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AU Bank posts over two-and-a-half times jump in Q3 net profit to Rs 479 crore

The bank's gross non-performing assets (NPAs) stood at 1 percent and net NPA at 0.2 percent by the end of the December 2020 quarter.

January 28, 2021 / 09:10 PM IST
 
 
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AU Small Finance Bank on Thursday reported a rise of over two-and-a-half times in its net profit to Rs 479 crore for the third quarter ended December 2020. The lender had posted a net profit of Rs 190 crore in the corresponding quarter a year ago.

The total net income during the October-December 2020 period also jumped 94 percent to Rs 1,297 crore from Rs 668 crore a year ago, AU Small Finance Bank said in a release. Net interest income grew 25 percent to Rs 633 crore.

For the nine-months ended December 2020, the net profit was up by 81 percent to Rs 1,002 crore and the total net income grew 54 percent to Rs 2,885 crore. The lender said the strong performance has happened as growth has returned to normalcy.

Basis the normalised environment and re-emergence of growth, the bank is moving ahead with an annual performance appraisal (increments) for 2019-20 for all employees in this quarter. The bonus has already been paid out in the third quarter of 2020-21, said the lender.