Suryoday Small Finance Bank Q1 profit rises 47% to Rs 70 crore

Total income in the first quarter of the current fiscal rose to Rs 558 crore as against Rs 409 crore a year ago, Suryoday Small Finance Bank said in a regulatory filing

Suryoday Small Finance Bank on Thursday reported a 47 per cent rise in net profit at Rs 70 crore in the first quarter ended June 2024 due to decline in bad loans.

The bank had posted a net profit of Rs 48 crore in April-June period of previous year. Total income in the first quarter of the current fiscal rose to Rs 558 crore as against Rs 409 crore a year ago, Suryoday Small Finance Bank said in a regulatory filing. The lender’s interest income also increased to Rs 488 crore from Rs 358 crore in the same quarter a year ago.

The bank’s net interest income (NII) grew by 30.5 per cent to Rs 293 crore in the first quarter of current financial year, it said. Gross Non Performing Assets (NPAs) declined to 2.77 per cent of the gross advances by June 2024 from 3 per cent in the same quarter a year ago. The net NPA too declined to 0.4 per cent as against 1.6 per cent in the same period of the previous year.

The capital adequacy ratio of the bank declined to 27.27 per cent at the end of June compared to 32.65 per cent in the year-ago period. Suryoday Small Finance Bank MD & CEO Baskar Babu said this performance is in line with the guidance provided by the bank for FY25. ”Our focus on improving our deposit base is evident with reducing share of bulk deposits with retail deposits now constituting around 79 per cent of the total deposits as on June 2024 and CASA now representing 17.7 per cent of our overall deposits, up from 14.9 per cent in June 2023,” he said.