- AU Bank reports resilient performance in a challenging environment – asset quality remains stable and NII grows by 40% and PAT growth of 15% in Q1’FY22
- Launched Credit Cards and Digital Bank AU 0101 during the quarter
Guwahati, August 7th, 2021: The Board of Directors of AU Small Finance Bank Limited at its meeting held today, approved the audited financial results for the quarter ended June 30, 2021. The company reported growth of net profit by 15% to ₹ 203 Crore despite Bank prudently increasing contingency provisioning buffers by ₹ 120 Crore to strengthen the balance sheet.
Commenting on the performance, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank said, “Q1’FY22 caught most of us by surprise with the onset of second wave. Amidst a challenging operating environment, our performance has been quite resilient and we remain thankful to the Government, regulators, customers and last but not the least our employees for their belief and support. Our deposits continue to become more granular; our digital journey is shaping up well, our GNPL was stable sequentially and we have strengthened our balance sheet by creating contingency buffers for any unforeseen risks to our business. We are quite excited about the recent launch of our Digital Banking app AU 0101, our newest asset product in Credit Cards and our Video Banking solutions. We will shortly be going live with our Brand campaign as we continue in our efforts to bring Badlaav.”
The company launched AU 0101 – their digital bank, a comprehensive mobile and net banking platform with a simple and intuitive interface, best in class onboarding journeys with integrated Video KYC, and personalised pre-approved offers for customers. AU 0101 offers comprehensive solutions around savings and fixed deposits, credit cards, loans, investments, insurance, bill payments, and other lifestyle solutions like cab and flight bookings, recharge, and tax payments. It also allows the customers to bank digitally through multiple channels, including Whatsapp Banking, Chatbot and Video Banking (with expanded use cases around transaction and servicing).
AU Small Finance Bank launched Credit Cards offering to customers with attractive product features including Industry’s first digital device protection plan, and end-to-end digital onboarding. AU is the first and only Small Finance Bank to offer Credit Cards. The bank has partnership with global payment leaders VISA & FiServe for card issuance.
During the quarter, the bank also launched:
o AU Royale World, a savings account with industry leading features for NR customers
o AU Platinum, a Family Banking program with dedicated Relationship Manager
o AU Power Current Account to fulfil the needs of retail merchants / traders who are tech savvy and aim to provide digital payment solutions to their customers
