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ICICI Securities Report
AU Small Finance Bank Ltd. reported strong all-round Q1 FY22 financial performance with negative net slippages, collection (114%) reaching pre-Covid-19 level in June 2021, sustained momentum in deposit mobilisation (up 38% YoY) and disbursement in July 2021 at Rs 13 billion (at normalised level).
Digital journey is progressing well, as reflected in accelerated digital adoption post AU Small Finance Bank's 0101 banking app launch with two times increase in daily registration, 25% in monthly active users and 100,000 QRs with 60% activation rate.
Total Emergency Credit Line Guarantee Scheme plus gross non performing loans plus restructuring pool stand at ~10% of loans despite Covid-19 led challenges is outcome of its granular asset book with conservative loan-to-values and expertise in underwriting new-to-credit (formal) customers.
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