AU Small Finance Bank announced preliminary financial results for the quarter ended September 30, 2024, showing an increase in both deposits and advances for the period.
Total deposits reached Rs 1,09,690 crore, up 12.7% quarter-on-quarter and 12.3% year-to-date after the merger with Fincare SFB on April 1, 2024.
Total prepayments also increased to Rs 96,030 crore, reflecting 5.9% quarter-on-quarter growth and 11% year-to-date growth. The bank’s total loan portfolio, including securitized and transferred loans, totaled Rs 1,05,030 crore, registering a growth of 5.2% compared to the previous quarter.
Current and Savings Account (CASA) deposits stood at Rs 35,520 crore, up 10.9% from the previous quarter. The CASA ratio, which indicates the percentage of stable deposits, was reported to be 32.4%.
AU Small Finance Bank is expected to release formal financial results for the quarter in the coming weeks.
The lender had last month formally submitted an application to the Reserve Bank of India (RBI) seeking approval to transition from a small finance bank to a universal bank.
This comes after the RBI on April 26, 2024 invited applications from small finance banks meeting certain criteria such as a minimum net worth of ₹1,000 crore to become a regular or universal bank. That’s it.
The company’s shares fell 1.6% to £720.00 on Friday.
Also Read: RBL Bank Reports Strong Q2 Update: Deposits Jump 20%, Total Advances Grow 15%
