Shares of AU Small Finance Bank slumped over 4% on Wednesday to hit an intraday low of ₹630.85 continuing its four-session losing streak. The slump today comes after the company reported its earnings for the March quarter on Tuesday.

What Happened: The bank’s net interest income -which is the difference between the income a bank makes from its lending activities and the interest it pays to depositors – for the quarter ended March stood at ₹1,213.20 crore, a close to 30% increase from the year-ago period. Net interest margin was 6.1% for the quarter down marginally from the 6.3% it clocked in the corresponding quarter last year.

The bank also booked its highest-ever quarterly profit at ₹425 crore, up 23% year-over-year. Earning per share for the quarter stood at ₹6.4. The lender also declared a ₹1/share dividend.

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Brokerages had a mixed reaction to the company’s numbers. Morgan Stanley remained ‘overweight’ on the stock with a price target of ₹835. On the other hand, domestic brokerage firm HDFC Secrutirw maintained its ‘reduce’ rating on the stock slashing the price target of ₹578 from ₹621.

The lender had earlier this month received RBI’s nod for the reappointment of Sanjay Agarwal as Managing Director & CEO for a period of three years.

Price Action: AU Small Finance Bank’s share price was down 3.47% to trade at ₹637.25 in the early hours of trading on Wednesday.

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