AU SFB Sees Strong 25% Growth in Gross Advances

4 Apr 2024 , 02:16 PM

According to AU Small Finance Bank, the retail and commercial banking sectors contributed to a 25% increase in gross advances year over year.

At the end of March, the bank’s gross advances was ₹73999 Crore. The bank also said that March had its largest-ever monthly payout.

In a regulatory filing to stock exchanges, AU stated that “the asset quality continues to remain within the long-term range.”

AU and Fincare Small Finance Bank’s total loan portfolio was worth ₹96490 Crore during that time. Beginning on April 1, the two companies merged.

“As of April 1, the deposit rates at Fincare branches are now in line with AU deposit rates. Over the following nine months, the integration process is anticipated to be finished, according to AU.

According to the report, the fourth quarter’s incremental cost of funds decreased by 4 basis points to 7.71% from the previous quarter’s level.

By the end of March, the bank’s standalone deposit base had increased by 26% year over year to ₹87182 Crore. According to the bank, this was mostly caused by a high mobilization of current and savings accounts (CASAs), with incremental CASA deposits increasing by 10% per quarter. The total amount of deposits that Fincare received was ₹97704 Crore.

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