AU Small Finance Bank's Net Profit Surges by 41% in Q3 FY24

AU Small Finance Bank Ltd reported a 41% increase in net profit to Rs 528 crore for Q3 FY24. Interest income rose significantly, with net interest margin at 5.9%. However, asset quality worsened, with NPAs rising to 2.31%. Total income and expenses also saw notable increases.

AU Small Finance Bank Ltd announced on Friday that its net profit for the third quarter of FY24 had surged by 41% to Rs 528 crore, driven primarily by enhanced interest income.

The Jaipur-based bank's profit stood at Rs 375 crore in the corresponding quarter of the previous fiscal year. The bank's total income climbed to Rs 4,732 crore from Rs 3,186 crore, as indicated in a regulatory filing.

Despite the commendable profit increase, asset quality saw a decline, with gross NPAs rising to 2.31% and net NPAs increasing to 0.91%. Provisions and contingencies escalated significantly, touching Rs 502 crore. The net interest margin for Q3FY25 was reported at 5.9%.

(With inputs from agencies.)