Hem Securities IPO report on Suryoday Small Finance Bank
Suryoday SFB commenced microfinance operations in 2009 and have since expanded its operations. As of December 31, 2020, bank’s customer base was 1.44 million and its employee base comprised 4,770 employees and bank operated 554 Banking Outlets including 153 Unbanked Rural Centres (“URCs”).
Valuation and Outlook
Although bank is fast evolving deposit francise with sustainable return profile & significant AUM growth but looking after valuations which we find a little higher we recommend “Long term Subscribe” on the issue.
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