AU Small Finance Bank announces a dividend as its Q4 net profit drops 13% to Rs 371 cr
For FY23–24, the bank announced a dividend of Rs 1 per share, pending shareholder approval.
An exchange filing on April 24 said that in the fourth quarter of the financial year 2023–34, AU Small Finance Bank's net profit decreased 12.7 percent year over year to Rs 371 crore.
According to the filing, the net profit for the same time in the prior year was Rs 425 crore, while it was Rs 375 crore in the December quarter of FY24.
For FY23–24, the bank also announced a dividend of Rs 1 per share, pending shareholder approval. On April 24, the bank's stock price on the BSE increased 1.42 percent to Rs 617.9.
Gross non-performing assets for the company decreased to 1.67 percent for the quarter that ended on March 31 from 1.98 percent for the quarter that ended in December. In the reporting quarter, the business generated an interest of Rs 2,829 crore, as opposed to Rs 2,275 crore in the fourth quarter of FY23.
With deposit growth exceeding advances growth, margins mostly staying within our planned range, and asset quality being strong, our performance in the current quarter has stayed exactly on track. Sanjay Agarwal, founder, MD, and CEO of AU Small Finance Bank, expressed his happiness that the merger with Fincare had secured all necessary regulatory permissions quickly and that the company was now functioning as a single unit.
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