AU Small Finance Bank
Indian small finance commercial bank From Wikipedia, the free encyclopedia
AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank[2] and India’s largest[3] tech-led[4] small finance bank, based in Jaipur. It was founded as vehicle finance company and NBFC, AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.[5]
| |
| Company type | Public |
|---|---|
| ISIN | INE949L01017 |
| Industry | |
| Founded | 1996 |
| Headquarters | |
Area served | India |
Key people |
|
| Revenue | ₹9,293 crore (US$1.1 billion) (FY23)[1] |
| ₹1,427 crore (US$170 million) (FY23)[1] | |
| Total equity | ₹6,275 crore (US$730 million) (2021) |
Number of employees | 43,500 (2024) |
| Website | www |
The same year, AU Small Finance Bank first became a Fortune India 500 Company, and got listed on National Stock Exchange (NSE) & Bombay Stock Exchange (BSE). AU Small Finance Bank ranked 355 in the list of Fortune India 500 (2019) companies, with total B/S assets of ₹31,198.68 crore (US$3.6 billion).[6][2] AU Bank enjoys long term credit rating of "AA-/Stable" from CRISIL Ratings,[7] ICRA Ratings,[8] India Ratings[9] and CARE Ratings.[10]
As a small finance bank, AU Small Finance Bank serves low and middle income individuals and micro and small businesses that have limited or no access to formal banking and finance channels. The Bank offers loans, deposits and payment products and services.[2]
With effect from April 1, AU Small Finance Bank has successfully acquired Fincare Small Finance Bank, the first merger of its kind involving small finance banks.[11]
The Bank has a net worth of ₹12,167 Crore, deposit base of ₹80,120 Crore, Gross Advance of ₹67,624 Crore and a Balance sheet size of ₹1,01,176 Crore (as of 31 December 2023).[12]
History
The company was founded in 1996 by Sanjay Agarwal (managing director and CEO of AU Small Finance Bank) as a private limited company, and publicly listed in an IPO on 29 June 2017.[5]
He is a merit holder-Chartered Accountant and a first-generation entrepreneur. AU Small Finance Bank is listed on NSE & BSE with market capitalization of ~Rs. 47,987 crore.[13] On its first day of trading, the stock rose 51% to be the most expensive bank in India based on price-to-book.[14]
In November 2017, the Reserve Bank of India added the bank to its schedule of commercial banks, further improving the bank's growth prospects by reducing the cost of short-term funds and improving the bank's ability to provide services.[15]
Shareholding
Institutional holding
Over the years, the Bank has attracted marquee investors like International Finance Corporation, Warburg Pincus, Temasek Holdings, Nomura, Kotak Mahindra MF, etc.[16] Private equity companies that provided venture capital, including Warburg Pincus and International Finance Corporation, made partial exits for as much as nine times their original investment.[17][18]
Bharti SBM
May 2020 — Bharti (SBM) Holdings Pvt. Ltd, a firm owned by Sunil Mittal family has acquired 0.79% for a consideration of ₹100 crore (equivalent to ₹118 crore or US$14 million in 2023).[19]
Footprint
With a network of 2,383 physical touchpoints spread throughout 25 states and union territories, 46,000 staff, and a total client base of about 1.1 crore as of December 31, 2023.[20] AU SFB is a franchise with a deposit base of Rs 97,704 crore.[21] As of February 2024, it has 505 ATMs in India.[22]
See also
References
Further reading
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