Suryoday SFB back in the black in Q4 on renewed biz momentum

Kolkata: Suryoday Small Finance Bank on Monday reported a net profit of Rs 39 crore against a loss of Rs 48 crore in the year ago period, backed by renewed business momentum and improvement in asset quality.

Its net interest margin rose to 10.4% for the quarter under review as compared with 7.8% in the year ago quarter. Net interest income rose around 27% at Rs 747 crore as compared with Rs 585 crore while total income rose nearly 25% at Rs 844 crore.

“FY23 marked the first normalized year post-COVID, witnessing a significant rebound in the overall economy. The Covid-induced stress is also largely over. This fiscal we will be back to 30-35% growth," managing director R Baskar Babu told ET. Due to healthy on-ground demand, disbursement activities have regained momentum and reached pre-COVID levels, he said.


The bank's gross advances grew 21% year-on-year to 6,114 crore. Loan disbursement during the quarter recorded at Rs 5,083 crore, 44% higher than what it was in the year ago period. The bank also witnessed 73% jump in retail asset disbursement which grew to Rs 1,580 crore in the quarter.

Its gross non-performing assets ratio improved to 3.1% at the end of March as compared with 11.8% a year back. Net NPA stood at 1.5% against 5.9%.

Its deposit mobilisation rose 34% year-on-year to Rs 5,167 crore with the share of retail deposits being at 73%.

The bank has over 23 lakh customers, which grew 20% year-on-year.