AU Small Finance Bank Reports 44% Rise in Q1 Net Profit

24 Jul 2023 , 02:44 PM

AU Small Finance Bank reports a 44% surge in net profit to Rs 387 crore for the June quarter, driven by successful business expansion efforts.

Net interest margin (NIM) slightly dips to 5.7% for the quarter, compared to 5.9% in the same period last year. Net interest income grows 28% year-on-year to reach Rs 1,246 crore.

Pre-provisioning operating profit increases by 39% YoY, reaching Rs 546 crore. Gross non-performing assets (NPAs) rose marginally to 1.76% at the end of June, compared to 1.66% three months prior. Gross NPA was 1.96% a year ago.

AU Small Finance Bank’s strong financial performance reflects its resilience amidst COVID-19 challenges and prudent risk management strategies. The bank’s focus on business expansion positions it favorably in the current banking landscape.

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