AU Small Finance Bank’s profit up 42% in March quarter

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MUMBAI: AU Small Finance Bank’s profit grew 42 per cent to Rs 118 crore in the March quarter led by a 50 per cent growth in loans for vehicle purchases. Net Interest Income the difference between what it paid for funds and what it earned from lending, nearly to Rs 851 crore from Rs 464 crore. “Capital raise, stable asset quality, adequate liquidity, continued growth momentum and uptick in yields, cost to income and return ratios were key highlights of the fiscal,” said Sanjay Agarwal, CEO, AU Small Finance. The credit growth was driven by strong performance in vehicle loan and secured lending portfolios, the bank said in a regulatory filing. Asset quality remained largely stable at gross bad loans at 2 per cent, the same as last year quarter.

[“source=economictimes.indiatimes”]

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