Suryoday Small Finance Bank on November 9 reported a net profit of Rs 50.30 crore, jumping by 284 percent from Rs 13 crore in the corresponding quarter last year. The lender’s gross-non performing asset (GNPA) stood at 2.9 percent from 9.9 percent last year.
The net NPA of the lender was at 1.46 percent from 4.76 percent in the same period.
The Bank’s Net interest income stood at ₹445.8 crores as compared to ₹353.1 crores, an
increase of 26.2% year on year. Net total income stood at ₹548.5 crores as compared to ₹390.8 crores, an increase of 40.4% year on year
It has ~25.1 lakh customers, an increase of 20% over the same period last year. Total number of banking outlets stood at 635, with 96 being liability-focused outlets and 350 being asset focused branches. Total number of employees stood at 6,989
The company witness business momentum gathered pace in Q2 FY24 both on Advances
and Deposits with Vikas Loan book crossing ₹ 1,600 crores (~23% of Advances)
CASA acquisition momentum outpaced deposit mobilisation in Q2 FY24 CASA ratio at 23%
of incremental deposits, garnered during Q2 FY24 – CASA crossing ₹1,000 crores in value.
The Bank is Looking to build a robust ₹ 2,500 crores Vikas Loan book with a clear focus on
granular CASA which would help rationalise cost of deposits The firm belives that Branch and manpower investments to drive operational efficiency and its plans to Partnering with digital platforms to mobilise low-cost deposit and assets.
Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “We are pleased to report that the bank has registered a 28.7% growth in advances to ₹6,921 crore in H1FY24 against the corresponding period last year. The growth is led by an all-round performance demonstrated by the bank coupled with sustained momentum in the microfinance sector. The small ticket loans within the overall MFI industry has witnessed resilience in terms of growth and asset quality. The disbursement for the bank increased from ₹2,130 crore in H1FY23 to ₹2,787 crore in H1FY24; a growth of 30.8% on a YoY basis. The disbursement growth is led by our Vikas Loan and commercial vehicle portfolio which continues to be our North Star by reporting a 139% and 262% YoY growth respectively.