AU Bank reports 31% deposit growth

08 Jan 2024 CW Team

AU Small Finance Bank reported a 20 per cent year-on-year growth in advances while its deposit mobilisation grew 31 per cent at the end of December, outpacing credit growth. The largest small finance bank saw its advance portfolio rising to Rs 67624 crore while gross deposits were at Rs 80120 crore.

The bank securitised loan portfolio of Rs 2,738 crore during the quarter to diversify funding profile and optimise cost, according to the provisional quarterly data filed with the stock exchanges. The macro environment during the third quarter continued to warrant caution and prudence amidst tight liquidity, higher interest rate and persistent competitive landscape for deposits, the bank said.

The bank's current and savings account ratio to total deposits fell to 33 per cent at the end of December against 38.4 per cent a year back, indicating a shift of depositos from savings accounts to term deposits. The average cost of funds for the quarter rose by 20 basis points quarter-on-quarter to 6.90 per cent as against 6.70 per cent in the preceding period, which may put pressure on the bank's net interest margin.

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