Suryoday Small Finance Bank Shares Hit 52-Week High After Q1 Results

Suryoday Small Finance Bank (Suryoday SFB) on Friday hit a new 52-week high after the bank reported a Robust PAT of Rs 48 crores; a growth of 5x YoY Gross Advances up by 24% YoY to Rs 6,372 crores for the June quarter. This increase was supported by a 27% increase in net interest income and an improvement in asset quality.

At the time of writing, the shares of Suryoday SFB currently trading at Rs 185.65 per share on BSE, up 3.77% from its previous close of Rs 178.90 per share. The shares jumped 8.36% in early trade to hit 52-week high at Rs 193.85 per share. Its 52-week low is Rs 83.45 per share.

The Bank's Gross Advances stood at Rs 6,372 crores compared to ₹5,132 crores in Q1FY23, an increase of 24.2% year on year. Disbursements stood at Rs 1,190 crores compared to Rs 1,012 crores in Q1FY23, an increase of 17.5% year on year. Deposits stood at RS 5,722 crores as compared to Rs 4,020 crores, registering a strong growth of 42.3% year on year, Suryoday SFB said in a regulatory filing.

Net interest income stood at Rs 224.7 crores compared to Rs 177.1 crores in Q1FY23, an increase of 26.9% year on year. Net total income stood at Rs 275.8 crores compared to Rs 190.2 crores in Q1FY23, an increase of 45.0% year on year. The Cost of Funds has increased from 6.4% in Q1FY23 to 6.9% in Q1FY24 which is in line with overall rise in key interest rates by RBI, Suryoday SFB said in a regulatory filing.

Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said, "The bank is confident of gradually reducing GNPA to less than 2% on the back of sustained collection momentum coupled with business growth. The bank intends to create enough contingency provision to improve the PCR as well as to bring down NNPA below 0.5% in FY24. The bank's collection efficiency, as of Q1FY24, stands at 100.4%."