AU Small Finance Bank Q1 profit rises 24% to ₹77 crore

AU Small Finance Bank Q1 profit rises 24% to ₹77 crore

Total income increased by 69% to ₹703.33 crore in the first quarter of 2018-19 compared to ₹415.99 crore in the same period of last year

Total income increased by 69% to ₹703.33 crore in the first quarter of 2018-19 compared to ₹415.99 crore in the same period of last year

New Delhi: AU Small Finance Bank on Tuesday reported a 24% rise in net profit at₹77 crore for the first quarter of 2018-19 financial year. The bank had reported a net profit of ₹62 crore in the April-June period of 2017-18.

Total income increased by 69% to ₹703.33 crore in the first quarter of 2018-19 compared to ₹415.99 crore in the same period of last year, it said in a regulatory filing.

Net interest income rose by more than 56% to ₹286 crore. Bank reported a stable asset quality in the first quarter of this fiscal amidst high disbursement growth and gross non-performing assets, historically been a tad higher both in the first quarter and the first half of past few financial years, the bank said in a release.

The gross NPA stood at 2.17% as on 30 June 2018 against 2.98% by same period of 2017. Provision Coverage Ratio (PCR) was 36.8% for the June quarter.

Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said: “We continue to differentiate and deliver a strong all round growth on the Banking Platform as seen through a robust growth of more than 60% in AUM, nearly 100% growth in disbursements and deposits touching 10,000 crore mark, with gross and net NPAs tracking well and a 24% growth in PAT over the previous quarter.”

Shares of the company rose by 0.46% to ₹660.40 at close on BSE.

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