{"id":181935,"date":"2026-04-27T09:52:55","date_gmt":"2026-04-27T13:52:55","guid":{"rendered":"https:\/\/alphastreet.com\/india\/au-small-finance-bank-ltd-aubank-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-27T12:41:16","modified_gmt":"2026-04-27T16:41:16","slug":"au-small-finance-bank-ltd-aubank-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/au-small-finance-bank-ltd-aubank-q4-2026-earnings-call-transcript\/","title":{"rendered":"AU Small Finance Bank Ltd (AUBANK) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

AU Small Finance Bank Ltd (NSE: AUBANK) Q4 2026 Earnings Call dated Apr. 27, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Prince Tiwari<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Gaurav Jain<\/strong> \u2014 Interim Chief Financial Officer<\/em><\/p>\n

Sanjay Agarwal<\/strong> \u2014 Founder, Managing Director and Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Renish Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Kunal Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Nitin Aggarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Jayant Kharote<\/strong> \u2014 Analyst<\/em><\/p>\n

Pritesh Bumb<\/strong> \u2014 Analyst<\/em><\/p>\n

Param Subramanian<\/strong> \u2014 Analyst<\/em><\/p>\n

Akshay Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashlesh Sonje<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the AU Small Finance Bank Q4 FY ’26 earnings conference call. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Prince Tewari, Head of Investor Relations. Thank you. And over to you, sir.<\/p>\n

Prince Tiwari<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Thank you, Sagar. Good evening everyone and Warm welcome to AU Small Finance Bank’s earnings call for the fourth quarter of financial year 2025 26. We thank you all for joining us this evening. On today’s call from the management, we have our founder MD and CEO, Mr. Sanjay Agriwal. Deputy CEO, Mr. Uttam Tibriwal. Executive Director and Chief Credit Officer, Mr. Vivek Tripathi. Our CEO, Mr. Yogesh Jain. CIO, Mr. Ankur Jain. And our newly appointed CFO, Mr. Gaurav Jain. And the IR team. As we made the announcement today, Mr.<\/p>\n

Gaurav jain has been appointed as the CFO of the bank. And I take this opportunity to congratulate Gaurav on his appointment. We’ll start today’s call with a 15 to 20 minute opening remarks from Gaurav highlighting the bank’s performance, positioning and outlook. We’ll then follow it up with an open Q&A of 40 to 45 minutes from the participating analysts and investors. For the benefit of all participants and so that we can take everyone’s question, we would humbly request everyone to keep the number of questions restricted to two per participant and join back in the queue in case you have any further questions.<\/p>\n

With that, I now request Gaurav to kindly take us through his opening remarks.<\/p>\n

Gaurav Jain<\/strong> \u2014 Interim Chief Financial Officer<\/em><\/p>\n

Thank you, Prince. Good evening, everyone. And thank you for joining the call. It’s a pleasure to welcome you all to our earnings call for the fourth quarter of FY ’26. On the 19th of April, we completed nine years of our banking journey. And I would like to take this opportunity to thank all of our stakeholders for their continued trust and support. As we enter the decade of our operations, we continue to focus on our core philosophy of sustainable growth and achieve our long term objective of building a forever bank. Coming to the operational highlights for the quarter, let me start with the operating environment.<\/p>\n

Geopolitical tensions in West Asia continue to weigh on global energy prices, currency market and supply chains elevating overall risk sentiment. Indian macroeconomic environment, while relatively on a better footing, did see volatility across currency yields and business sentiment towards the latter half of March. As a retail focused bank, we have no meaningful exposure to borrowers directly impacted by trade or supply chain disruptions. However, we remain watchful of the second order effects, particularly fuel prices pass through into inflation, consumption and credit.<\/p>\n

Amidst this environment, we delivered a strong quarterly performance helping us to finish the year on a high note. Deposits growth remains strong at 10% quarter on quarter and 23% YoY versus estimated private sector banking growth of 13%. Loan portfolio grew by 8% QoQ and 21% YoY versus estimated private sector Banking growth of 13%. Secured assets grew by 7% quarter on quarter and 23% year on year. Unsecured businesses also turned around with a 7% quarter on quarter growth led by MFI and personal loans.<\/p>\n

On a YOY basis, unsecured Portfolio declined by 1%. Margins expanded by 24 basis points quarter on quarter to 5.96% led by a decline of 12 basis points in cost of funds. 6 basis points benefit from lower gross slippages and higher NPA resolution and around 7 basis points seasonal benefit from lower day count in February. Cost to assets ratio continues to improve despite ongoing investments in manpower, distribution, branding and technology. Excluding cgfmu, premium cost to assets ratio for full year declined by 19 basis points to 4.1% from 4.3% in FY25 including CGFMU, premium cost to assets ratio was lowered by 16 basis points to 4.2%.<\/p>\n

Asset quality saw continued improvement led by normalization in unsecured portfolio and seasonal improvement in secured assets. Slippages declined by 17% quarter on quarter to 659 crores leading to GNPA ratio declining by 27 basis points to 2.03%. Credit costs for Q4 declined to 0.6% whereas credit costs for full year decline came at 96 basis points of average assets. Credit cost inclusive of CGFMU premium was around 1% of average assets for the full year. Profit for the quarter grew by 25% quarter on quarter and 65% year on year to 832 crores with RoA improving to 1.8% for the quarter.<\/p>\n

Profit after tax for the full year grew by 25% to 2,641 crore with RoA improving to 1.6% and RoE at 14.2%. Now let me briefly update you on some of our strategic initiatives. First, on the Universal Banking License pursuant to the Bank’s request, the RBI has amended the NOFSC requirement which will now apply to the Transition Universal bank only if the bank or its promoter group proposes to establish any group entity in the future. Following this amendment, we filed the final license application in March 26 and await regulatory approvals.<\/p>\n

