New Delhi: AU Small Finance Bank on Tuesday reported a fall of nearly 5% in its net profit at Rs78.92 crore in the third quarter ended December on uptick in bad loan provisions and higher expenses.
It had earned a net profit of Rs82.92 crore in the similar quarter of the previous fiscal. Total income of the bank, however, was higher at Rs570.20 crore as against Rs353.23 crore in same period a year ago, it said in a regulatory filing.
Total expenditure of the Jaipur-based small finance bank increased substantially to Rs417.29 crore during the third quarter of 2017-18, as against Rs208.26 crore previously. Allocation as a provision for bad loans and contingencies increased to Rs152.92 crore from Rs144.97 crore.
On asset quality front, there was only marginal increase in gross non-performing assets (NPAs) at 2.83% of the gross advances by the end of December 2017, as against a ratio of 2.75% in the similar period a year ago.
In absolute value, it was at Rs286.23 crore as against Rs167 crore. Net NPAs or bad loans however were lower at 1.87% (Rs187.72 crore) during the December quarter, from 1.92% (115.51 crore) in the year ago period. Stock of the bank closed 1.40% down at Rs679 apiece on BSE on Tuesday.
[“Source-livemint”]
