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AU Small Finance Bank aims to increase its balance sheet size to Rs 2.5 lakh crore within three years. This goal is supported by the acquisition of Fincare SFB and the rising trend of consumption in the nation.
Earlier this week, the bank implemented the Authorized Dealer (AD-I) license, marking its entry into the forex market with 'AU Remit' and cross-border trade with 'AU DigiT'.
This objective was highlighted by Sanjay Agarwal, the Managing Director of AU Small Finance Bank, in an interview with PTI. He mentioned that they aim to achieve a 25 per cent growth within the upcoming three years, to double the balance sheet to Rs 2.5 lakh crore by the end of their first decade in operation.
The bank commenced operations in 2017, boasting a balance sheet of Rs 10,000 crore, which has since surged to Rs 1.25 lakh crore. The workforce has expanded from a mere 3,000 to 46,000 within that timeframe, he added.
He mentioned that currently, the branch network has expanded from 300 to 2,400 touchpoints.
Agarwal emphasised that banks are established by the community and for the community, stating that the goal is to evolve AU Small Finance Bank into a bank that serves future generations, considering it a communal asset.
Furthermore, he cited HDFC Bank’s example, expressing his desire to replicate their strategy of growing business through both organic and inorganic methods.
AU Small Finance Bank (AU SFB) merged with Fincare Small Finance Bank (Fincare SFB) on 1 April, representing the initial consolidation of its kind in the sector.
