Suryoday Small Finance Bank records net profit of Rs 61 cr at 56% YoY rise
Overall deposits increased from ₹5,167 crore in FY23 to ₹7,777 crore in FY24. The Bank continues to remain focused on building a granular retail deposit book
Hyderabad: Suryoday Small Finance Bank Limited has reported a 56.4% year-on-year rise in March quarter net profit at Rs 61 crore against Rs 39 crore in the year-ago period, backed by 29% expansion of net interest income at Rs 271 crore. The growth is driven by continued focus on key businesses, i.e., Inclusive Finance, Commercial Vehicle, and LAP. The Vikas Loan portfolio has surpassed an AUM of Rs 2,600 crore, demonstrating a growth of over 118% over the previous financial year.
Vikas Loan, which in effect is the individual loan product for graduating group loan customers, now constitutes over 53% of the Inclusive Finance portfolio. The Bank’s disbursement increased from ₹5,083 crore in FY23 to ₹6,919 crore in FY24, a growth of 36.1% on a YoY basis, with Vikas Loan and Commercial Vehicle Loans contributing substantially to the growth.
The Bank has about 28.2 lakh customers as on March ’24, as compared to 23.1 lakh customers in March ’23, an increase of 22.2%. The total number of banking outlets stood at 695, with 109 being liability-focused outlets and 392 being asset-focused branches, and the balance 194 rural centers. The total number of employees stood at 7,440
Overall deposits increased from ₹5,167 crore in FY23 to ₹7,777 crore in FY24. The Bank continues to remain focused on building a granular retail deposit book. The retail deposits to total deposit ratio improved from 73.1% in FY23 to 78.8% in FY24. The lender's asset quality improved with a gross non-performing assets ratio falling to 2.80% at the end of the fiscal from 3.10% a year back. Net NPA stood at 0.82%, showing 68 basis points improvement.
On the performance, Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: "We are happy to share that FY24 has been a good year for the bank, with growth in all areas such as advances, deposits, and profitability. The growth is driven by continued focus on key businesses, i.e., Inclusive Finance, Commercial Vehicle, and LAP. The Vikas Loan portfolio has surpassed an AUM of Rs 2,600 crore, demonstrating a growth of over 118% over the previous financial year. Vikas Loan, which in effect is the individual loan product for graduating group loan customers, now constitutes over 53% of the Inclusive Finance portfolio. Going forward, our strategy would be to transition from predominantly being a micro-lender to becoming a micro-banker for low-income households with a sharp focus on going deeper into existing geographies and continuing to provide holistic banking services to our customers. Going granular on both the lending and deposit sides would be the key enabler to achieving our core strategy."