AU Bank PAT rises 3 pc to Rs 122 cr in Jan-Mar

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AU Small Finance Bank (AU Bank) on Saturday reported a 3 per cent increase in net profit to Rs 122 crore for the last quarter of 2019-20.
AU Small Finance Bank (AU Bank)

New Delhi, May 2 (PTI) AU Small Finance Bank (AU Bank) on Saturday reported a 3 per cent increase in net profit to Rs 122 crore for the last quarter of 2019-20.

The bank had registered a net profit of Rs 118 crore in the January-March period of 2018-19.

Total income during the quarter jumped by 43 per cent to Rs 738 crore as against Rs 517 crore in the same quarter of the previous fiscal, AU Bank said in a release.

For the full year, net profit jumped by 77 per cent to Rs 675 in FY2019-20 as against Rs 382 crore in FY2018-19. Total income rose by 45 per cent to Rs 2,615 crore in 2019-20 from Rs 1,805 crore in the previous fiscal.

Profit after tax in 2019-20, excluding gains on partial divestment of shares of Aavas Financiers Ltd, grew by 56 per cent to Rs 596 crore from Rs 382 crore in FY2019, driven by robust growth, cost improvement and stable asset quality, it said.

Bank’s asset quality improved with the gross non performing assets (NPAs) falling to 1.7 per cent of gross loans at end of March 2020 from 2 per cent in the year-ago period. Net NPAs fell to 0.8 per cent from 1.3 per cent.

Sanjay Agarwal, MD & CEO, AU Small Finance Bank said despite the economic headwinds in FY2020, AU Bank witnessed a healthy growth of 56 per cent in operating profits.

“We continue to maintain extremely comfortable capital adequacy and enough liquidity… Today I personally opted to forgo my salary for the financial year 2020-21 and pledged to donate 25 lakh company shares from my personal ownership with an intent to support employees, customers and the community at large for fighting the Coronavirus pandemic, he said.

Source: PTI

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