AU Small Finance Bank Books 6% QoQ Growth In Deposits
The deposits of AU Small Finance Bank observed a 31 per cent growth in year on year (YoY) basis in December 2023 as compared to December 2022.
The overall deposits have grown from Rs 61,101 crore in December 2022 to Rs 80,120 crore in December 2023. Similarly, the bank registered a six per cent growth in third quarter of financial year 2023-2024 (Q3 FY24).
The deposits in the Q2 FY24 were Rs 75,734 crore which now stands at Rs 80,120 crore.
Also, the current accounts and savings account deposit (CASA) has grown by 13 per cent in YoY basis in month of December. There has been an increase of three per cent in CASA deposits as compared to the previous quarter.
Bank Securitised loan portfolio of Rs 2,738 crore in Q3FY24 to diversify funding profile and optimise cost.
Average Cost of Funds (COF) for Q3 FY24 increased by 20 bps QoQ to 6.90 per cent as against 6.70 per cent in Q2 FY24.
For the initial nine months of FY24, the average COF was at 6.74 per cent as against 6.64 per cent for H1 FY24 and 5.96 per cent for FY23.
Advances growth remained strong with disbursement sustaining across both Retail assets group and Commercial banking group.
Advances rose to Rs 67,624 crore in the third quarter of FY24 from Rs 65,029 crore in the Q2 FY24
Asset quality continues to follow the seasonal trend and remains within the range.
