Suryoday Small Finance Bank Limited has announced its audited financial results for the quarter and year ended 31 st March 2023.
Key Highlights Financial highlights – FY23
Net interest income stood at ₹746.6 crores as compared to ₹584.5 crores, an increase of 27.7% year on year
The bank’s collection efficiency, as of FY23, stands at 102.2%
The bank’s Gross Advances in FY23 crossed Rs. 6,000 Crores, with the Vikas Loan Portfolio crossing Rs. 1,200 Crores
Net total income stood at ₹844.0 crores as compared to ₹678.0 crores, an increase of 24.5% year on year
Business Highlights
Vikas Loan Portfolio crossing Rs. 1,200 Crores
Customer base for the same grew over 2.5 times to ~1.9 lakh customers.
Remarkable improvement in Gross Non-Performing Assets (GNPA), which reduced to 3.1% in FY23
Profitability returned to pre-COVID levels driven by strong on-ground demand, and increased geographical presence
Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “FY23 marked the first normalized year post-COVID, witnessing a significant rebound in the overall economy. The bank’s Gross Advances in FY23 crossed Rs. 6,000 Crores, with the Vikas Loan Portfolio crossing Rs. 1,200 Crores. Vikas Loan is the bank’s flagship product in unsecured business loans offered to the bank’s existing graduating JLG customers, driven by increased government support for nurturing MSME growth. Consequently, the AUM of the Vikas Loan grew to Rs. 1,232 crores in FY23 from Rs. 213 crores, while the customer base for the same grew over 2.5 times to ~1.9 lakh customers.
The bank’s collection efficiency, as of FY23, stands at 102.2%. Furthermore, we have achieved a Profit After Tax of Rs. 77.7 crores in FY23, a significant improvement from the loss of Rs. 93.0 crores in FY22. In terms of disbursement, the bank’s disbursements for FY23 stood at Rs. 5,083 crores, a 44.1% increase from Rs. 3,528 crores in FY22. These numbers indicate that our AUM, disbursements, and profitability have returned to pre-COVID levels, driven by the revival of the overall economy, strong on-ground demand, and increased geographical presence.