: AU Small Finance Bank deposits jump 48% in Q1 #finance #StockMarketNEWS #Business Staff Reporter Panaji The board of directors of AU Small Finance Bank Ltd, on Thursday approved the financial

Posted in: #finance #StockMarketNEWS #Business

AU Small Finance Bank deposits jump 48% in Q1 #finance #StockMarketNEWS #Business
Staff Reporter

Panaji

The board of directors of AU Small Finance Bank Ltd, on Thursday approved the financial results for the quarter ended June 30, 2022. The deposits grew 48 per cent YoY to ` 54,631 crore from `37,014 crore, with further improvement in CASA ratio to 39 per cent compared to 26 per cent a year ago.

In Q1FY23, fund-based disbursements were up 345 per cent YoY at `8,445 crore as compared to `1,897 crore in the same quarter of the previous year which had a low base due to COVID.

Non-fund disbursements for Q1FY23 were up five times at ` 481 crore as compared to `79 crore in the same quarter of the previous year.

The bank witnessed a growth of 37 per cent YoY in its assets under management to `50,161 crore from `36,635 crore. This was coupled with consistent collection efficiency of 105 per cent for the quarter, resulting in sustained improvement in asset quality ratios.

“The bank maintains a strong position in digital services with properties like AU 0101, video banking, credit cards, UPI QR etc. all of which continue to see strong momentum,�? said the board.

Commenting on the performance, Sanjay Agarwal, MD & CEO, AU Small Finance Bank said, “I am very happy with the progress we have made as a bank in the last 21 quarters despite working in an unusually challenging environment. Our business model is becoming increasingly sustainable with each passing quarter driven by our retail-focused branch banking franchise, well positioned asset verticals with consistently resilient asset quality, traction in our digital initiatives, and continued focus on high governance standards. I really want to thank our customers for servicing their obligations as their businesses normalized after the pandemic and wish them success in their endeavors.�?