AU Small Finance Bank announced Q4F24 & FY24 results: Q4FY24 Financial Highlights: Net Interest Income (NII) grew 10% YoY to Rs 1,337 crore, compared to Rs 1,213 crore in Q4FY23. Other Income growth for Q4FY24 is at 67% YoY at Rs 556 crore. PPOP grew by 16% and now stands at Rs 664 crore compared to Rs 571 crore in Q4FY23. Net profit excluding exception items at Rs 428 crore in Q4FY24 up by 1% YoY compared to Rs 425 crore in Q4FY23 and up by 14% QoQ compared to Rs 375 crore in Q3’FY24. RoA and RoE excluding exceptional items stands at 1.6% and 13.9% respectively. Exceptional Item - Bank has taken a one-time pre-tax exceptional impact of Rs 77 crore in Q4FY24 towards Fincare merger related expenses. FY24 Financial Highlights: Profitability • NII grew 17% YoY to Rs 5,157 crore in FY24 compared to Rs 4,425 crore in FY23. • Other Income growth for FY24 is at 69% YoY driven by fee income from Treasury fee, third-party product distribution and credit cards. • PPOP grew by 25% to Rs 2,515 crore from Rs 2,019 crore in FY23. • Net profit excluding exceptional items at Rs 1,592 crore in FY24 is up by 12% YoY compared to Rs 1,428 crore in FY23. • RoA and RoE excluding exceptional items for FY24 stands at 1.6% and 13.5% respectively. • Net Interest Margin (NIM) for FY24 stood at 5.45%. • Capital Adequacy ratio stands at 20.06%. Deposits • Total deposits reached Rs 87,182 crore compared to Rs 69,365 crore in Q4FY23; Growth of 26% YoY and 9% QoQ. • CASA deposits increased by 9% YoY to Rs 29,126 crore compared to Rs 26,660 crore in Q4FY23; CASA ratio stand at 33% and CASA + Retail deposits stand at 64%. Advances • Bank’s Gross advances grew by 25% YoY to Rs 73,999 crore in Q4FY24 compared to Rs 59,158 crore in Q4FY23; Credit to Deposit ratio stands at 84%. • Of the total advances, Vehicle Loan contributes 30% and Micro Business Loans (MBL), Home Loan as well as Commercial Banking Loans contribute 28%, 8% and 25% respectively. Asset Quality • Gross non-performing assets (GNPA) stood at 1.67% in Q4FY24 vs 1.66% in Q4FY23 and 1.98% in Q3FY24; Provisioning Coverage Ratio (PCR) remained stable at 76%. • Bank is carrying provisions of Rs 111 crore towards standard restructured book and floating provisioning. Commenting on the results, Sanjay Agarwal, Founder, MD & CEO, of AU Small Finance Bank, said, "India's economic landscape is surging forward, with GDP growth projected to be among the highest globally. This robust growth fuels optimism for businesses and entrepreneurs like me. With a robust GDP, controlled inflation, and a continuously improving regulatory environment, India's macro picture paints a bright future for its economy. I'm really excited about the opportunity and scope for execution that this growth provides to an institution like AU. This period of growth also coincides with our own philosophy of building AU forever. The first phase of our forever journey, that is AU @ 2027, is the foundational period of first 10 years of our banking journey. Our performance in the current quarter has remained absolutely on track with deposit growth outpacing advances growth, margins broadly remaining within our guided range and asset quality continuing to be robust. I am happy that our merger with Fincare has received all regulatory approvals in record time, and we are now operating as a merged entity. We now have 2,383 physical touchpoints across India and apart from a brick-and-mortar presence, we have a body and soul present in all these locations, giving us an extensive network which ensures we're closer to our customers than ever before and fast forwards our distribution build-out by many years”. Result PDF