Suryoday Small Finance Bank Limited has announced its un-audited financial results for the quarter and half year ended 30th September 2022.
Business Performance – H1 FY23
• The Bank’s gross advances stood at ₹5,378.4 crores as compared to ₹4,470.4 crores in H1 FY22, an increase of 20.3% year on year
• Disbursements for H1 FY23 stood at ₹2,130.4 crores as compared to ₹1,417.8 crores, an
increase of 50.3% year on year
• Disbursement activities are gradually gaining momentum owing to healthy on ground demand,we expect it to continue in the coming quarters
• In H1 FY23, the bank has ramped up its disbursals under the micro-home loans segment,
while have commenced disbursing loans under the two-wheeler segment
• Depositsstood at ₹4,207.0 crores as compared to ₹3,129.0 crores, an increase of 34.5% year on year
• Share of retail deposits stood at 71.9%
• CASA ratiostood at 17.3%, compared to 18.5% year on year
• Overall collection efficiency as of September 2022 stood at 94.6%
• The Bank has~20.9 lakh customers, an increase of 29.0% over the same period last year
• Total number of banking outlets stood at567, with 92 being liability-focused outlets and 362 being asset focused branches
• Total number of employees stood at5,740
Financial highlights – H1FY23
• Net interest income stood at ₹353.0 crores as compared to ₹270.7 crores, an increase of 30.4% year on year
• Net total income stood at ₹390.8 crores as compared to ₹326.1 crores, an increase of 19.8% year on year
• Cost of Funds reduced to 6.6% compared to 7.3% in H1FY22
• Cost to income stood at 55.9% as compared to 58.3% in H1FY22, primarily due to increase in income
• Pre-Provisioning Operating Profit stood at ₹172.5 crores as compared to ₹135.9 croresan
increase of 26.9% year on year
Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “The bank has demonstrated steady performance in H1 FY23 as the microfinance and connected lines of business have almost recovered back to its pre-COVID levels of growth. The Bank’s gross advances for the period grew by 20.3% which stood at ₹5,378.4 crores while disbursement for the period grew by 50.3% which stood at ₹2,130.4 crores as compared to ₹1,417.8 crores in the same period last year. Disbursement activities are gradually gaining momentum owing to healthy on ground demand scenario.
Our inclusive finance loans, where we provide microfinance loans to the country’s unbanked and underbanked contributed 64.4% of the total advances book. In the long term the banks’ focus will be to increase the share of secured lending portfolio comprising affordable housing loans, micro business loans, business loans and commercial vehicles loans. In this endeavor the bank has ramped up its disbursals under the micro-home loans segment, while have commenced disbursing loans under the two-wheeler segment.
In terms of asset quality, the GNPA stood at 9.9% at the end of H1 FY23, down from 10.2% in H1 FY22. Net NPA was 4.8% in H1 FY23 compared to 4.5% in H1 FY22. Overall Collection efficiency as on September 2022 stood at 94.6%. It will be the Bank’s prime endeavour to further improve upon the collection efficiency and bring down the levels of both Gross and Net NPA.