AU Small Finance Bank shares tumbled nearly 12% after reporting a decline in net profit for the December quarter due to a rise in bad loans. Read more.
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 decline in net profit at Rs 375 crore for the third quarter ended December 2023, mainly due to a rise in bad loans.
The stock plunged 11.72 per cent to Rs 625 on the BSE.
At the NSE, it fell by 11.79 per cent to Rs 624.35.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback