AU Small Finance Bank shares in spotlight after Q2 profit soars 42% YoY to Rs 571 crore
AU Small Finance Bank shares are in the spotlight on Thursday after the bank reported a 42% year-on-year (YoY) rise in net profit for the September quarter at Rs 571 crore, buoyed by the impact of its acquisition of Fincare Small Finance Bank.
Its net profit was Rs 402 crore in the year-ago period. Operating profit jumped 80% YoY at Rs 1,132 crore.
The bank's net interest margin for the quarter rose to 6.1% from 6% in the preceding quarter.
Net interest income grew 58% year-on-year at Rs 1,974 crore as compared while other income rose 57%, driven by fee income, third-party product distribution and credit cards.
The bank's asset quality deteriorated with gross non-performing assets ratio rising to 1.98% at the end of September from 1.91% a year back. Net NPA stood at 0.75% against 0.6%. The bank made higher provisions at Rs 373 crore for the quarter when compared with Rs 95 crore in the year-ago period.
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