AU Small Finance Bank Q1 Net rises 24pc to Rs 77cr

AU Small Finance Bank today reported a 24 per cent rise in net profit at Rs 77 crore for the first quarter of 2018-19 financial year.

The bank had reported a net profit of Rs 62 crore in the April-June period of 2017-18.

Total income increased by 69 per cent to Rs 703.33 crore in the first quarter of 2018-19 compared to Rs 415.99 crore in the same period of last year, it said in a regulatory filing.

Net interest income rose by more than 56 per cent to Rs 286 crore.

Bank reported a stable asset quality in the first quarter of this fiscal amidst high disbursement growth and gross non-performing assets, historically been a tad higher both in the first quarter and the first half of past few financial years, the bank said in a release.

The gross NPA stood at 2.17 per cent as on June 30, 2018 against 2.98 per cent by same period of 2017.

Provision Coverage Ratio (PCR) was 36.8 per cent for the June quarter.

Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said: "We continue to differentiate and deliver a strong all round growth on the Banking Platform as seen through a robust growth of more than 60 per cent in AUM, nearly 100 per cent growth in disbursements and deposits touching 10,000 crore mark, with gross and net NPAs tracking well and a 24 per cent growth in PAT over the previous quarter."