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AU Small Finance Bank

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AU Small Finance Bank Limited
Company typePublic
ISININE949L01017
Industry
Founded1996; 28 years ago (1996)
Headquarters
Area served
India
Key people
RevenueIncrease ₹9,293 crore (US$1.1 billion) (FY23)[1]
Increase ₹1,427 crore (US$170 million) (FY23)[1]
Total equityIncrease ₹6,275 crore (US$750 million) (2021)
Number of employees
43,500 (2024)
Websitewww.aubank.in Edit this at Wikidata

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]

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$3.7 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

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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

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Institutional holding

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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

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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

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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]

Brand Campaign

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Badlaav Humse Hai

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AU Small Finance Bank launched the ad campaign, ‘Soch Badlo aur Bank Bhi’, with Kiara Advani in October 2023. Through the campaign, Advani, a noted Bollywood actor, underscores the increasing influence of empowered women in shaping financial decisions in India. The campaign highlights the bank's services like their Savings Accounts, Current Accounts, and Video Banking, designed to offer customers with flexibility and ease through technology-driven innovations.[23]

Beyond Business

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Badlaav Humse Hai

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AU Foundation, the CSR wing of the Bank, is actively involved in uplifting local communities where the Bank operates. It aligns with the larger mission of the bank to drive positive change and contribute to holistic development. Their initiatives focus on:

  1. Empowering rural women for livelihood enhancement through AU Udyogini[24]
  2. Skill Development for economically backward youth via AU Skills Academy[25][26]
  3. Sports for Development of underprivileged children and Financial and Digital Literacy through AU Bano Champion[27][28]

Awards

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  1. ‘Best Small Finance Bank’ award at FE India’s Best Banks Award for two years[29]
  2. Master of Risk at India Risk Management Awards 2023[30]
  3. Great Place to Work certification for three years in a row[31]
  4. Most Impactful Women Employment Initiative of the Year award at the Indian CSR Awards 2023
  5. ‘Best Branded Campaign: TV’ at the afaqs! Brand Storyz Awards 2023[32]
  6. PeopleFirst HR Excellence Award 2023 (multiple categories)[33]
  7. ET Human Capital Awards 2024 in the category 'Excellence in Cultivating a Culture of Trust and High Performance’[34]
  8. ‘India’s Leading Small Finance Bank’ at BFSI & Fintech Summit 2024 by Dun & Bradstreet[35]

See also

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References

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  1. ^ a b "AU Small Finance Bank Ltd reports net profit of Rs. 424.63 crores in Q4 FY2023". EquityBulls. 25 April 2023. Retrieved 27 June 2023.
  2. ^ a b c "AU Bank Investor Presentation Q3FY19" (PDF).
  3. ^ "Fincare SFB to merge with AU Small Finance Bank in all-share deal". www.business-standard.com. 29 October 2023. Retrieved 31 October 2024.
  4. ^ PR, ANI (17 August 2023). "AU Small Finance Bank Pioneers Customer Convenience with 24x7 Video Banking". ThePrint. Retrieved 19 April 2024.
  5. ^ a b Mudgill, Amit (28 June 2017). "AU Small Finance Bank IPO; here's what 8 brokerages say". The Economic Times. Retrieved 15 March 2018.
  6. ^ "AU Small Finance Bank – Fortune 500 List 2019 – Fortune India". Fortune India.
  7. ^ "Company Factsheet". CRISIL. Retrieved 28 March 2019.
  8. ^ "ICRA Report".
  9. ^ "India Ratings and Research Private Limited : India's Most Respected Credit Rating and Research Agency". indiaratings.co.in. Retrieved 28 March 2019.
  10. ^ "Care Ratings for AU Bank" (PDF).
  11. ^ "x.com".
  12. ^ "Stock Share Price | Get Quote | BSE". www.bseindia.com. Retrieved 19 April 2024.
  13. ^ "Stock Share Price | Get Quote | BSE".
  14. ^ Babla, Shraddha (11 July 2017). "After 51% Listing Gains, AU Small Finance Bank India's Most Expensive". Bloomberg Quint. Retrieved 15 March 2018.
  15. ^ Srivats, K.R. (2 November 2017). "AU Small Finance gets scheduled commercial bank status". The Hindu Business Line. Retrieved 15 March 2018.
  16. ^ "Shareholding Pattern Public ShareHolder".
  17. ^ Chatterjee, Paramita (7 December 2017). "PE Exits At An All-time High". BW Businessworld. Retrieved 28 March 2018.
  18. ^ "High Stakes". Outlook Business. 2 March 2018. Retrieved 28 March 2018.
  19. ^ "Sunil Mittal's Firm Buys Stake In AU Small Finance Bank". Moneycontrol. 15 May 2020. Retrieved 18 March 2021.
  20. ^ "x.com".
  21. ^ "AU Small Finance Bank Foundation Day 2024 | Celebrating 29 Years of Growth".
  22. ^ "ATMs in India as on Feb 2024".
  23. ^ "Kiara Advani brings banking with a twist in AU Small Finance Bank's 'Soch Badlo aur Bank Bhi' campaign". afaqs!. 17 October 2023. Retrieved 23 April 2024.
  24. ^ Journal, The CSR (29 January 2024). "CSR Initiative turns 787 Rajasthan women into entrepreneurs". The CSR Journal. Retrieved 23 April 2024.
  25. ^ "AU Ignite marks its fifth year of accomplishment". India Education | Latest Education News | Global Educational News | Recent Educational News. 22 September 2023. Retrieved 23 April 2024.
  26. ^ Journal, The CSR (16 August 2023). "CSR Report: AU Small Finance Bank spends Rs. 20.88 crore on CSR in FY 2022-23". The CSR Journal. Retrieved 23 April 2024.
  27. ^ Journal, The CSR (19 January 2024). "Top CSR projects in Jaipur". The CSR Journal. Retrieved 23 April 2024.
  28. ^ Imchen, Atula (30 June 2022). "AU Bank's Bano Champion Programme Trained 60 Rajasthani Locals as Sports Coaches | CSR Mandate". Retrieved 23 April 2024.
  29. ^ "x.com".
  30. ^ "Risk Management Awards | IRMA Awards | CNBC-TV18". cnbctv18.com. Retrieved 19 April 2024.
  31. ^ "AU SMALL FINANCE BANK LIMITED". www.greatplacetowork.com. Retrieved 19 April 2024.
  32. ^ "BrandStoryz". events.afaqs.com. Retrieved 19 April 2024.
  33. ^ "Award Winners 2023 :: PeopleFirst HR Excellence Awards 2023 ::". www.peoplefirstltd.org. Retrieved 19 April 2024.
  34. ^ www.ETHRWorld.com. "Human Capital Awards 2024". ETHRWorld.com. Retrieved 19 April 2024.
  35. ^ India, Dun & Bradstreet. "India's leading BFSI & FinTech companies recognised by Dun & Bradstreet". www.prnewswire.com (Press release). Retrieved 19 April 2024.
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