AU Small Finance Bank's March quarter profit down y-o-y by 12.7%

25 Apr 2024 , 04:15 PM

AU Small Finance Bank reported a 12.7% year-on-year decline in net profit to ₹371 Crore for Q4 FY23-24. In the same period last year, net profit was ₹425 Crore, while it was ₹375 Crore in the December quarter of FY24.

The bank proposed a dividend of ₹1 per share for FY23-24, pending shareholder approval.

At the time of writing, the stocks were trading at ₹617.70 which is a 0.20% dip than the previous close. The stock has declined over 6.43% in the lasy one year and 21.43% dip since the beginning of the year.

Gross non-performing assets (NPAs) for the quarter ended March 31 decreased to 1.67% from 1.98% in the December quarter. Interest earned by the bank in the reported quarter was ₹2,829 Crore, compared to ₹2,275 Crore in the fourth quarter of FY23.

Sanjay Agarwal, founder, MD, and CEO of AU Small Finance Bank, expressed satisfaction with the quarter's performance, highlighting robust asset quality and regulatory approval for the merger with Fincare.

AU Small Finance Bank, founded as AU Financiers (India) Ltd in 1996, became a full-fledged small finance bank on April 19, 2017. It is India's largest tech-led small finance bank headquartered in Jaipur.

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