AU Small Finance Bank's Deposits Grow 12.7% in Q2

7 Oct 2024 , 02:08 PM

AU Small Finance Bank has reported provisional financial results for the quarter ending September 30, 2024, which show an increase in both deposits and advances.

AU Small Finance Bank is anticipated to reveal its official quarterly financial results in the coming weeks.

After merging with Fincare SFB on April 1, 2024, total deposits increased by 12.7% from the previous quarter and 12.3% year-to-date, reaching ₹1,09,690 crore.

Gross advances increased to ₹96,030 crore, up 5.9% quarter-on-quarter and 11% year-to-date. The bank’s gross loan portfolio, including securitised and assigned loans, reached ₹1,05,030 crore, up 5.2% over the previous quarter.

Current Account and Savings Account (CASA) deposits were ₹35,520 crore, up 10.9% from the previous quarter. The CASA ratio, which measures the proportion of stable deposits, was recorded at 32.4%.

Last month, the lender formally applied to the Reserve Bank of India (RBI) for permission to shift from a small finance bank to a universal bank.

On April 26, 2024, the RBI requested applications from small financing institutions with a minimum net value of ₹1,000 crore to become regular or universal banks.

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