Second, on the succession planning, the Board and Executive Management continue to invest in increasing the leadership depth and we had made certain announcements during last quarter in this regard. To further update, RBI has approved the extension of our MD and CEO Sanjay’s tenure for three years till April 2029. Our Deputy CEO Uttam Ji completed his term as whole time Director in April. He will continue in his capacity as Deputy CEO leading the bank’s retail business vertical and increase his focus on on ground engagement to drive growth, strengthen customer relationships and expand the bank’s presence across newer geographies.<\/p>\n

Our Chief Credit Officer Mr. Vivek Tripathi has assumed the role of Executive Director for a term of three years following RBI appro. Third on Operating Efficiency There is a great degree of focus on driving operating efficiency over the medium term through multiple structural interventions. One of the key levers is agentic AI which provides an opportunity for us to completely reimagine our customer and employee facing journeys and we are systematically integrating AgentYQ AI capabilities into our core operations to make it exciting and easier for our customers to bank with us faster for us to service them.<\/p>\n

We’re also realigning our organizational structure by consolidating businesses, eliminating parallel hierarchies and reducing redundancy. For example, agri business is now merged with business banking and home loans and MBL businesses have started sharing back end teams. We’re also working to flatten our sales hierarchy, expand managerial span of control enabled by real time data visibility. While driving these interventions, we continue to invest in scaling our franchise by adding to the sales team, expanding our distribution and investing in our brand.<\/p>\n

Fourth, on our tech initiatives, we are embedding AI decisively into our core operating model. This is not an incremental adoption. It requires us to fundamentally reimagine how we operate, scale and serve our customers by delivering superior customer experience, higher productivity and scalable growth without proportional increase in cost or headcount. Our tech roadmap focuses on adopting an enterprise wide agent AI platform, developing AI use cases on our data platform, driving process automation and lastly keeping our core architecture modern.<\/p>\n

First, on the AgentIQ AI platform we have implemented a deterministic rule driven AgentIQ AI platform built for high speed personalized customer engagement with full end to end traceability and auditability by removing the friction of fixed digital workflows. This platform empowers our team to serve our customers needs more effectively and expand product reach at lower cost. Our first AI native loan origination system built on this platform went live last week for our gold loan business. We’re now actively expanding this agent a platform to mortgages, commercial banking reins, personal loan and credit card LOS journeys.<\/p>\n

In parallel we are building a model agnostic multilingual platform for customer service enabling deeper customer understanding, end to end lead management and enhanced cross sales efficiency. To sustain and scale this transformation, we are establishing a center of excellence bringing together internal talent, global partners and cutting edge capabilities to identify and implement AI use cases across the bank. Second key initiative on the tech side is around data engineering and AI based analytics use cases.<\/p>\n

The bank has built a unified data platform wherein most mis and dashboards have migrated to this automated platform and our internal meetings are increasingly being conducted leveraging this platform improving timelines and decision making Building on this foundation, we are deploying AI and ML across credit underwriting, fraud decisioning collections and customer service. Multiple credit underwriting scorecards for new to bank and existing to bank customers are live for credit cards and personal loans enabling rapid decisioning.<\/p>\n

Scorecards for personal cars, taxi, small CV and vehicle refinance are under development on AML monitoring. Approximately 60% of alerts are reviewed and resolved through AI based models with the majority identified as false positives within acceptable risk. Beyond dashboards and analytical models, a customer 360 view and customer level profitability model covering both retail and commercial customers has been built to facilitate cross sell and faster decisioning. Now we are adding AI layer on top of this data platform which can be used for querying any business KPI dynamically by just writing prompts in plain English.<\/p>\n

Our AI driven corrections bot is live improving engagement and resolution speed on customer service. Inbound Calling was launched as the bank’s first AI initiative across multiple languages. Outbound AI led campaigns are underway across businesses with a target to scale up to 25% of total calls over the next two quarters. The third area of focus is technology transformation and automation. On the customer facing side, our 0101 retail app has been revamped with a more intuitive customizable interface.<\/p>\n

Our website has also been refreshed this quarter. On the asset side, our vee’s business runs entirely on Salesforce LOS personal loans are now live on the same platform and credit cards will follow shortly on liabilities. Our branch banking account opening journeys are now fully STP with cross sell embedded natively within onboarding process on hr, we have migrated to Darwin Box consolidating our hrms employee help desk and internal communications on a single platform. Across back office functions, we are migrating to a workflow based operating model with over 10 workflows being built across audit risk, IT compliance and secretarial function, reducing email dependency and strengthening audit trail.<\/p>\n

Lastly, to update on our core architecture, migration of Fincare’s core banking system was completed in April. With this the integration of Fincare into AU is complete. Now let me give some color on each of our businesses. Our deposit base now stands at 1.52 lakh crore, growing by 10% quarter on quarter and 23%. YoYo Casa deposits grew by 9% quarter on quarter and 20% year on year with Casa ratio broadly stable at 28%. Our deposit strategy is anchored on three pillars, granularity, stability and cost of funds.<\/p>\n

On granularity, we continue to grow our branch banking deposit book which constitutes around 60% of the overall deposits. New CASA account acquisition for FY ’26 grew by 62% year on year, crossing the milestone of 1 lakh monthly acquisition in December, a run rate which we have since maintained. Strengthening and scaling our deposit franchise remains one of our top focus areas. We are opening 80 to 100 newer branches every year, investing in our brand and expect significant benefits to accrue over time from the anticipated transition to universal banking license.<\/p>\n

