Suryoday Small Finance Bank Ltd Share Price – NSE /  BSE

Banks, Small Cap

However, total income jumped 29.89% YoY to Rs 554.65 crore in the quarter ended 30 September 2024.

Profit before tax stood at Rs 60.15 crore in Q2 FY25, registering de-growth of 11.12% from Rs 67.68 crore recorded in Q2 FY24.

Net Interest Income (NII) grew by 35.7% to Rs 300 crore in Q2 FY25 from Rs 221 crore posted in the same quarter a year ago. Net interest margin improved to 9.7% in Q2 FY25 as compared with 9.4% registered in Q2 FY24.

Pre Provisioning Operating Profit (PPoP) stood at Rs 126.9 crore in Q2 FY25, registering a growth of 34.5% from Rs 94.3 crore in Q2 FY24.

As of 30 September 2024, the bank's gross non-performing assets (NPAs) stood at Rs 273.02 crore, an increase from Rs 240.99 crore as of 30 June 2024 and Rs 197.73 crore as of 30 September 2023.

The bank's NPAs to gross advances stood at 3.03% in Q2 FY25, an increase from 2.84% in Q1 FY25 and up from 2.90% in Q2 FY24.

The ratio of net NPAs to net advances was 0.80% as of 30 September 2024, compared to 0.47% as of 30 June 2024, and 1.46% as of 30 September 2023.

In Q2 FY25, the provision coverage (Excluding Technical Write offs) ratio was at 74.3% as compared to 50.5% recorded in the corresponding quarter previous year.

Disbursements stood at Rs 1,682 crore in Q2 FY25 as compared to Rs 1,598 crore posted in Q2 FY24, an increase of 5.2% YoY. Disbursement continues to be stable across all segments supported by significant traction in wheels and mortgages segments.

The bank's deposits stood at Rs 8,851 crore, reflecting a 38.6% YoY increase. The CASA ratio was 17.9% as of September 2024, up from 15.7% reported in September 2023.

The overall collection efficiency in the current bucket was 98.2% in Q2 FY25, down from 99.1% recorded in Q2 FY24. Additionally, the collection efficiency (adjusted for one EMI) stood at 93.1% in Q2 FY25, compared to 96% in Q2 FY24.

During the quarter, the capital adequacy ratio was at 24.9%, with Tier I capital at 23.5% and Tier II capital at 1.4%.

Baskar Babu Ramachandran, MD & CEO, Suryoday Small Finance Bank, said, “The bank delivers a reasonable steady performance in H1 FY25, driven by growth in advances and deposits. Vikas Loan saw steady growth, supported by strong traction in the wheels and mortgages segments. On deposit mobilisation side industry is facing competition and to tackle this challenge we have been constantly upgrading and innovating our product portfolio. We remain focused to improve our deposit base by gradually increasing share of retail deposits, as on September 2024 our retail deposits stood at 80.2% of the total deposits.

Overall the industry is passing through a difficult phase of asset quality deterioration but we through our prudent underwriting and robust risk management were able to maintain healthy asset quality, our GNPA has remained stable to 2.9% in Q2FY25 and our NNPA which stood at 1.4% in Q2FY24 has improved to 0.8% in Q2FY25. The bank continues to cover its eligible unsecured portfolio under the CGFMU scheme to mitigate risks.

We as an institution believe in digital innovation to cater to the changing needs of our customers. Our Inclusive Finance loan disbursement process is completely digital and paperless. On the deposits front, we have invested in digital banking infrastructure which helps us source digital deposits through various platforms.

In parallel, we continue to focus on widening our reach by adding new branches each year across the country. During the quarter, we opened our very first retail banking branch in the Jaipur which signifies our commitment to expand the footprint in northern India. We have also opened Smart Banking Outlets (SBOs) in certain micro markets. These SBOs are customer touch points which offer all banking services but have a focused target segment within around 2 km radius.

We remain committed to deliver better performance across all business performance parameters and going forward the bank will keep on investing in branches, people, and technology to serve the economy better.”

Suryoday Small Finance Bank is a scheduled commercial bank. Commencing its operations as an NBFC and for over a decade with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. The bank has a wide presence across 15 states and UTs across India through its 704 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. It offers a wide array of services to our customers, through our array of asset and liability products, via our multiple delivery channels.

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Net profit of Suryoday Small Finance Bank declined 9.76% to Rs 45.39 crore in the quarter ended September 2024 as against Rs 50.30 crore during the previous quarter ended September 2023. Total Operating Income rose 35.17% to Rs 507.20 crore in the quarter ended September 2024 as against Rs 375.24 crore during the previous quarter ended September 2023.

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Suryoday Small Finance Bank will hold a meeting of the Board of Directors of the Company on 24 October 2024.

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Gross advances include inter-bank participation certificates (IBPC) of Rs 350 crore for Q2 FY25 (Rs 550 crore for Q1 FY25 and Rs 100 crore for Q2 FY24).

Sequentially, gross advances rose 4% as compared to Rs 9,037 crore posted on 30 June 2024.

Disbursements for the quarter ended 30 September 2024 stood at Rs 1,626 crore, up 2% YoY and down 7% QoQ.

The bank’s total deposits grew by 39% YoY and 9% QoQ to Rs 8,851 crore reported in Q2 FY25. Retail deposits increased to Rs 7,100 crore and bulk deposits stood at Rs 1,751 crore during the quarter.

The bank's CASA (Current Account Savings Account) deposits stood at Rs 1,581 crore in Q2 FY25, registering a growth of 10% in QoQ and 57% YoY.

CASA ratio increased to 17.9% in Q2 FY25 as against 17.7% recorded in Q1 FY25 and 15.7% posted in Q2 FY24.

Collection efficiency was at 98.4% as on 30 September 2024 as against 101% as on 30 June 2024 and 102% as on 30 September 2023.

Gross non-performing assets (NPAs) was at 2.92% as on 30 September 2024 as compared to 2.67% as on 30 june 2024 and 2.86% as on 30 September 2023.

As of 30 September 2024, gross non-performing assets (NPAs) stood at 2.92%, up from 2.67% on 30 June 2024 and 2.86% on 30 September 2023.

The Bank is committed to build a strong retail deposit franchise. Deposits continue to grow faster than Advances as the Bank seeks to achieve a CD Ratio of 100% by March 2025.

Suryoday Small Finance Bank is a scheduled commercial bank. The bank has a wide presence across 15 states and UTs across India through its 577 banking outlets, with a strong presence in Maharashtra, Tamilnadu and Odisha.

The bank’s net profit surged 56.4% to Rs 60.84 crore in Q4 FY24 as compared to Rs 38.91 crore recorded in Q4 FY23. Total income jumped 40.2% YoY to Rs 509.36 crore in Q4 FY24.

The scrip slipped 3.21% to Rs 168.90 on the BSE.

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