The Business Bytes
TBB BUREAU
JAIPUR, JULY 22, 2023
Jaipur-based AU Small Finance Bank on Saturday reported a 44 percent year-on-year (YoY) rise in its net profit to Rs 387 crore in the first quarter (Q1) of the current financial year (FY24), up from Rs 268 crore in the year-ago period.
The lender’s total deposits recorded a 27 percent year-on-year (YoY) growth to Rs 69,315 crore as compared to Rs 54,631 crore in Q1FY23. The current account deposits increased by 47 percent YoY in the June quarter whereas savings account deposits grew by 11 percent YoY.
The retail term deposits saw a growth of 8 percent on a QoQ basis. Its gross advances were up 29 percent YoY to Rs 63,635 crore in Q1FY24 compared to Rs 49,349 crore in Q1FY23.
Commenting on the performance, AU Small Finance Bank Managing Director & CEO Sanjay Agarwal said, “The strong performance in this quarter is a testimony to our highly competent and empowered team and our business model which allows us to capture customer imagination, which in turn allows us to service our customers in an innovative manner.”
“Going forward, we will continue to focus on sustainable growth, aiming to improve our balance sheet size while penetrating deeper into rural India, where a significant unbanked population resides,” he added.