On stability, our focus within wholesale deposits has been on non callable deposits in order to strengthen our resilience. Total stable deposits which includes CASA retail and non callable wholesale term deposits was stable at 79% on cost of funds we saw meaningful improvement. Full year cost of Funds declined by 32 basis points year on year to 6.75% versus 7.07% in FY25 Q4. Cost of funds was at 6.49% down by 12 basis points during the quarter. Our average LCR for the quarter was stable at 119% versus 118% last quarter.<\/p>\n

Also, the bank carried 15% additional liquidity in the form of non LCR investments. Now moving on to our assets franchise, Retail Secured Assets which includes wheels, mortgages and gold loans formed 66% of our portfolio and grew robustly at 21% year on year. Within retail, our wheels book grew by 27% year on year to reach approximately 46,400 crores, driven by improving affordability across segments. Gold loan business has doubled this year from a low base to reach approximately 4,000 crores. Our mortgages business comprising micro business loan and Affordable housing grew by 11% year on year to approximately 42,400 crores.<\/p>\n

In a highly competitive market warranting disciplined pricing and underwriting, increasing growth rate in this business remains a key focus area and we’re working to increase our productivity in newer geographies like Andhra, Karnataka, Telangana, Tamil Nadu and up. It’s important to note that in the last two years we have nearly doubled our retail asset distribution to about 900 to 1,000 branches for each of our retail secured businesses. This expanded distribution is expected to support growth over the next few years.<\/p>\n

Moving on to Commercial banking commercial banking forms 22% of our lending business and grew by 29% year on year and 12% quarter on quarter to reach around 31,000 crores with an additional non fund based book of approximately 11,000 crores. We have carved out renewable energy as a dedicated segment within commercial banking reflecting opportunity in this space. A strategic priority for commercial banking is self sufficiency on funding. Currently commercial banking sources approximately 56% of their funding requirements combined with transaction banking and CMS.<\/p>\n

Our intent is to progressively run this as a fully self funded business, a model that strengthens both margin resilience and customer stickiness. Now moving on to unsecured businesses, our inclusive banking franchise which primarily includes MFI saw a strong sequential growth of 8%. Non overdue collection efficiency in MFI has normalized to 99.7% for the current quarter compared to 99.1% for the previous quarter. 92% of the MFI book is now covered under the CGFMU Guarantee scheme. Our digital unsecured portfolio comprising credit cards and personal loans grew by 4% quarter on quarter.<\/p>\n

Personal loans portfolio witnessed a resumption in growth this quarter with a healthy 19% sequential increase from a low base. Credit card business broadly stabilized this quarter after nearly five quarters of deeprow and should start seeing gradual growth going forward. Moving on to P and L, our profit after tax for Q4 grew by 25% quarter on quarter and 65% year on year to 832 crores with ROA of 1.8% for the full year. Profit after tax increased by 25% year on year to 2,641 crores with ROA of 1Point6%.<\/p>\n

Net interest income increased by 10% quarter on quarter on the back of strong growth in loan portfolio, lower cost of funds and seasonally strong margins. In the quarter full year NII growth was at 14% core. Other income saw 7% quarter on quarter growth driven by higher business volumes full year Core other full year core other income growth was at 13%. Operating expenses for Q4 increased by 6% quarter on quarter primarily reflecting higher business volumes. Provisions were down 19% quarter on quarter on account of normalization in unsecured businesses and seasonal recovery in secured assets.<\/p>\n

Full year provisions were also down 10%. The board of directors has recommended a dividend of rupees, one per share for FY ’26. Subject to requisite approvals. To conclude, FY ’26 has been a year of disciplined, consistent execution. True to our long term vision of building a forever bank, our priorities remain unchanged. Growing our core asset franchises, scaling liabilities franchise and driving structural efficiency through AI and technology. We enter the next phase as a stronger, more diversified and more efficient institution.<\/p>\n

With products, technology, distribution and people all firmly in place. We are inducting AI in our core operating model which can lead to a complete reimagination of our customer journey and provide a sustainable operating leverage over the coming years. We believe our franchise is capable of sustainably compounding at two to two and a half times of India’s nominal GDP growth rate delivering consistent, predictable and long term value to our shareholders. I thank our teams for their dedication and all our stakeholders for their continued trust.<\/p>\n

With that, I will now hand over to Prince for Q&A.<\/p>\n

Prince Tiwari<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Thanks, Gaurav Sagar. We can open the call for Q&A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Perfect. Thank you. [Operator Instructions] Our first question comes from the line of Renesh from ICICI. Please go ahead.<\/p>\n

Renish Patel<\/strong><\/p>\n

Yeah. Hi sir. Just two things. One, on this contingency provision, creation of 21 crore during Q4. So you have mentioned that we have built this towards some specific accounts. Can you share some more details around these accounts? Like you know, potential segment ndfc, real estate, commercial banking. Or maybe what is the aggregate exposure at bank level in that? These are normal, you know, these are not some high value specific cases. These are normal business banking, working capital cases. We assess the risk.<\/p>\n

You know, assuming that the risk assessment whether what amount is covered through our security and other things through the recommendation has been provided. So there is nothing specific to it. Right. Okay. This is the internal risk assessment. Okay.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

