AU Small Finance Bank’s net profit declined 12.7 percent year-on-year to Rs 371 crore in the fourth quarter of the financial year 2023-34, according to an exchange filing issued on April 24.
In the same period previous year, the net profit stood at Rs 425 crore, while it was at Rs 375 crore in the December quarter of FY24, the filing said.
The bank also declared a dividend of Rs 1 per share for FY23-24 subject to shareholder’s approval. The stock price of the bank surged 1.42 percent to Rs 617.9 on BSE on April 24.
The firm’s gross non-performing assets for the quarter ended March 31 fell to 1.67 percent from 1.98 percent in the December quarter. The company also earned an interest of Rs 2,829 crore in the reported quarter compared to Rs 2,275 crore in fourth quarter of FY23.
“Our performance in the current quarter has remained absolutely on track with deposit growth outpacing advances growth, margins broadly remaining within our guided range and asset quality continuing to be robust. I am happy that our merger with Fincare has received all regulatory approvals in record time, and we are now operating as a merged entity,” said Sanjay Agarwal, founder, MD and CEO of AU Small Finance Bank.
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