AU Small Finance Bank Q1 net profit jumps 37% to Rs 796 crore

The Jaipur-headquartered lender, which is in a transition into a universal bank, also announced the elevation of chief operating officer Yogesh Jain to deputy chief executive officer to strengthen the leadership bandwidth.

Its pre-provision operating profit rose 9% year-on-year at Rs 1435 crore, supported by a 32% surge in net interest income at Rs 2695 crore while a 97% fall in treasury earnings pulled other income down by 15% at Rs 689 crore.

The net interest margin for the quarter stood at 5.9%, improved by 47 basis points from what it was in the year-ago period. The key ratio however moderated 7 bps quarter-on-quarter.

The bank's operating expenses increased 26% year-on-year at Rs 1949 crore, which the bank attributed to higher business volumes and investment in distribution, manpower, branding and technology.

Its gross loan portfolio grew 23% year-on-year to Rs 1.44 lakh crore with secured business growth at 25% outpacing the unsecured loan expansion of 11%. Total deposits grew by 24% to Rs 1.58 crore.

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