There will be like number of accounts, not maybe two, three accounts.<\/p>\n

Renish Patel<\/strong><\/p>\n

Yeah, these are under account. This is the risk assessment. We just provide the additional. Got it, got it. And my second question is on you know, behind hiking interest rate in account and TD in the industry. So are we experiencing some challenges in raising independent deposit or is it that we anticipate some better growth going ahead and to maintain CD ratio, maybe we are hiking this range to remain competitive.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Yeah. So in terms of liability, you know we are not focusing on one, one data point or you know, one way of building it up. Right. It is a combination of three, four variables. Like you know, one is how much you want to raise the cost of money. You know, how you want to play your casa, how you want to play your retail versus wholesale. The overall CD ratio. But if you see our whole last year performance, our CASA remains stable. It is around 28, 29%. Our stable money is around 80% our cost of money.<\/p>\n

We were anticipating maybe a drop of only 15 to 20 bips, but we actually dropped it by around 22 bps. Right. Our ALM is perfect match. So if you ask me, I think we want to play it like this only this year too. And it’s every month working. You can’t predict, you can’t have a specific one rule for entire year. Right. There’s ELCO at every end and there’s a two month RBI monetary. So we need to play with the environment. But focus will remain on two, three things. One, we want to build a very stable liability franchise.<\/p>\n

The focus of bank is entirely on that, be it the quantity, the quality. And I’m very happy that being an SFB we don’t have a right to win so much. But still the team is doing phenomenally good job. They are building it quality, quantity, overall cost of money. So we are not playing a perfect game. You need to build it somehow, somewhere. So I would say that our nine year journey has taught us that liability is their day to day business. Right. And we need to play every day.<\/p>\n

Renish Patel<\/strong><\/p>\n

Got it. Okay. So there is no, let us say a structural trend. One should assume based on this it is maybe nothing.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

No, no. I believe we need to play it every day. We need to build it every day. And the more deeper we are going into a banking franchise, more stable<\/p>\n

Renish Patel<\/strong><\/p>\n

And more predictable we are now. Got it. Okay. That’s it sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Kunal Shah from Citigroup. Please go ahead.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah, thanks. And congratulations for good set of numbers. So firstly with respect to RWE, we are almost at 1.8% now on exit level. So what would be the focus? Maybe would we still try to drive it up further or sustenance of debt will be critical. And what would be the levers available to drive it? No doubt there would be some levers on opex, but would it get offset by the other measures? And we will just try to sustain it at 1.8.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

So Kunal, obviously we know that Q4 is always seasonally strong. Right. So that 1.8% also reflects that strong seasonality. Our goal would be to maintain this ROA or achieve this ROA on a full year basis for next year. And the levers on that clearly as we mentioned earlier as well, we’re doing a lot of work on our operating efficiency so we should see continued improvements year on year on the OPEX to assets ratio. So that’s one second is, you know we are coming out of some targeted levels. Sorry,<\/p>\n

Kunal Shah<\/strong><\/p>\n

Any targeted. No. So there’s<\/p>\n

Gaurav Jain<\/strong><\/p>\n

No target. I’m just giving you directionally. What we are working on is difficult to guide you on a line by line basis on the ROA tree. And second is on the credit cost front. Right. As you know we are coming out of somewhat of a crisis in MFI and the credit cost has normalized. Similarly in the credit card business as well, the credit cost is normalizing. So we expect on a full year basis next year these two things in particular to drive our cost credit cost lower than the full year in the current year. Right. So I think these are the two levers to watch out for next year and we will see how we perform against these two.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Sure. And on margins you indicated some breakup with respect to what you mentioned, 6 base benefit because of the lower slippages and 7 due to lower day count. But this is element of IT refund as well as well as some recovery which is indicated in that paragraph. So how much if you can quantify that because there will be some pressure on yield as well.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

So I think on this side. Right. So there was some IT refund. I would not say that was material to the overall movement. It helped by a tiny bit. But nothing specific to call out there. But in terms of overall outlook on the margin, we’ve seen sort of strong improvement in our cost of funds continuing for the last two quarters. But with this rate increase we have taken, we think cost of funds may have bottomed and some of the seasonal factors which I spoke about which were there in this quarter won’t be there for the next quarter.<\/p>\n

Or two. Right. So I think to that extent there’ll be an impact on margin.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Got it. Perfect. Yeah, thanks. And all the rest.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

Thanks. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Your next question comes from the line of Nitin Agarwal from Motilal Oswal. Please go ahead.<\/p>\n

Nitin Aggarwal<\/strong><\/p>\n

Congratulations on strong performance. So I have two questions. One is on the technology. Like we’ve spent a good time on technological progress that the bank is building including the investment in Gen AI. AI. How do you see this translate into our business volumes and what kind of cost ratios will you now target over the next 20 years as the bank transitions to the bank?<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Yeah, so this is my second question.<\/p>\n

Nitin Aggarwal<\/strong><\/p>\n

Yeah.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

No.<\/p>\n

Nitin Aggarwal<\/strong><\/p>\n

Second is I move on similar lines like because as an SSB the range on cost issues is generally like very tight and it’s very narrow across the banks. Most SMBs are like operating around 850 to somewhere in 3s and but as a universal bank the range is very vast. There are banks of below 40 also. And so where like AU, which generally has been many parameters as an SSB, how do you want to position yourself on cost ratios now as you kind of take this transition?<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

No Nitin, so let me answer first. You know, so I think why we have given you the more elaborate description in our presentation and of course by our CFO Gaurav, because we are investing a lot in our tech and you know about that. We have around seven, eight asset classes. We need to build our liability franchise. We want to build it Pan India and there is lot of challenge in terms of language, in terms of making everybody understand product, process and making everybody aligned with one goal. When you want to become a Pan India franchise, something needs to be stitching everybody right.<\/p>\n

