Page 3 - Au Small Finance Bank

AU Small Finance Bank's Q4 net profit dips by 13% to Rs 371 crore

The numbers are not strictly comparable as Fincare SFB was merged with AU SFB in the Jan-March quarter

AU SFB launches multiple products like credit cards with exclusive features

In a bid to increase fee income, AU Small Finance Bank (AU SFB) on Tuesday launched an array of products including Rupay credit card and ATM insurance. Among the latest offerings are two innovative credit cards: the AU SPONT Rupay Credit Card and Secured Credit Card - NOMO (No Missing Out), developed in collaboration with NPCI and VISA, respectively. The NOMO Credit Card marks AU SFB's debut into the realm of secured credit cards, backed by a fixed deposit, the bank's managing director Sanjay Agarwal said here. Additionally, he said, AU SFB has unveiled the AU 0101 Business App, designed to offer customized solutions for proprietorships and MSMEs, alongside AU0101 Version 2.0, engineered to provide customers with an enhanced mobile banking experience, complete with exciting new features. First time in Indian banking industry, he said, AU SFB has launched ATM Insurance, for the convenience of customers to buy insurance through AU SFB's ATMs with their debit card. Insurance journey

Stock of AU Small Finance Bank soars over 5% on strong loan book, deposits

On Wednesday, the AU Bank reported its unaudited financials, the bank's gross advances grew by 25 per cent year-on-year (YoY) in the March quarter to Rs 73,999 crore

Fincare SFB merges with AU SFB; consolidation enhances distribution network

AU Small Finance Bank (AU SFB) on Monday amalgamated Fincare Small Finance Bank (Fincare SFB), marking the first such consolidation in the sector. In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with the effective date of April 1, 2024. The merger is also expected to provide AU SFB with enhanced access to South India, significantly expanding its distribution network, the Jaipur-based lender said in a statement. This increased presence will facilitate the distribution of the bank's diverse range of products and services to a wider customer base, strengthening its market position in the region, it said. With this, it said, AU SFB has a franchise with a combined base of about 1 crore customers, 43,500 employees, and a network of 2,350 physical touchpoints across 25 states and union .

HR, technology integration key challenge for Fincare-AU SFB merger

AU Small Finance Bank may find it challenging to manage the asset quality of Fincare SFB's microfinance institution portfolio

Fincare Small Finance Bank merger with AU SFB gets RBI approval

To function as combined entity from April 1, 2024

AU SFB appoints former RBI deputy guv HR Khan as non-executive chairman

The lender added that Khan's tenure will begin from the date of taking charge, January 30, 2024, after approval from the Board of Directors and from the RBI and shareholders of the bank

Weak Q3 FY24 performance weighs on SBI Card, AU Small Finance Bank

Analysts downgraded the stock tracking elevated provisions, interest rates, and funding costs

AU Small Finance Bank hits 9-mth low, tanks 12% on disappointing Q3 results

The bank's Gross Non-Performing Assets (GNPAs) rose to 1.98 per cent in Q3FY24 from 1.81 per cent in Q3FY23 and 1.91 in Q2FY24

AU Small Finance Bank Q3 results: Net profit down 4% at Rs 375 crore

Margins under pressure; provisions rise sharply

AU Small Finance Bank's net interest income up 15% Y-o-Y in Q3FY24

The Jaipur-based bank posted a 4 per cent year-on-year decrease in profit in the latest quarter at Rs 375 crore compared to Rs 393 crore in the Q3FY23

CCI clears merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as per an exchange filing on Tuesday. In October last year, the board of directors of AU Small Finance Bank (AU SFB) and that of Fincare Small Finance Bank (Fincare SFB) approved an all-stock merger of AU SFB and Fincare SFB. As per the terms of scheme of amalgamation, Fincare Business Services, promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to the completion of the merger. "...CCI vide its letter dated January 23, 2024 has communicated that CCI in its meeting held on January 23, 2024, considered and approved the proposed combination involving amalgamation of Fincare Small Finance Bank Limited into and with AU Small Finance Bank...," AU SBF said in the filing to stock exchanges. The lender further said the scheme remains subject to the Reserve Bank of India's approval. Shares of AU SFB ended at Rs 715.95 apiece on the BSE on Tuesday

AU Small Finance Bank's advances rise 20% to Rs 67,624 cr in Q3FY24

According to the exchange filing, advances rose by 4 per cent sequentially from Rs 65,029 crore

US-based data analytics firm FICO launches its cloud platform in India

"We can deliver vehicle loans faster and more accurately," said Uttam Tibrewal, executive director, AU Small Finance Bank

10% off on flights: What AU Small Finance Bank's travel credit card offers

The AU- ixigo Travel Credit Card offers up to a 10 per cent discount on flight bookings, instant discounts on hotel bookings, and zero payment gateway charges for train bookings, among other deals

SFBs can turn into universal banks, say experts at BS BFSI Summit 2023

There is nothing to stop our firm from turning into a Universal Bank, said Ittira Davis, managing director and chief executive officer of Ujjivan Small Finance Bank

Stocks to Watch: Reliance, Ultratech Cement, AU SFB, NTPC, Gujarat Gas, MGL

Stocks to watch on October 30, 2023: Fincare Small Finance Bank is set to merge with AU Small Finance Bank (AU SFB) in an all-share deal; Gujarat Gas has hiked industrial gas price to Rs 45.6 per scm

Fincare SFB to merge with AU Small Finance Bank in all-share deal

At present, AU's market capitalisation is Rs 46,000 crore, the highest among small finance banks. The market capitalisation of the merged entity will be slightly over Rs 50,000 crore

AU Small Finance Bank Q2 results: Net profit up 17% to Rs 402 crore

AU Small Finance Bank on Saturday reported 17 per cent rise in standalone net profit at Rs 402 crore for September quarter 2023-24 aided by improvement in interest income. The Jaipur-based lender had logged a net profit of Rs 343 crore in the year-ago period. Total income rose to Rs 2,957 crore from Rs 2,240 crore in the same period a year ago, AU Small Finance Bank said in a regulatory filing. Net interest income of the bank improved to Rs 1,249 crore from Rs 1,083 crore in September 2022. Net interest margin stood at 5.5 per cent at the end of September 2023. The bank's gross non-performing assets (NPAs) stood at 1.91 per cent of gross advances at the end of the September quarter 2023 as against 1.90 per cent a year ago. Net NPAs or bad loans rose to 0.60 per cent as against 0.56 per cent in the year-ago period. The Capital Adequacy Ratio of the bank decreased to 22.4 per cent from 23.3 per cent at the end of September 2022.

SBI, IDBI to Canara Bank: Lucrative offers to explore this festive season

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