Suryoday Small Finance Bank Q4 Results: Net profit soars 56% YoY to Rs 61 crore

Kolkata: Suryoday Small Finance Bank Bank on Thursday reported a 56.4% year-on-year rise in March quarter net profit at Rs 61 crore against Rs 39 crore in the year-ago period, backed by 29% expansion of net interest income at Rs 271 crore.

The bank’s net interest margin for the quarter was 10.1% against 10.4% in the same quarter last year, although it rose sequentially from 9.8%.

Operating profit was 25.5% higher at Rs 128 crore against Rs 102 crore. Provisions and contingencies were a ltad lower at Rs 48 crore against Rs 51.5 crore.

The bank’s gross advances rose 42% to Rs 8,650 crore at the end of March, significantly higher than the average credit growth while deposits at Rs 7,777 crore showed a 51% jump. The share of retail deposits was at 79% while the current and savings account ratio stood at 20% at the end of March as compared with 17% a year back.

Its cost of funds increased to 7.4% in the fourth quarter as compared with 6.8% in the year-ago period but dipped marginally on a sequential basis.The lender’s asset quality improved with gross non-performing assets ratio falling to 2.80% at the end of the fiscal from 3.10% a year back. Net NPA stood at 0.82%, showing 68 basis points improvement.