RS 402 Crores Profit AU Bank Quarter 2
AU Small Finance Bank reported a 17% rise in standalone net profit at Rs 402 crore for September quarter 2023-24 aided by improvement in interest income.The Jaipur-headquartered lender had logged a net profit of Rs 343 crore in the year-ago period.
For the quarter under review, total income came in at ₹2,774 crore, up 40 per cent over ₹1,979 crore. In Q4 FY23, AUSFB had recorded a total income of ₹2,608 crore.
“AUSFB delivered another quarter of consistent performance across parameters with sustainable growth in our assets, deposits, and profitability despite some impact on our margins due to deposit repricing and negative carry from excess liquidity buffers,” said Sanjay Agarwal, MD & CEO, AU Small Finance Bank.
AU Small Finance Bank: A Brief History
AU Small Finance Bank was founded in 1996 as AU Financiers. Initially, it started as a vehicle financing company but later transformed into a small finance bank. In April 2017, it received the small finance bank license from the Reserve Bank of India (RBI), allowing it to offer a wider range of financial services.
2. Banking Services Offered
AU Small Finance Bank offers a diverse range of financial products and services to meet the needs of its customers:
a. Savings and Current Accounts: Customers can open savings and current accounts, offering a safe place to store and manage their money.
b. Fixed Deposits: The bank provides fixed deposit schemes with competitive interest rates, catering to both short-term and long-term investment goals.
c. Loans: AU Small Finance Bank offers a variety of loans, including personal loans, business loans, home loans, and vehicle loans. These loans help individuals and businesses achieve their financial goals.
d. Insurance: The bank provides insurance solutions, covering life and general insurance, offering a comprehensive financial safety net.
e. Digital Banking: AU Small Finance Bank offers a user-friendly mobile app and online banking platform, ensuring easy access to banking services from anywhere.
3. Financial Inclusion
One of the standout features of AU Small Finance Bank is its commitment to financial inclusion. It focuses on reaching the unbanked and underbanked populations, particularly in semi-urban and rural areas of India. The bank's efforts to bring financial services to these areas have a profound impact on the economic growth and well-being of these communities.
4. Technology and Innovation
AU Small Finance Bank places a strong emphasis on technology and innovation to enhance the banking experience. It has invested in cutting-edge digital solutions, ensuring efficient and secure banking operations. This commitment to technology enables the bank to serve a wider customer base and stay competitive in the financial sector.
5. Awards and Recognitions
AU Small Finance Bank has earned several awards and recognitions for its outstanding contributions to the banking sector, including awards for financial inclusion, customer service, and technological innovation. These accolades underscore the bank's commitment to excellence.
6. Impact on Communities
The bank's activities go beyond just banking. AU Small Finance Bank's initiatives have made a positive impact on communities by providing access to financial services, supporting economic growth, and creating job opportunities.
7. Corporate Social Responsibility (CSR)
The bank has a strong CSR program that focuses on education, healthcare, and community development. This reflects its commitment to giving back to society and improving the quality of life in the regions it serves.
8. Sustainability Initiatives
AU Small Finance Bank also takes sustainability seriously. It has implemented various green initiatives to minimize its environmental footprint, which is an essential aspect of responsible corporate citizenship.
AU Small Finance Bank's net profit rises 23% to Rs 343 crore in Q2
Disbursements during the quarter stood at Rs 8,605 crore as against Rs 5,061 crore
AU Small Finance Bank
Stock Of AU SFB Closed Flat At Rs 625.65 Apiece On BSE
AU Small Finance Bank (SFB) on Wednesday reported a 23 per cent rise in its net profit at Rs 343 crore in the July-September quarter on healthy growth in loan disbursals aided by consistent fall in bad loans.
The Jaipur-based lender had posted a net profit of Rs 279 crore in the same period in the year ago fiscal year.
Bank's net interest income (interest earned minus expended) grew by 44 per cent to Rs 1,083 crore during July-September period of 2022-23, as against Rs 753 crore in same period of 2021-22, AU SFB said in a regulatory filing.
Total income of the bank was up by 40.3 per cent at Rs 2,240 crore as against Rs 1,597 crore
