Comments
AU Small Finance Bank registered a 3.45 per cent increase in its net profit to ₹122.32 crore for the fourth quarter of the fiscal 2019-20 as against ₹118.23 crore in the same period a year ago.
The bank’s net income grew 43 per cent to ₹738 crore in the fourth quarter last fiscal from ₹517 crore in the corresponding period in 2018-19.
Its net interest income surged 43 per cent to ₹555 crore in the quarter ended March 31, 2020 from ₹387 crore a year ago.
Other income grew 33 per cent to ₹174 crore in the January to March quarter 2020.
The lender also earned ₹9 crore from the sale of equity shares in Aavas Financiers.
In a statement on Saturday, AU Small Finance Bank said that excluding the profit on sale of equity stake in Aavas Financiers, its fourth quarter net profit would have dropped by 3 per cent to ₹115 crore.
For the full financial year 2019-20, the bank’s net profit shot up by 77 per cent to ₹675 crore from ₹382 crore in 2018-19.
Total provisions shot up three fold to ₹150.57 crore in the fourth quarter of the fiscal from ₹39.23 crore a year ago.
Of this, the bank made Covid-19 related provisions of ₹138 crore. Excluding this, provisions fell by 68 per cent to ₹13 crore.
The lender’s asset quality has improved for the year 2019-20. Gross non performing assets improved to 1.7 per cent of gross advances as on March 31, 2020 from 2 per cent a year ago.
Net NPAs also fell to 0.8 per cent of net advances as on March 31, 2020 from 1.3 per cent on March 31, 2019.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.