Suryoday SFB jumps over 5% as deposits, advances grow in Q1

So far this year, the stock of this small bank financier surged over 24 percent, outperforming 10 percent rise in the benchmark Nifty 50 index

Shares of Suryoday Small Finance Bank rallied over 5 percent to Rs 194 per share on July 4 after the lender clocked strong advances and deposits in the June-ended quarter (Q1FY25).

So far this year, the stock of this small bank financier surged over 24 percent, outperforming 10 percent rise in the benchmark Nifty 50 index. Earlier, Suryoday SFB had hit 52-week high of Rs 219 apiece on May 3, 2024.

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Suryoday SFB loans and advances increased by 42 percent year-on-year (YoY) to Rs 9,037 crore in Q1FY25, as compared to Rs 6,372 crore. Sequentially too, it was up by 4 percent from Rs 8,650 crore in Q4FY24.

On the other hand, the lender's deposits improved by 42 percent YoY to Rs 8,137 crore in Q1FY25 from Rs 5,722 crore in the year-ago period. It was up 5 percent QoQ from Rs 7,777 crore.

Under this, retail deposits stood at Rs 6,418 crore, marking a 48 percent increase YoY and a 5 percent rise QoQ. Bulk deposits amounted to Rs 1,719 crore, also up 48 percent YoY and 4 percent QoQ.

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Suryoday SFB's Q1FY25 disbursements surged by 46 percent YoY to Rs 1,740 crore, up from Rs 1,190 crore in Q1FY24. However, compared to the December quarter, this represents a decline of 26 percent from Rs 2,340 crore.

"The disbursements in Q1FY25 stood at around Rs 1,740 crore as compared to Rs 1,190 crore in Q1 FY24 (Y-o-Y growth of 46 percent), driven by the continued momentum in Vikas Loan and Retail Assets disbursements," the bank said in a statement.

Additionally, the lender's current account-savings account (CASA) deposits reached Rs 1,439 crore, reflecting a 69 percent growth over the June quarter of FY24 but an 8 percent decline from the December quarter.

Consequently, the CASA ratio stood at 17.7 percent at the end of Q1-FY25, compared with 14.9 percent YoY and 20.1 percent QoQ.

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