Au Small Finance Bank(NSE: AUBANK) is a small finance bank based in India. It was founded in 1996 as a microfinance company and was later converted into a small finance bank in 2017. The bank provides a range of financial services, including loans for micro and small businesses, affordable housing, and two-wheeler financing, as well as savings and deposit accounts for individuals. It also offers various digital banking services and operates through a network of branches and banking correspondents across India.
In Q3FY23, the bank’s total balance sheet grew by 4% QoQ and 17% YTD to INR 80,703 crore, while deposits grew by 5% QoQ and 16% YTD to INR 61,101 crore. The bank’s gross advances grew by 7% QoQ and 20% YTD to INR 56,335 crore. The bank’s 90% loan book is retail and 93% is secured. The bank’s net profit for Q3FY23 was INR 393 crore, up 15% QoQ and 30% YoY. Asset quality improved with GNPA at 1.81% compared to 1.90% in Q2FY23. Net NPA was stable at 0.51%. The bank’s digital properties, such as video banking, credit cards and UPI QR, are seeing strong growth, with 90,000 credit cards issued in Q3FY23 and 2.4 lac savings accounts opened digitally via video banking.