And we believe at AU that tech is that medium that can connect all our 60,000 people with all the diversity on the ground, be it product, be it distribution channel, the processes, the policy. So there is a lot of friction. Honestly you might want to do lot many things, things from top, but you can’t do it on the ground because it’s very, very, very highly, I would say friction at every level. So I think now tech is actually solving it. Much has been solved over the years but I think now AI is really helping us lot into that.<\/p>\n

And we are not saying that AI only will be helping us in backend automation or backend processes or back end policies and all those things. We want to take it to the front end. And I’m so happy to say you all that we have launched our first AI led Los in Gold loans and we actually have given 2, 3 loans on Saturday today also which is a 5, 10 minute journey frictionless. So we believe that AI will allow us to connect with people internally and externally seamlessly their own comfort language. So in my opinion if there is even a 10th pass employee they can also be given job and with the help of AI tools in their hand they can be as productive as anybody else on the ground.<\/p>\n

Because AI will be doing lot much as the main, I would say communicating with the customer and the boy will be only doing the necessary things. So we want to invest a lot on those things and and I’m not able to imagine that what kind of cost reduction that AI will do us because it’s a very early stage. But if you ask me being an I would say retail physical oriented franchise where the cost would always be high. I think AI will help us into two sense. One, our productivity will go up, our channel distribution can go up our scale management will be lesser in terms of risk and all those things.<\/p>\n

So eventually the cost will get addressed. Right. But to get to some numbers difficult nitin in this call maybe down the line one year you will able to figure out that you know how much it will help us. But there is a clear cut advantage to the franchise and we do AI LED acquisition or AI LED assistance in so many cases then I am seeing clear start differentiation in times to come. And I don’t want to say that EU will be the first AI native bank but we want to be in that category and we’ll put a lot of focus money people to achieve that.<\/p>\n

But I’m sorry it’s not able to build it around cost. But overall the focus on cost is huge if you ask me. We have gone from 4.3 to 4.1 in this year itself. I believe next year, this current financial year we should be lower than 4% so this will be done organically. But if you want to disrupt it I think it has to be tech driven and that we are on the course. And I believe because once you get about the universal and other banks the scale is very different. So I can’t compare myself to the level of 2.5 or 2% kind of the expense on the asset.<\/p>\n

Rather I would say that the first benchmark should be that can I do around 3.5 and that three to five years. But I think it’s so difficult to reduce your cost somehow. But I think the tech is able to give us that hope that if you start building it more on tech and allow people to work on tech this can be achievable faster than what we are projecting this call. Also I don’t want to ask something.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

No, I think you’ve captured it. All right.<\/p>\n

Nitin Aggarwal<\/strong><\/p>\n

Thank you, Sanjeevi for such a detailed answer and very good credit provided on it. And one more question that I have is around asset quality. It’s very heartening to see that the bank has delivered 1.8 ROE what it guided for FY27 right in the fourth quarter itself. But from here now looking at how the asset quality is shipping up, this quarter was particularly very strong. Should we benchmark our estimates around credit cost basis this quarter number? Because if I look back we used to have much lower credit cost versus what we have seen in this year and now we are approaching closer to that number in 4Q now so should<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Nitin 23 disclosures. I want to say I think Gaurav very well articulated that this is a seasonal quarter always quarter four remains very strong for in every sense I would advise anybody that you should actually build this quarter credit cost as an overall cost for next year. And if you ask me we should build it around 90 pips or maybe in that range so that it allows franchise to have some kind of risk taking capability. We want to drive too tight in terms of credit cost estimation in the field in the market which we operate it is not good for the organization.<\/p>\n

Right because we need to take risk in our market in our business. So I would say build it around 0.90. If we save something it’s all of us to share. And I don’t think that 1.8 this quarter ROA should be also should be seen as the permanent ROA because there are external challenges which we all know about it. But I think at AU Nissan we are building it as a foundation where we can build a long term very solid franchise. You know, be IT people, be it distribution channel, geographies, products. You know we are investing in every every side of the business, you know and you’ve seen how how we are building our tech stack also.<\/p>\n

But I can say that AU will be very sustainable in their in their results, you know because we are working on lot of inputs, you know and I think this year is our 10th year of our working and I already said you maybe a couple of years back that it takes around 10 years to build a very strong foundation and a lot of learnings coming up from last maybe couple of years. So we are taking every learning to really build AU a very sustainable franchise And I’m very happy that the way the team is taking the ownership team is learning and building it up so beautifully.<\/p>\n

So I believe that people should not judge us from our this quarter number. I think if you see the whole year number and last two year number, I think we remain very strong in our performances.<\/p>\n

Nitin Aggarwal<\/strong><\/p>\n

Right, right. Got it. Sanjay, thank you so much and wish you all the best.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thanks, Nitin. Thank you. The next question comes from the line of Jayant Karate from Access Capital. Please go ahead.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Thank you for the opportunity. First of all, congratulations on a great set of members. First thing was on the credit cost. We also have RBI VPL norms coming through as we speak. So any impact on steady state credit cost for us given the entire book experience in recent years since we are growing that book again. So in regards to the 90 bits guidance, how should that look with the new ECL guideline?<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

ECL guideline has just came in. Right. And we haven’t. It’s exactly the same<\/p>\n

Prince Tiwari<\/strong><\/p>\n

I’m so sorry to give any. Any guidance around it. You know you have to take us, give us some time and I’ve been told that we as SMP is not covered under that ACI program. Is that right?<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Yeah, I know I was talking after you transition<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Let us do that. But I don’t think you know, of course Vivek is on the call. Vivek, can you comment on that?<\/p>\n

