Suryoday SFB reports Rs 13-cr Q2 net against Rs 1.92-cr loss a year ago

Suryoday Small Finance Bank reported a net profit of Rs 13 crore in July-September as against a net loss of Rs 1.92 crore the same time a year ago.

On a sequential basis, the bank’s net profit rose 67.7 per cent from Rs 7.75 crore in April-June.

In the second quarter of the current financial year, the bank’s net interest income was at Rs 175.9 crore, up 19.5 per cent year-on-year. Net interest income is the difference between interest earned and interest expended.

As on September 30, the bank’s gross non-performing asset ratio was at 9.90 per cent, down from 10.21 per cent a year ago and 10.03 per cent a quarter ago. The net NPA ratio was at 4.76 per cent as on September 30 versus 4.48 per cent a year ago and 5.02 per cent a quarter ago.

Provisions and contingencies were at Rs 76.1 crore in the previous quarter, down 21.7 per cent on-year. The bank’s provision coverage ratio including write-offs rose 680 basis points to 77.5 per cent in Jul-Sep.

In April-September, the bank’s disbursements were at Rs 2130.4 crore, up 50.3 per cent on-year. Deposits in Apr-Sep were at Rs 4,207 crore, up 34.5 per cent on-year.