Page 3 - Au Small Finance Bank

AU Small Finance Bank applies for transition to Universal Bank; shares rise

AU Small Finance Bank has submitted an application to the RBI for a voluntary transition from a Small Finance Bank to Universal Bank

AU Small Finance Bank Q1 results: Net profit surges 30% to Rs 502 cr

AU Small Finance Bank on Thursday reported a 30 per cent jump in its net profit to Rs 502 crore for the first quarter ended June 30. The Jaipur-based lender had earned a net profit of Rs 387 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 4,315 crore against Rs 2,773 crore a year ago, Au Small Finance Bank said in a regulatory filing. Interest income grew to Rs 3,769 crore during the period under review from Rs 2,458 crore in the corresponding quarter a year ago. The board has also approved for making an application to the Reserve Bank of India (RBI) for the transition from a Small Finance Bank to Universal Bank pursuant to guidelines for 'on tap' licensing of universal banks in the private sector dated August 1, 2016, and circular on voluntary transition to universal banks dated April 26, 2024, it said. The board has constituted a Committee of Directors to vet the application for submission to the RBI, it said. Asset quality of the bank

AU Small Finance Bank's shares slump 4% on muted growth in Q1 biz update

AU Small Finance Bank's stock dipped up to 4.25 per cent at Rs 250.55 per share on the BSE in Monday's intraday trade

WestBridge Capital sells 1.7% stake in AU Small Fin Bank for Rs 845 cr

Private equity firm WestBridge Capital divested on Wednesday a 1.7 per cent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE). As per data available, Westbridge AIF I offloaded 1.30 crore shares, amounting to a 1.75 per cent stake in AU Small Finance Bank. The shares were disposed of at an average price of Rs 650.08 apiece, taking the transaction value to Rs 845.10 crore. After the stake sale, the shareholding of WestBridge Capital in the AU Small Finance Bank has declined to 2.07 per cent from 3.82 per cent. Meanwhile, Goldman Sachs Investments Mauritius I picked up 43.34 lakh shares of the AU Small Finance Bank at an average price of Rs 650 per piece. This took the deal value to Rs 281.71 crore. Details of other buyers of the AU Small Finance Bank shares could not be ...

Nifty Bank hits 50,000 mark for the first time ever; Check key reason

Surpassing the 50,000-mark for the very first time, the index's ascent can also be attributed to robust Q4 GDP figures, and S&P recent upgradation of India's rating to positive

Float dynamics: Higher float to keep ETF buying in Airtel, CIL buoyed up

Based on changes to the float during the three-month period ended March 2024, Freitas has calculated the possible weighting changes in these stocks and their likely impact on passive flows

AU Small Finance Bank stock rallies over 6% on universal banking hopes

The central bank has laid down qualitative criteria of a satisfactory five-year track record, which will be evaluated post-application made by SFBs

AU Small Finance Bank eligible for universal banking licence application

AU Small Finance Bank has recorded profits for the previous two fiscal years, and maintained gross and net non-performing assets below 3% and 1%, respectively, as mandated by the RBI

AU Small Finance Bank to double balance sheet to Rs 2.5 trn in 3 yrs: MD

AU Small Finance Bank is targeting to double its balance sheet size to Rs 2.5 lakh crore in three years, helped by the acquisition of Fincare SFB and the growing consumption trend in the country. The bank earlier this week operationalized Authorised Dealer (AD-I) license with foray in forex with 'AU Remit' and Cross-border Trade with 'AU DigiTrade'. "We are targeting a growth of 25 per cent in the next three years and we should double the balance sheet size to Rs 2.5 lakh crore by the time we complete one decade of existence," AU Small Finance Bank managing director Sanjay Agarwal told PTI. The bank started its business in 2017, with a balance sheet size of Rs 10,000 crore, which has now crossed Rs 1.25 lakh crore. Human resources has gone up from just 3,000 to 46,000 during the same period, he said. At the same time, the branch network has increased from 300 to 2,400 touch points currently, he said. Pointing out that banks are formed by the people and for the people, he said, the

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