Jayant Kharote<\/strong><\/p>\n

It’s too too early to comment on it. Let us understand that. Right. You need to understand just wonder underlying factor that 90% is our retail secured asset plus I would say secured commercial banking book. So it has a very different connotation to it. Any guideline or any credit cost calculation would eventually work on the loss given default and probability of default. So for us loss given default in retail assets has always been low. I just want to give back guidance And MFI is 100% of my incremental book is covered in CDFU and 90 as we speak 92 close to 92% book is covered.<\/p>\n

You know. So to that extent. Right. Any guideline, even the draft guideline had this provision that any government coverage would continue to get benefited out of it. Thank you. Second question was regards to the geographical liability expansion so to say next two years as we transition to universal bank. I do understand on the asset side you have some focus areas in the south. If you can help us understand what would be your strategy on liability. Geographically I do see some higher contribution from markets like up Karnataka.<\/p>\n

So why would their asset size not match up equally despite the.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

No. So I think if you ask me the most Important strategy which we work on daily basis or maybe an execution or any meeting or any reviews around liability franchise. And I think you would have seen that at this level also without having any right to win in those markets, we are able to grow our liability franchise this year too by 23%, right? And if you ask me we have all the faces there. It’s retail bank which is around 60% of overall deposit franchise. Then we have a government business and the property bank.<\/p>\n

Then we have commercial led deposits, then we have a fic, then we have a CDs then a Treasury LED deposits. So all are, if you ask me internally we know that all are building up very nicely and the focus remains to build all 4.5ccf for the liability franchise so that we don’t miss anything, right? Retail franchise also there is subsector line, there is task, there is special markets and we are building all product line, all channels. And nowadays we are also focusing to cross sell more as the franchise becoming more mature and immature.<\/p>\n

As of now our liability franchise is not talking to the asset franchise largely. So we want that to happen from this year onwards so that when we acquire a liability customer it’s not only one transition, right? It is more relationship, right? And we want to become a Pan India franchise. We want to open around 80, 100 branches every year. We want to build a brand around it. Once we become universal, you know, then the whole, I would say the value of franchise will go up. The people will understand us more and more.<\/p>\n

Our visibility will move more and more. So I think this year or maybe the next year we’ll have a double down approach where we want to build it more faster, more granular, more impactful. And I can assure everybody here that we became brands to build a liability franchise. We know that we have strength in our assets but our core expertise or core leadership or core acceptance as individuals is around our liability franchise. So you will see us more and more visible in times to come than India. And I’m sure that being so successful on SAB platform, you know, on a better platform our performance will be far, far better.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

I’m safe to assume sir, since you’re building this franchise, we shouldn’t be building a rate cut on the SAAT side at least in a yeartime.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Sorry, sorry. On<\/p>\n

Jayant Kharote<\/strong><\/p>\n

The pricing of deposits, since we are in the build out phase, we should assume that we are comfortable here. Or is there any more opportunities on the SA TD cuts that you see,<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

I can’t tell you any guidance around it. As I already commented in my earlier Answer that. Liability franchise at our level, at our franchise is a daily business. You know we have to take the cognizance of market or reality on a day to day basis. We have Alco every month, right. And there we take decision that how much we can go up, how much we can go down, which sector you want to build, how much you want to build it. So it’s very operational in my opinion. But if you see the overall result this year too our cost of money has gone down by 32bps.<\/p>\n

Our CASA is around 2928. Our retail and stable money is around 70%. Our LCR is around 118%. So we remain strong so well in all matrices. Right. And so idea is to not to have one side or two sides to remain very holistic in our liability buildup.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Definitely sir. Congratulations once again on a great set of numbers and all the best.<\/p>\n

Prince Tiwari<\/strong><\/p>\n

Thank you. Thanks Jayant.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Pritesh Poem from Dam Capital Advisors. Please go ahead.<\/p>\n

Pritesh Bumb<\/strong><\/p>\n

Hi, good evening Dean. Congrats on a great set of numbers. A few questions on the asset quality side. So as we have now come out from the asset quality cycle, how are we looking to sell them the residual asset quality metrics like PCR contingency provisions and ACL as we go along?<\/p>\n

Prince Tiwari<\/strong><\/p>\n

Pritesh, I think if you look at our Q4 numbers to tell you the exact story. We’ve always been very, very strong on retail assets. Commercial assets have been rainbow. Large part of that was coming from our unsecured fees which was credit card and mfi. Now both businesses are settling down and I would say obviously there was a seasonality impact but overall things looks very different from the days where these two portfolio had bit of stress. Right. So from and PCR is not a defined number. It goes by the provisioning policy.<\/p>\n

There is no change in the provisioning policy. Right. I mean the ECL guideline as it would come and we need to follow from 1st April 2027 obviously some of it you know will have a impact on stage one, stage two but then you are accelerated. Probably stage three might get released so that working is yet to be done. Right. I’m saying that you know the precise what are the final guideline the underlying. That’s very difficult to comment at this point in time. We need to go through it, we need to put it in our model and we need to perfect our model first.<\/p>\n

Right. And then only I will be able to comment. But to add on to<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Vivek, we have the provision Policy. But at every quarter the risk committee meets and assess any more provision they require. So this time also if you really see our pcr, if you take the credit guarantee book out of it, then we are around 70%. Right. So I believe you should see us there only. And I can assure everybody on the call that our focus always remains to secure any kind of probable loss through this pcr. So that is there. What was the other number?<\/p>\n

Pritesh Bumb<\/strong><\/p>\n

The second question was I just wanted to understand the philosophy for the approach of homerun from law. It’s been mostly flat for some time now. Will we focus on asset duration then in the next few years or anything on that.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

