AU Small Finance net profit more than doubles to Rs 190 cr in June quarter

AU Small Finance Bank on Thursday said its net profit more than doubled to Rs 190 crore in the first quarter ended June 30.

The company's net profit had stood at Rs 77 crore in the corresponding period of 2018-19.

AU said the company's net profit (excluding profit from sale of equity shares in Aavas Financiers Ltd) rose 56 per cent to Rs 119 crore from Rs 77 crore a year ago.

Net interest income increased 38 per cent to Rs 396 crore as against Rs 287 crore a year ago, while income from other sources jumped 30 per cent to Rs 134 crore from Rs 103 crore.

"Albeit weak market sentiments and a challenging macro environment, growth and asset quality continued to be on track last quarter and were augmented by our diversified secured retail asset franchise as well as our prudent liquidity and risk management," Sanjay Agarwal, managing director and chief executive officer of AU Small Finance Bank.

Shares of the company on Thursday fell 0.46 per cent to Rs 633.30 on the BSE.