AU Small Finance Bank Q1 results: Net profit surges 30% to Rs 502 cr

AU Small Finance Bank on Thursday reported a 30 per cent jump in its net profit to Rs 502 crore for the first quarter ended June 30.

The Jaipur-based lender had earned a net profit of Rs 387 crore in the year-ago period.

During the quarter, the bank's total income increased to Rs 4,315 crore against Rs 2,773 crore a year ago, Au Small Finance Bank said in a regulatory filing.

Interest income grew to Rs 3,769 crore during the period under review from Rs 2,458 crore in the corresponding quarter a year ago.

The board has also approved for making an application to the Reserve Bank of India (RBI) for the transition from a Small Finance Bank to Universal Bank pursuant to guidelines for 'on tap' licensing of universal banks in the private sector dated August 1, 2016, and circular on voluntary transition to universal banks dated April 26, 2024, it said.

The board has constituted a Committee of Directors to vet the application for submission to the RBI, it said.

Asset quality of the bank