So home loan, you know, honestly we are doing more affordable. Right. And there I would say again, I think in last call, also on a call before, I highlighted that that market has become too competitive and every new NBFC or HFC is coming and building their book there only. And I don’t think that now there is a risk reward left there. Right. So we are not going irrationally and we don’t want to just do it to build up our growth there, you know, because we have not much on table to really grow. So let’s not look for one data point, you know, because we actually said that we want to grow around 2 times 2.25 or 2.5 to the nominal GDP and which will clean it in the world.<\/p>\n

Right. So it will be always like this where some book will be growing, some book won’t be. But overall we know that we have very diversified ourselves in asset classes and you want to play a risk reward game every year. And whenever we feel that it is better to project this book, we want to double down there and whether. And we feel that this is not the right time to push this book. We don’t want to do that. Right. So I think you have to see us that overall our growth is protected, which we are promising.<\/p>\n

Right. And we’ll play around wherever the risk goal is there.<\/p>\n

Pritesh Bumb<\/strong><\/p>\n

Sure. That was clear. And the last question. Sorry to interrupt.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt the question. May we request you return to the questions?<\/p>\n

Pritesh Bumb<\/strong><\/p>\n

Sure, thanks.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Param Subramanian from Investec. Please go ahead.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Hi, good evening. Thanks for taking my question and congrats on a great quarter. Firstly, I just wanted to understand again how we are, how we should think about margin going into next year. So I heard you call out that, you know, there is a day on benefit this quarter and reversals as well. Benefit of lower reversals, but benefit of lower Reversal should stay right because slippages are moderating here on the other. So basically how to think about that going ahead.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

So I think on this specific thing, margins, right. So I’ll repeat what I said earlier. Right. On cost of funds, I think we’ve said that this quarter cost of funds may have bottomed out with the rate increases we have taken. Right. Then on your point around the seasonality in Q4, so that 6bps for lower slippages. So that had two elements. One is your lower gross slippages. So that’s a quarter on quarter improvement from Q3 to Q4. And second is your higher NPA reversals right within that number. Now to the extent that Q4 is strong seasonally and Q1 is weaker, you won’t see this benefit in the next quarter.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay. So basically these one offs will not be there and cost of funds have more or less bottomed out and. Sure, yeah.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

And your asset yield will reflect whatever the asset mix is. Right? That line is a bit difficult to, to call out. It depends on what is the mix of growth within the asset verticals. Right. Where you are unsecured even with the recovery will probably grow at a pace slower than the rest of the book. Right. So on a net, net basis you may have some asset mix related pressure on yield.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Got it, got it. Thank you, Aurav. Secondly, on fees, right. So generally, you know, in fourth quarter there is a sharper fe. I think it’s in the loan assets and in the general banking fees that you call out in your slide. So is there something that is, you know, that is not there at this time that was generally there?<\/p>\n

Gaurav Jain<\/strong><\/p>\n

No, I, I think it’s, there’s nothing specific to. Specific to call out there on that line.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay. This is normal. Is it? Okay? Yeah,<\/p>\n

Gaurav Jain<\/strong><\/p>\n

Yeah.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay. And lastly, if you could just call out so you know your provision coverage is up. I think last call you had talked about something about how you provide for cgfmu which is that you know, you assume the recoveries will come through on the covered portfolio. So. But this quarter we think PCR has gone up again. So has anything changed there or. We are completely status quo and this is. PCR is key.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

So Param, as Vivek mentioned, right. PCR is a function of accounting policy. Right. So that, and, and where is your NTA coming from? Which asset class and what is the provisioning policy for that particular asset class determines what your PCR is. So it’s an outcome rather than an input, if you will.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Perfect, perfect. Thank you so much. Congrats on the great quarter again. Thank you. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Your next question comes from the line of Akshay Jain from Autonomous. Please go ahead.<\/p>\n

Akshay Jain<\/strong><\/p>\n

Thank you sir. Thank you for the opportunity. I have one question on how can you look at. Can you. I think your voice is not coming very clear to us. If you could just keep radio a<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Bit better. Yeah,<\/p>\n

Akshay Jain<\/strong><\/p>\n

Yeah. So my question was how should we look at the growth from the. You know, what proportion of your incremental growth should come from south in say three to five years and which segments will be driving this group. And second related question is two years since the merger the performance of the non MFI segments often gets clouded due to the MFI weakness. So how has been the early stage delinquency trends in the non MFI segment in the southern geographies now that we have two years of growth data in the.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

So you know I would say that it’s too operational now. You know we have become one bank and it’s not about southern market or north market. You know, southern branches perform. Certain branches doesn’t perform. That is why our overall growth estimation which we have linked to our nominal GDP which is makes you two times or 2.25 or whatever, right in the range we want to be on that guidance in that some product will work, some won’t, some geographies will work, some geographies won’t. That’s the reality of the situation.<\/p>\n

But I think the way we have built ourselves overall as a franchise where we have built I think 10 to end product line in asset classes around 2,500 touch points. We want to grow our distribution, we want to grow our team, we want to grow more and more into the market. Right. And there would be also a change in our customer segment once you want to cross sell more to our existing base. So I mean it’s not relevant because you want to judge our overall growth rather than some market growth. So I think I would say that from here onwards you really want to focus on overall growth matrix, overall nim, overall other income, the credit cost so that we remain solid in terms of overall performance because we start picking one market, one product, one things at the call level then I think the overall, I would say the fragment of franchise get lost.<\/p>\n

