Suryoday SFB logs 47% y-o-y jump in Q1 net profit

2 Aug 2024 , 01:15 PM

Suryoday Small Finance Bank (SFB) announced a 47.3% YoY increase in net profit of ₹70.1 Crore for the first quarter ended June 30, 2024. It reported a net profit of ₹48 Crore for the previous corresponding quarter.

Net interest income (NII), which is the difference between the interest revenue a bank generates from its lending activities and the interest it pays to depositors, grew 39.9% to ₹293.2 Crore, from ₹224.7 Crore in the corresponding quarter of FY24.

The gross non-performing asset (GNPA) ratio was 2.84% in the June quarter, compared to 2.94% in the March quarter. Net NPA was 0.47%, compared to 0.86% in the previous quarter.

Suryoday Small Finance Bank’s deposits increased by 42.2% year on year, reaching ₹8,137 Crore from ₹5,722 Crore in Q1 FY24. The share of retail deposits climbed to 78.9% in June 2024 from 75.7% in June 2023, while the CASA ratio improved to 17.7% from 14.9% over the same period.

In the first quarter of FY25, the bank’s net total income increased by 31.8% to ₹363.4 Crores, up from ₹275.7 Crores in the same period last year. However, the cost of funds jumped to 7.6% from 7.0%, and the cost-to-income ratio increased to 60.3% from 57.5% the year before.

The pre-provisioning operating profit increased by 23.2%, reaching ₹144.3 Crore from ₹117.1 Crore in Q1FY24. Furthermore, the provision coverage ratio (excluding technical write-offs) increased dramatically to 83.9% as of June 2024, up from 47.3% in June 2023. The bank’s capital-to-risk (weighted) assets ratio (CRAR) was 27.3%, with Tier I capital at 25.7% and Tier II capital at 1.6%.

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