Suryoday Small Finance Bank Sees 30.5% YoY Surge in Net Interest Income in Q1 FY25

Suryoday Small Finance Bank Limited has released its unaudited financial results for the quarter ended June 30, 2024.

Financial Highlights

• Net interest income reached ₹293.2 crore in Q1 FY25, up from ₹224.7 crore in Q1 FY24, reflecting a year-on-year growth of 30.5%.
• Net total income was ₹363.4 crore in Q1 FY25, compared to ₹275.7 crore in Q1 FY24, an increase of 31.8% year-on-year.
• The cost of funds increased to 7.6% in Q1 FY25 from 7.0% in Q1 FY24.
• The cost to income ratio rose to 60.3% in Q1 FY25, from 57.5% in Q1 FY24.
• Pre-Provisioning Operating Profit stood at ₹144.3 crore in Q1 FY25, up from ₹117.1 crore in Q1 FY24, marking a year-on-year growth of 23.2%.

Business Performance

• Gross advances grew to ₹9,037 crore in Q1 FY25, from ₹6,372 crore in Q1 FY24, a year-on-year increase of 41.8%.
• Disbursements totaled ₹1,740 crore in Q1 FY25, up from ₹1,190 crore in Q1 FY24, showing a year-on-year growth of 46.3%. Disbursements across all segments remained robust, with significant momentum in Vikas Loans, wheels, and home loan segments. Vikas Loan disbursements reached ₹513 crore in Q1 FY25, compared to ₹213 crore in Q1 FY24, an impressive year-on-year increase of 141.2%.
• Deposits rose to ₹8,137 crore in Q1 FY25, from ₹5,722 crore in Q1 FY24, a year-on-year growth of 42.2%.
• The share of retail deposits stood at 78.9% in June 2024, compared to 75.7% in June 2023.
• The CASA ratio improved to 17.7% as of June 2024, up from 14.9% in June 2023.
• The bank served approximately 30.0 lakh customers as of June 2024, up from around 24.3 lakh customers in June 2023, a 23.6% increase.
• The total number of banking outlets stood at 701, comprising 115 liability-focused outlets, 392 asset-focused branches, and 194 rural centres.

Asset Quality and Capital

• Gross NPA (including IBPC (Inter Bank Participation Certificates)) decreased to 2.7% as of June 2024, down from 3.0% in June 2023.
• Net NPA reduced to 0.4% as of June 2024, compared to 1.6% in June 2023.

Commenting on the financial performance, the MD and CEO of Suryoday Small Finance Bank, Mr Baskar Babu, said, “As we move forward, we are confident in our ability to sustain this momentum and explore new opportunities to further strengthen our position in the banking ecosystem. We are on track to achieve our stated guidance for FY25.”

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