the year-ago period.

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Total income rose to Rs 4,549 crore in the quarter under review from Rs 2,957 crore in the same period a year ago, AU Small Finance Bank said in a regulatory filing.

Net interest income of the bank improved to Rs 1,974 crore in the July-September quarter, from Rs 1,249 crore in the September quarter of 2023, registering a growth of 58 per cent.

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Net interest margin increased to 6.1 per cent from 5.5 per cent at the end of September 2023.

However, asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 1.98 per cent of gross advances at the end of the September quarter 2024, as against 1.91 per cent a year ago.

Net NPAs or bad loans also rose to 0.75 per cent, as against 0.60 per cent in the year-ago period.

The Capital Adequacy Ratio of the bank decreased to 18.51 per cent, from 22.4 per cent at the end of September 2023.

The bank filed an application with the Reserve Bank of India (RBI) for voluntary transition to Universal Bank on September 3, 2024, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)