AU Small Finance Bank Q3 business updates: Advances rise 20%, deposits grow 31%

AU Small Finance Bank stated that advances growth remained strong driven by retail assets group and commercial banking group. Asset quality was also within the range and followed the seasonal trend, the lender said.

The bank’s overall deposits crossed ₹80,000 crore mark, surging 31% year-on-year to ₹80,120 crore in the third quarter of FY24 compared to ₹61,101 crore in the year-ago period. Total deposits rose 6% quarter-on-quarter compared to ₹75,743 crore in the July-September quarter.

CASA deposits increased by 13% year-on-year to ₹26,446 crore in the quarter ended on December 31, 2023, against ₹23,471 crore in the same period of the previous year.

CASA deposits were up 3% compared to ₹25,666 crore in July-September.

On its digital banking initiative, the bank stated that the vertical saw overall registrations crossing 2.5 million users during the third quarter of FY24. The credit card vertical also clocked a monthly run rate of 50,000 cards, touching more than 8.3 lakh live credit cards.

AU Small Finance Bank opened more than 70,000 savings accounts via video banking in Q3FY24.

AU Small Finance Bank shares gained as much as 1.93% to hit a high of ₹785.55 in morning trade on Thursday after the quarterly updates released by the bank.

Shares of AU Small Finance Bank were trading 1.69% higher at ₹783 apiece on BSE at 11:07AM.