But as I already communicated that I’m so happy that the way we are building ourselves the next big thing in the banking franchise where we want to become a Pan India franchise with lot of product offerings, liability and assets with the physical distribution and with the tech LED capabilities with one data matrices which overall looks very good. So I mean that’s our approach. And I think there is no perfect world, honestly. And we have learned that in last nine years that there won’t be any perfect day.<\/p>\n

You have to go every day and build yourself in this whole imperfection. But the way we have understood the market that in the end it all becomes good. So I would rather say that this year remains one of the again more of a learning year for us. And let’s see how the next year goes into it. But I think after 10 years I would say that we become more predictable in every sense.<\/p>\n

Akshay Jain<\/strong><\/p>\n

Understood, sir. And just on the ROA target of 1.8%. So from what I can get from the call is that you know, your margins might stay flat to maybe a slightly down because of mix shift credit cost. You are asking us to build around 90 basis points versus 60 basis points in the current quarter. So should we assume that, you know, a large portion of the 1.8% ROA should come from cost. So actually<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

I think Gaurav said you that we want to work on our cost. We really want to work on our credit cost. You know, one is your own model where you. We want to, you know, say that project us point 90. But our performance should be better than that. But it’s an outcome, right? So again, difficult to comment in this kind of time where you know, last year when you were there it was so difficult environment. But in the end we have performed well. So I believe that once the external environment becomes, I would say more predictable or that vulnerability goes out, I think internally India looks very bright.<\/p>\n

Internally India looks very sharp. And we believe that we are building this band for Indian or India and we will perform.<\/p>\n

Akshay Jain<\/strong><\/p>\n

Understood. Thank you. Thank you for the answers. Thank you. Sankar. Sir,<\/p>\n

Operator<\/strong><\/p>\n

Your next question comes from the line of Ashlesh Sonji from Kotak Securities. Please go ahead.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Hi team. Good evening. First question is on deposits. So there is good progress on CASA deposits especially on car in FY ’26. The question is on cost of funds. I understand that there will be intermittent pushes and pulls from the rate cycle and competition but more through the cycle. Do you have an internal target of where this cost of fund should be? Let’s say relative to the banks with the lowest cost of funds after you get the universal bank license, that is one. Along with that if you can also share the amount of retail deposits on the balance sheet as on March 26th.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

So I think the long term target, the long term, I would say the way we are pushing internally that our Rate our cost of money should be around the repo rate prevalent at that time. So if you ask me at this time the repo rates are 5.25 and my cost remains around 6.75 and if you see the mid sized bank they are around 6.25 and old three, four banks are around 5.25. Right. So ideally once we become very mature in our universal banking then my cost should be around the repo rate at that time. That’s a long term dream and target, you know.<\/p>\n

But can’t comment when we reach there because you’re asking me so that I’m giving that the view of us internally, you know. Second question you are around is retail td. Sorry, second question,<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Amount of retail term deposits as of March.<\/p>\n

Gaurav Jain<\/strong><\/p>\n

So Ashish, I think we’ve covered that in our commentary. Right. In terms of how we are looking at the deposits with branch. So you know, maybe I’ll just add a bit more color around this. So we have created you know four sort of focused segments for our deposits business. One of them is branch banking which is primarily targeting retail deposits. Branch banking’s contribution to the overall deposit is about 60% so that’s one. And then the other segments are wholesale, government and fig. Second data point we have disclosed is on the stability of our deposit base where when you look at casa, retail, TD and your non callable wholesale, that ratio we have disclosed is 79% which is you know, sort of stable versus the last year.<\/p>\n

Right. So those are the two data points we’ve disclosed in our presentation.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Okay sir. And secondly on the growth outlook, given the uncertainty on the macro, when do you expect to take any action on let’s say curtailing risk or pulling back credit? Yeah. Or do you intend to do that?<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Yeah, it will happen automatically. It will remain because we want to remain very risk averse and wherever we’ll find the indicators which is as of now is not there but we believe that and we already have said in our opening remarks that wherever we felt that this market, this product, this customer base, you know, might get affected because of this challenge, you know, we don’t want to onboard them so but it will happen automatically because we have built our credit underwriting model around this.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. We will take that as a last question for today. I now hand the conference over to Mr. Prince Tiwari for closing comments.<\/p>\n

Prince Tiwari<\/strong><\/p>\n

Thank you Sagar and thank you everyone for joining the call in your questions and for all your support. In case you have any further questions, kindly do reach out to the IA Team. Good evening and good night.<\/p>\n

Sanjay Agarwal<\/strong><\/p>\n

Yeah, thank you so much. You know, have a good time.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

AU Small Finance Bank Ltd (NSE: AUBANK) Q4 2026 Earnings Call dated Apr. 27, 2026 Corporate Participants: Prince Tiwari \u2014 Head of Investor Relations Gaurav Jain \u2014 Interim Chief Financial Officer Sanjay Agarwal \u2014 Founder, Managing Director and Chief Executive Officer Analysts: Renish Patel \u2014 Analyst Kunal Shah \u2014 Analyst Nitin Aggarwal \u2014 Analyst Jayant […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[14607,10169,9175,9104,9092,14492,14613,10089],"class_list":["post-181935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-aubank","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-financials","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":144194,"url":"https:\/\/alphastreet.com\/india\/earnings-au-small-finance-bank-nse-aubank-q4fy23-results-out-total-income-rise-32-yoy\/","url_meta":{"origin":181935,"position":0},"title":"Earnings | AU Small Finance Bank (NSE: AUBANK): Q4FY23 Results Out; Total Income rise 32% YoY.","author":"Divyansh_Kasana","date":"April 26, 2023","format":false,"excerpt":"AU Small Finance Bank (NSE: AUBANK) is a small finance bank based in India. 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