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Suryoday Small Finance Bank zooms 14% on healthy deposits and disbursements

The lender's gross advances stood at Rs 8,650 crore up 14 per cent quarter-on-quarter (q-o-q) and 41 per cent compared to the same period last year

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Photo: Facebook

SI Reporter New Delhi

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Shares of Suryoday Small Finance Bank jumped up to 13.7 per cent at Rs 191 a piece in Thursday’s intraday deals amid healthy business volumes. In comparison, the S&P BSE Sensex was up 0.57 per cent at 74,296. 

A total of 10,821 shares of the lender traded hands on the BSE as of 09:40 AM. The microfinance bank’s share had hit a 52 week high of Rs 204 a piece on February 2, 2024. 

On April 3, Suryoday Small Finance Bank (SFB) released its business update for the fourth quarter of financial year 2023-24 (FY24). The lender's gross advances stood at Rs 8,650 crore up 14 per cent quarter-on-quarter (q-o-q) and 41 per cent compared to the same period last year. 

Additionally, the loan disbursements saw an increase in the fourth quarter reaching Rs 2,340 crore, with a rise of 31 per cent over the previous quarter and 39 per cent compared to the year-ago period.

Total deposits, on the other hand, were up 50 percent Y-o-Y to Rs 7,775 crore while growing 20 per cent QoQ. With retail deposits jumping 63 per cent Y-o-Y, while bulk deposits rose by 14 per cent.

Furthermore, the current account savings account (CASA) ratio, indicating the proportion of low-cost deposits in the bank's overall deposit mix, stood at 20.1 per cent, showing an increase from 18.5 per cent in the previous quarter and 17.1 per cent in the corresponding period last year.

The Bank has witnessed robust growth in all performance parameters, both sequentially as well as on Y-o-Y basis. The disbursements in FY24 stood at over Rs 6,900 crores as compared to Rs 5,083 crores in FY23 (Y-on-Y growth of 36 per cent), on the back of a continued momentum in Vikas Loan as well as RetailAssets disbursements, the management said in a note. 

Furthermore, the management said that the Bank is committed to building a strong retail liability book. The CASA Ratio has improved by 1.6 per cent and the retail deposits grew by approx. Rs 800 crores on a Q-on-Q basis.

In Q4FY24, the microfinance bank saw a three-fold increase in net profit to Rs 57 crore for the third quarter ending December 2023. In the same quarter a year ago, the bank had reported a net profit of Rs 18 crore.

The Gross non-performing assets (NPAs) of the bank decreased to 2.9 percent, down from 4.2 percent at the end of December 2022.

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First Published: Apr 04 2024 | 10:19 AM IST

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