Suryoday Small Finance Bank Limited (SSFB) has announced its unaudited financial results for the quarter and half year ended 30 th September 2024. The bank has shown positive performance with consistent growth in net interest income, strong operating cash flow, and increasing interest earned. SSFB’s net profit came in at ₹45.4 crore, declining nearly 9.8%
on a year-on-year (YoY) basis Key Highlights:
Net interest income (NII) increased by 35.7% YoY from Rs 221.0 Cr to Rs 300.0 Cr. Profit After Tax (PAT) decreased by 9.8% YoY from Rs 50.3 Cr to Rs 45.4 Cr
Robust Loan Growth: Gross Advances surged by 35.2% YoY to Rs. 9,360 Cr, driven by steady disbursements across segments.
Healthy Deposit Growth: Deposits increased by 38.6% YoY to Rs. 8,851 Cr, reflecting strong customer confidence.
Improved Asset Quality: GNPA remained stable at 2.9%, and NNPA improved to 0.8%,
indicating prudent risk management.
Disbursement continues to be strong across all segments supported by significant traction in Vikas Loans, wheels and mortgages segments. Disbursements stood stood at Rs 3,421 Cr in H1FY25an increase of 22.7% year on year
The Bank has ~32.4 lakh customers as on September’25, as compared to ~25.1 lakh
customers in September’24, an increase of 29%
Commenting on the performance, Mr. Baskar Babu Ramachandran, MD &CEO, Suryoday Small Finance Bank, said: “We remain focused to improve our deposit base by gradually increasing share of retail deposits, as on September 2024 our retail deposits stood at 80.2 per cent of the total deposits. He observed that overall the industry is passing through a difficult phase of asset quality deterioration, but the bank through prudent underwriting and robust risk management was able to maintain healthy asset quality. Our NNPA has improved to 0.8 per cent in Q2FY25. The bank continues to cover its eligible unsecured portfolio under the CGFMU scheme to mitigate risks. “The bank delivers a reasonable steady performance in H1 FY25, driven by growth in advances and deposits. Vikas Loan saw steady growth, supported by strong traction in the wheels and mortgages
segments. We remain committed to deliver better performance across all business performance parameters and going forward the bank will keep on investing in branches, people, and technology to serve the economy better.
Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC and for over a decade with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. The bank has a wide presence across 15 states and UTs across India through its 704 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha.