Suryoday Small Finance Bank Q1 Results: Profit jumps 46% to Rs 93 crore

Suryoday Small Finance Bank reported a 46% jump in net profit for the June quarter at Rs 92.7 crore over Rs 63.4 crore in the year ago period. Its operating profit was 23% higher at Rs 144 crore against Rs 117 crore.

The profit growth was supported by a near 31% rise in net interest income at Rs 293 crore as compared with Rs 225 crore in the year ago period.

The bank’s asset quality improved with gross non-performing assets ratio falling to 2.7% at the end of June from 3 a year back. Net NPA stood at 0.4% as compared with 1.6%. Its provision coverage ratio (excluding technical write-offs) rose to 83.9% at the end of the reporting cycle from 47.3% over the past one-year.

The bank’s gross advances grew 42% year-on-year to Rs 9,037 crore, supported by higher loan disbursement across microfinance, vehicle loans and

home loan segments.

Its deposits rose 42% to Rs 8,137 crore with the share of retail deposits being at 79%. The low-cost current and savings account ratio stood at 18%.