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.