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AU Small Finance Bank hits 10% upper circuit after reporting strong provisional numbers

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AU Small Finance Bank hits 10% upper circuit after reporting strong provisional numbers

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Shares of AU Small Finance Bank jumped 10 percent on Wednesday, hitting upper circuit at Rs 1204.10 on BSE, after the lender reported good provisional figures while the management gave a positive commentary which also supported the stock's momentum. The stock has been gaining for the last three days and has risen nearly 16 percent during the period.

AU Small Finance Bank hits 10% upper circuit after reporting strong provisional numbers
Shares of AU Small Finance Bank jumped 10 percent on Wednesday, hitting the upper circuit at Rs 1,204.10 on the BSE after the lender reported good provisional figures while the management gave a positive commentary which also supported the stock's momentum.
The stock has been gaining for the last three days and has risen nearly 16 percent during the period.
The bank's total deposits grew 13 percent Quarter-on-Quarter (QoQ) and 49 percent Year-on-Year (YoY) to Rs 44,278 crore as of December 31, 2021.
As of December 31, 2021, gross advances of AU Small Finance Bank witnessed a 12 percent growth sequentially and a 33 percent rise on-year to Rs 40,723 crore.
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The management said in an exchange filing that Q3 of FY22 was a near-normal quarter for the bank with strong growth seen in advances, disbursements and deposits across all businesses and customer segments supported by a good festive season.
Customer cashflows continue to improve supporting recovery trends and asset quality in Q3 FY22.
During the quarter, the bank’s digital properties like AU 0101, Video Banking, Credit cards, UPI QR etc continued to witness strong momentum, the management added.
“The Government Banking Group got one large savings account mandate which has further strengthened our momentum in building a strong CASA base; Excluding this, CASA ratio would have been 36% as on 31st December 2021,” the bank’s management said in the filing.
The bank added that there was no COVID-related restructuring during the quarter.
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