Suryoday SFB Q4 Results | Profit rises 56% to ₹61 crore, NII up 29% to ₹271 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Suryoday Small Finance Bank Ltd on Thursday (May 9) reported a 56.3% year-on-year (YoY) jump in net profit at ₹60.8 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Suryoday Small Finance Bank posted a net profit of ₹38.9 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 28.9%, coming at ₹270.8 crore against ₹210.1 crore in the corresponding quarter of FY23.

The gross non-performing assets (GNPA) stood at 2.94% in the March quarter against 3.06% in the December quarter. The net non-performing assets  (NNPA) came at 0.86% against 1.42% quarter-on-quarter.

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Provisions stood at ₹48.2 crore against ₹37.9 crore quarter-on-quarter and ₹51.5 crore year-on-year. The bank’s Provision Coverage Ratio stood at 71.2%. The net interest margin (NIM) stood at 10.1% against 10.4% year-on-year.

Suryoday Small Finance Bank’s gross advances stood at ₹8,650 crore in FY24 as compared to ₹6,114 crore in FY23, an increase of 41.5% year on year. The disbursements stood at ₹6,919 crore in FY24 as compared to ₹5,083 crore in FY23, an increase of 36.1% year on year.

The disbursements stood at ₹2,340 crore in Q4 of FY24 as compared to ₹1,688 crore in Q4 FY23, an increase of 38.6% year on year. The bank’s deposits stood at ₹7,777 crore in FY24 as compared to ₹5,167 crore in FY23, an increase of 50.5% year on year.

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The share of retail deposits stood at 78.8% on March 24, as compared to 73.1% in March 2023. The CASA ratio stood at 20.1% as of March 2024, compared to 17.1% in March 2023. The collection efficiency (1 EMI adjusted) stood at 95.9% for March 2024 as compared to 96.5% in March 2023.

Shares of Suryoday Small Finance Bank Ltd ended at ₹202.45, down by ₹1.50, or 0.74% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow