Suryoday Small Finance Bank Q1 results: Profit jumps six-fold to ₹47.6 crore

Suryoday Small Finance Bank (SSFB) on Thursday said its net profit jumped six-fold to ₹47.6 crore for the first quarter ended June 30 of the fiscal year 2024.

According to SSFB, the first quarter profit rose on a fall in bad loans.

The bank had reported a net profit of ₹7.8 crore in the April-June quarter of 2022-23.

Total income rose to ₹409 crore in the June quarter of the current fiscal year as compared to ₹295 crore in the same period a year ago, Suryoday Small Finance Bank said in a regulatory filing.

Its interest income stood at ₹358 crore during the June quarter of FY2024, as compared to ₹281 crore in the same period a year ago.

SSFB reported net interest income (NII) in the Q1 of FY2024 at ₹225 crore, 27% higher than ₹177 crore in the year-ago quarter.

Gross non-performing assets (NPA) of the total advances eased to 3.04% in the April-June period of FY2024 as compared to 10.3% a year ago. 

Net NPAs also fell to 1.63% against 5.02% a year ago. 

The capital adequacy ratio of the bank fell to 32.65% in June quarter of FY2023 as compared to 36.37% a year ago.

Shares of Suryoday Small Finance Bank on Thursday rose 1.39% to close at Rs 182.85.

For the March quarter of fiscal year 2023, Suryoday Small Finance Bank had posted a net profit of ₹39 crore. 

Its total income during Q4 FY23 rose to ₹363 crore from ₹257 crore in the same quarter of FY22.

Its interest income stood at ₹329 crore in Q4 FY23.

For the full fiscal year 2022-23, the bank had reported a net profit of ₹78 crore against loss of ₹93 crore in FY22.