AU Small Finance Bank posted its highest ever quarterly profit of ₹425 crore in Q4 FY23, up 23 per cent y-o-y and 8 per cent sequentially.
For FY23, net profit was 26 per cent higher at ₹1,428 crore led by 37 per cent growth in net interest income (NII) of ₹4,425 crore. NIM for the year was at 6.1 per cent.
NII for Q4 was 30 per cent higher y-o-y and 5 per cent q-o-q to ₹1,213 crore. NIM for the quarter was 6.1 per cent compared with 6.3 per cent a year ago.
AU Small Finance Bank’s advances grew 26 per cent y-o-y to ₹59,158 crore as on March 31, of which 88 per cent loans were retail and 92 per cent were secured. The lender said that the ratio of fixed rate to floating rate loans improved to 66:34 from 74:26 a year ago.
Outstanding credit cards stood at over 5 lakh, of which 26 per cent customers are first time credit card users and 64 per cent are new to the bank, it said in a release.
Bank deposits
Deposits of the bank grew 32 per cent to ₹69,365 crore led by 36 per cent rise in low-cost CASA deposits to ₹26,660 crore—accounting for 38 per cent of total deposits.
Gross NPA ratio improved to 1.7 per cent from 2.0 per cent a year ago, and the net NPA ratio to 0.4 per cent from 0.5 per cent.
Provision coverage ratio was at 75 per cent. In addition to provisions of ₹695 crore held against NPAs, AU Small Finance Bank has provisions against restructured assets of ₹116 crore, contingency provisions of ₹90 crore, floating provisions of ₹41 crore and standard provisions of ₹191 crore as of March 31.
Capital adequacy ratio of the bank was 23.6 per cent, of which tier-I capital comprised 21.8 per cent.