AU bank posts highest-ever quarterly profit of ₹424 cr

Jaipur: Beating the street expectations, AU Small Finance Bank on Tuesday reported a net profit growth of 23% to Rs 424.6322 crore (highest in a quarter) for the fourth quarter of 2022-23, as against Rs 346.0749 crore in the same quarter of FY22. Net profit for the financial year 2022-23 grew by 26% to Rs 1,428 crore.Similarly, the bank said its total income grew by 32% to Rs 2607.91 crore for Q4 as compared to Rs 1978.4073 crore during the same period previous year. For FY23, total income increased by 34% to Rs 9239.87 crore as compared to Rs 6915.42 crore in FY22.The lender declared dividend of Rs 1 per equity share for FY23 (10% of face value). It reported EPS (earning per share) of Rs 6.34 for the Q4 as compared to Rs 5.46 for the period ended March 31, 2022. For FY23, deposits grew by 32% year-on-year to Rs 69,365 crore, while CASA rose by 38.4% as against 37.3% as on Mar’22. On the asset quality front, gross non-performing assets (GNPA) came down to 1.66% from 1.98% in Mar’22. Net NPA stood at 0.42% of advances in Mar’23 against 0.50% in Mar’22, the bank said in a statement.Sanjay Agarwal, MD & CEO, AU Small Finance Bank said, “The Bank has delivered another quarter and another year of consistent performance across all parameters despite the challenges around inflation, liquidity leading to higher interest rates. Amidst a difficult market, we have managed to grow our deposit book while keeping our CASA ratio stable and making our deposits more granular and retail.”Agarwal said, “We continue to lay foundation of building a sustainable and well governed, pan-India bank with a generational mindset having practices and processes which are standardised, scalable and sustainable.”AU started its banking operations in April 2017 and as on March 31, 2023, it has presence in 21 states and three UTs having 1,027 banking touchpoints while serving more than 38.6 lakh customers with over 28,000 employees.