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Business News/ Markets / Stock Markets/  Suryoday SFB share price rises over 14% on strong Q4FY24 business update
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Suryoday SFB share price rises over 14% on strong Q4FY24 business update

Suryoday Small Finance Bank shares surged 14.30% to ₹190.85 after Q4FY24 business update. Disbursements of the bank in FY’24 stood at over ₹6,900 crore as compared to ₹5,083 crore in FY23, a 36% YoY rise, on the back of continued momentum in Vikas Loan as well as Retail Assets disbursements.

The Current Account and Savings Account (CASA) stood at ₹1,566 crore, marking a 77% increase from ₹884 crore in Q4 FY23. (Pixabay)Premium
The Current Account and Savings Account (CASA) stood at 1,566 crore, marking a 77% increase from 884 crore in Q4 FY23. (Pixabay)

Shares of Suryoday Small Finance Bank jumped up 14.30% in today's early morning deals to reach 190.85 apiece following the release of the bank's Q4FY24 business update. In a filing to the exchange on Wednesday, the bank said it witnessed robust growth in all performance parameters, both sequentially and on a year-over-year basis.

The bank's disbursements during the fourth quarter of FY24 jumped to 2,340 crore, a 39% YoY improvement compared to 1,688 crore in the same period last year, while the disbursements of the bank in FY24 stood at over 6,900 crore as compared to 5,083 crore in FY23, a 36% YoY rise, on the back of continued momentum in Vikas Loan as well as Retail Assets disbursements.

Also Read: HDFC Bank share price gains 3% as Q4 gross advances rise 55% YoY to 24.69 lakh crore; deposits grow 26%

The bank's gross advances showed healthy growth, reaching 8,650 crore in Q4FY24, an increase of 41% compared to Q4FY23 gross advances of 6,114 crore. On the deposits front, the bank saw a 50% YoY jump in total deposits in Q4 FY24 to 7,775 crore. 

The Current Account and Savings Account (CASA) stood at 1,566 crore, marking a 77% increase from 884 crore in Q4 FY23. 

Also Read: Nifty 50, midcaps, Sensex today hit record highs: 5 reasons why Indian stock market is gaining - explained

"The bank is committed to building a strong retail liability book. The CASA ratio has improved by 1.6% [from 18.5% to 20.1%], and retail deposits grew by 800 crores on a QoQ basis," said Suryoday Small Finance Bank in its regulatory filing. 

Following its listing in March 2021, the bank shares experienced a notable decline, persisting until June 2022. However, they subsequently displayed robust upward momentum, with current trading levels reflecting a substantial 142% increase from their lowest point of 77.50 apiece, observed in June 2022.

Also Read: Stock market today, 4th April: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Thursday

Despite this noteworthy recovery, the shares remain distant from reaching their IPO price of 305, presently standing at 38% lower. It's worth noting that the stock has not surpassed its IPO price since its listing.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 04 Apr 2024, 10:21 AM IST
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