Suryoday Small Finance Bank Q1 results: Net profit surges to Rs 48 cr

Suryoday Small Finance Bank

Suryoday Small Finance Bank recorded a six-fold surge in net profit to Rs 47.6 crore for the first quarter of the current financial year, due to decline in bad loans.

In the April to June quarter of 2022–23, the bank had posted a net profit of 7.8 crore.

In a regulatory filing, Suryoday Small Finance Bank reported that overall revenue increased to 409 crore in the current fiscal year’s June quarter from 295 crore in the previous year .

In comparison to the same quarter last year, its interest income increased to 358 crore during the June quarter of FY2024 from 281 crore.

Also Read | Suryoday Small Finance Bank raises 5-year FD rates by 85 basis points

In the first quarter of FY2024, SSFB recorded net interest income (NII) of 225 crore, a 27 per cent increase from the same quarter the previous year.

From April to June of FY2024, gross non-performing assets (NPA) of the total advances decreased from 10.3 per cent to 3.04 per cent. Net NPAs decreased as well, from 5.02 per cent to 1.63 per cent.

In the June quarter of FY2023, the bank’s capital adequacy ratio decreased from 36.37 per cent to 32.65 per cent. Suryoday Small Finance Bank reported a net profit of 39 crore for the quarter ending in March of the fiscal year 2023.

Its overall revenue for the fourth quarter of FY23 increased from 257 crore to 363 crore from the same quarter of FY22.

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