AU Small Finance Bank Shares Plunge 12% on Earnings Miss

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Jan 29, 2024 17:10

AU Small Finance Bank shares tumbled nearly 12% after reporting a 4% drop in net profit for the December quarter, driven by rising bad loans. The stock closed at Rs 626.80 on the BSE.
AU Small Finance Bank Shares Plunge 12% on Earnings Miss
New Delhi, Jan 29 (PTI) Shares of AU Small Finance Bank Ltd on Monday tumbled nearly 12 per cent after the company reported a 4 per cent fall in net profit at Rs 375 crore in the December quarter, mainly due to a rise in bad loans.

The stock plunged 11.48 per cent to settle at Rs 626.80 apiece on the BSE. During the day, it dropped 11.85 per cent to Rs 624.10.

On the NSE, it fell by 11.66 per cent to Rs 625.25 per share.

The company's market valuation eroded by Rs 5,433.79 crore to Rs 41,918.78 crore.

In volume terms, 7.15 lakh shares of the company were traded on the BSE and over 2.16 crore shares on the NSE during the day.

The Jaipur-based bank had earned a profit of Rs 393 crore in the same quarter of FY23.

The total income of the bank increased to Rs 3,186 crore during the quarter under review, against Rs 2,413 crore in the same period last year, AU Small Finance Bank said in a regulatory filing on Thursday.

Domestic equity market was closed on Friday on account of Republic Day.

On the asset quality front, the gross non-performing assets (NPAs) increased to 1.98 per cent of the gross loans at the end of December 2023 from 1.81 per cent a year ago.

Similarly, net NPAs or bad loans also rose to 0.68 per cent from 0.51 per cent at the end of the third quarter of the previous fiscal.
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