AU Bank reports 31% deposit growth
ECONOMY & POLICY

AU Bank reports 31% deposit growth

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.

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.

Next Story
Infrastructure Energy

NTPC Adds 660 MW Unit, Capacity Rises to 81.4 GW

NTPC Ltd has completed the trial operation of Unit-3 at its North Karanpura Super Thermal Power Project, adding 660 MW to its generation portfolio. The state-run firm notified the stock exchanges on Thursday that the unit has now been integrated into its installed capacity.With this addition, NTPC’s standalone installed capacity rises to 60,266 MW, while its group total now stands at 81,368 MW, reinforcing the company’s leadership in thermal power generation.This development is in line with NTPC’s strategy to expand its energy generation capabilities to meet the nation’s rising electri..

Next Story
Infrastructure Urban

Odisha Clears Rs38.7 Billion Investment for 10,500 Jobs

The Odisha government has approved seventeen investment proposals worth Rs38.78 billion, expected to create 10,584 new jobs across 11 districts. The decision was taken during the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary Manoj Ahuja.The approved investments span a wide range of sectors, including plastics, technical textiles, apparel, ESDM, food processing, renewable energy, tourism, logistics, infrastructure, chemicals, and steel.The plastics sector received six proposals. Greenwave Circularity Pvt Ltd will set up a recycled resin manufacturing ..

Next Story
Infrastructure Energy

Mahavitaran Seeks Mumbai Entry With Power Licence Bid

In a major move to expand its presence into Mumbai, the Maharashtra State Electricity Distribution Company Ltd (MSEDCL or Mahavitaran) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) seeking a parallel licence to supply electricity across key areas of the financial capital.Filed under Sections 14 and 15 of the Electricity Act, 2003, and in accordance with MERC Rules, 2006 and the Electricity Distribution Licence Rules, 2005, the application aims to grant Mahavitaran the right to distribute power in regions ranging from Colaba to Mahim, Bandra to Dahisar, Vikh..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?