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AU Bank forays into South India with its branch launch in Bengaluru

Posted On: 2020-08-06 07:46:53

AU Small Finance Bank, a Scheduled Commercial Bank and one of the fastestgrowing retail Banks of India, has today commenced its operations in Bangaluru. Today, the Bank launched its first branch at J.P. Nagar in Bengaluru. With this branch, AU Bank has 664 Banking Touchpoints across 12 states and one Union Territory. Another branch of AU Bank is going to be launched at Residency Road this month.

Speaking on the occasion, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said, "AU Bank embarks on its journey to the Southern states starting with the Silicon Valley of India. We are looking forward to the innovative spirit of the Bengalurians and are excited to offer our differentiated services to them. AU has a 25-years legacy of being a retail focused and customer centric institution. This is an important landmark in our journey of becoming a Bank with pan India presence. In this journey from the 'incredible state of India' to the 'one state with many worlds' we will try to bring the versatility of Rajasthan to the land of imagination. I am optimistic that as a digitally focussed bank, we will be able to offer simplified banking and customized solutions to the city of millennials. To the Bengalurians, I would like to say - Be U! Be with AU!"

With a strong focus on digital solutions, AU Bank has adopted technology as an enabler to evolve as a customer centric bank. The Bank offers contactless FD, video KYC, WhatsApp banking, missed call banking, TAB banking, AU ABHI instant self-onboarding Bank account etc. Since the beginning of its Banking services, AU has designed products and services keeping customer needs and challenges in mind. That is how AU has emerged as one-of-its kind bank that does not require customers to fill cash deposit or withdrawal slips; that devised 'no home branch' concept; offered extended banking hours etc.

In the last three years as a bank, AU has built a solid net worth of about Rs. 4600 Cr., robust deposit base of over Rs. 26,000 Cr.+ and a strong lending base of about Rs. 30,000 Cr.+. The Bank is listed at both the leading exchanges viz. NSE and BSE. In Q1FY21, AU Bank's PAT grew by 49%. Despite the unprecedented challenges in the last few months, AU Bank has continued to perform well on all fronts including Deposit Growth, Liquidity Management, Assets Quality, Digital Banking, Inclusive Banking, Customer Engagement and Employee Safety.

Shares of AU Small Finance Bank Ltd was last trading in BSE at Rs.737.05 as compared to the previous close of Rs. 726.25. The total number of shares traded during the day was 40348 in over 2945 trades.

The stock hit an intraday high of Rs. 755 and intraday low of 719.95. The net turnover during the day was Rs. 29752755.

Source: Equity Bulls

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