Suryoday Small Finance Bank reports net profit of Rs 39 crore for January-March

Suryoday Small Finance Bank

Suryoday Small Finance Bank reported a net profit of Rs 39 crore for the March quarter of 2022-23, owing to a decrease in bad loans. The bank made a net loss of Rs 48 crore in the same period last year.

Suryoday Small Finance Bank said in a regulatory filing that total income during Q4 FY23 increased to Rs 363 crore from Rs 257 crore in the same quarter previous year.

In addition, interest income climbed to Rs 329 crore from Rs 237 crore in the same period last year.

The lender’s asset quality improved, with gross non-performing assets (NPAs) decreasing from 11.8 percent a year ago to 3.13 percent of gross advances as of March 31, 2023.

Similarly, net NPAs or bad loans fell to 1.55 percent from 5.97 percent in the same period last year.

As a result, the bank made Rs 51 crore in provisions for bad loans and contingencies, compared to Rs 112 crore in the previous quarter.

The bank reported a net profit of Rs 78 crore for the fiscal year 2022-23, compared to a deficit of Rs 93 crore the previous year.

Suryoday Small Finance Bank MD Baskar Babu commented on the performance, stating that the bank’s disbursements for FY23 were Rs 5,083 crore, a 44.1 percent increase from Rs 3,528 crore the previous year.

Looking ahead to FY24, he stated that the bank intends to focus on increasing gross advances by 30%, deposits by 35%, attaining a Return on Assets (ROA) of 2.2%, and a Return on Equity (ROE) of 15%.

He stated that the important operational areas of attention are product diversification, maintaining GNPA levels below 2%, and NNPA levels below 0.

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