AU Small Finance Bank (AUSFB) on Saturday reported a 44 per cent increase in net profit for the first quarter ended June 30, 2023 at ₹387 crore (₹268 crore).

The Jaipur-based Small Finance Bank had recorded a net profit of ₹425 crore in the March 2023 quarter. 

For the quarter under review, total income came in at ₹2,774 crore, up 40 per cent over ₹1,979 crore. In Q4 FY23, AUSFB had recorded a total income of ₹2,608 crore.

AUSFB delivered another quarter of consistent performance across parameters with sustainable growth in our assets, deposits, and profitability despite some impact on our margins due to deposit repricing and negative carry from excess liquidity buffers,” said Sanjay Agarwal, MD & CEO, AU Small Finance Bank.

“Going forward, we will continue to focus on sustainable growth, aiming to improve our balance sheet size while penetrating deeper into rural India, where a significant unbanked population resides,” he added.

Agarwal also noted that 45 per cent of the bank’s new customer acquisition has been via digital products and channels like ‘AU 0101.’