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Suryoday Small Finance Bank Results: Latest Quarterly Results & Analysis

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Suryoday Small Finance Bank Ltd. 25 Jul 2025 11:49 AM
Result PDF

Q1FY26 Quarterly Result Announced for Suryoday Small Finance Bank Ltd.

Suryoday Small Finance Bank announced Q1FY26 results

  • Total income decreased by 2.1% YoY from Rs 363.4 crore to Rs 355.8 crore.
  • Net interest income (NII) decreased by 15.7% YoY from Rs 293.2 crore to Rs 247.1 crore.
  • Pre-provision operating profit (PPOP) decreased by 24.5% YoY from Rs 144.3 crore to Rs 108.9 crore.
  • Cost of Funds stood at 7.9% in Q1FY26 as compared to 7.6% in Q1FY25.
  • Cost to income stood at 69.4% in Q1FY26 as compared to 60.3% in Q1FY25.
  • Profit After Tax (PAT) stood at Rs 35.3 crore in Q1FY26 as against Rs 70.1 crore in Q1FY25
  • Gross Advances stood at Rs 10,846 crore as on June’25 as compared to Rs 9,037 crore as on June’24, an increase of 20.0% YoY.
  • Disbursementsstood at Rs 2,261 crore in Q1FY26 as compared to Rs 1,740 crore in Q1FY25, increase of 30% YoY.
  • Deposits stood at Rs 11,312 crore as on June’25 as compared to Rs 8,137 crore as on June’24, an increase of 39.0% YoY.
  • Current bucket Collection Efficiency stood at 98.3%.
  • Collection Efficiency (1 EMI adjusted) stood at 86.4% in Q1FY26 as compared to 94.8% in Q1FY25, primarily because of Inclusive Finance portfolio.

Baskar Babu Ramachandran, MD & CEO, Suryoday Small Finance Bank, said: The Bank started quarter Q1FY26 on a positive note in terms of growth in gross advances and deposits with gross advances, as on June 30,2025, at Rs 10,846 crore and deposits crossing Rs 11,000 crore and stood at Rs 11,312 crore. This growth underscores the bank’s continued progress in expanding its balance sheet while maintaining focus on portfolio quality.

The non-IF (non-Inclusive Finance) book has now crossed 52% of total advances, marking a structural shift in the portfolio mix. This shift is primarily led by strong growth in the retail secured asset franchise, especially in the mortgages and wheels segments, both of which registered substantial traction during the quarter.

While the external operating environment in the microfinance sector remains volatile, the Bank has proactively managed credit risk. As of June 2025, Gross NPA stood at 8.5%, with GNPA at Rs 918 crore and NNPA at Rs 593 crore. The expected CGFMU claim receivable is ~ Rs 584 crore. Considering the CGFMU coverage ~ 100% of NNPA is fully covered. Further, the Bank has received Rs 55.67 crore in June 2025, towards its second interim claim under the CGFMU Scheme (Base Year 2022–23) from the National Credit Guarantee Trustee Company (NCGTC). Also, the Bank had proactively implemented MFIN guardrails 2.0 in November 2024 itself, well ahead of the stipulated timeline of April 2025. The portfolio sourced post November 2024 is better placed both on asset quality front and collection efficiency front.

On the liability side, deposits grew by 39% YoY, led by sustained momentum in the retail franchise and deepening of digital distribution channels. The CASA ratio stood at 17.7%, which is granular and retail-focused, CASA in value grew by 39.5% YoY.

The microfinance sector’s stress has continued to weigh on the Net Interest Income (NII) and credit costs, thereby impacting profitability for the quarter. However, with improved collection efficiency in Inclusive Finance and the underlying strength of the Bank’s diversified portfolio-especially the secured retail and MSME segments-positions it well for improved performance going forward.

The Bank is seeing early traction in MSME lending, a segment that is expected to contribute meaningfully over the medium term. This, along with continued expansion in mortgages and wheels, is expected to further increase the share of secured lending in the overall portfolio.

Looking ahead, the Bank remains confident in its strategy of continuing focus on individual loans (Vikas Loan) in Inclusive Finance, diversifying the asset mix, strengthening the deposit franchise, and leveraging digital platforms. The investments made in credit protection mechanisms, customer acquisition through digital platforms, and focused execution in priority segments are expected to support consistent and profitable growth through FY26 and beyond.

Result PDF

Result PDF

Microfinance Institutions company Suryoday Small Finance Bank announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total income decreased by 9.2% YoY from Rs 335.5 crore to Rs 304.8 crore.
  • Net interest income (NII) decreased by 9.6% YoY from Rs 270.8 crore to Rs 244.7 crore.
  • Pre-provision operating profit (PPOP) decreased by 63.7% YoY from Rs 128.3 crore to Rs 46.6 crore.
  • Cost of Funds stood at 8.1% in Q4FY25 as compared to 7.4% in Q4FY24.
  • Cost to income stood at 84.7% in Q4FY25 as compared to 61.7% in Q4FY24.
  • Profit After Tax (PAT) stood at Rs -33.8 crore in Q4FY25 as against Rs 60.8 crore in Q4FY24.

FY25 Financial Highlights:

  • Total income increased by 12.0% YoY from Rs 1,182 crore to Rs 1,323 crore.
  • Net interest income (NII) increased by 15.0% YoY from Rs 962 crore to Rs 1,106 crore.
  • Pre-provision operating profit (PPOP) decreased by 14.3% YoY from Rs 454 crore to Rs 389 crore.
  • Cost of Funds stood at 7.8% in FY25 as compared to 7.3% in FY24.
  • Cost to income stood at 70.6% in FY25 as compared to 61.6% in FY24.
  • Profit After Tax (PAT) decreased by 46.8% YoY from Rs 216 crore to Rs 115 crore.
  • Gross NPA stood at 7.2% as on March’25, compared to 2.8% as on March’24.
  • Net NPA stood at 4.6% as on March’25, compared to 0.8% in March’24.
  • GNPA - Rs 734 crore, NNPA - Rs 457 crore, against which Rs 460 crore is receivable under CGMFU scheme.
  • Healthy capital position with a CRAR at 25.8%; Tier I capital of 24.5% and Tier II capital of 1.4%.

Baskar Babu Ramachandran, MD & CEO, Suryoday Small Finance Bank, said: The bank has achieved the milestone of advances as well as deposits crossing Rs 10,000 crore with gross advances at Rs 10,251 crore and deposits at Rs 10,580 crore. Non-IF book now constitutes over 50% of the total advances.

In respect of IF book, the bank continues to cover the entire eligible portfolio under the CGFMU scheme. The external scenario in the microfinance sector has had an impact on the bank’s performance during FY25 with GNPA increasing from 2.8% in March’24 to 7.2% in March’25. Of the gross NPA of Rs 734 crore bank is carrying a provision of Rs 276.8 crore including floating provision. The unprovided portion of GNPA stands at Rs 457 crore against which expected CGFMU receivable is Rs 460 crore.

The retail asset franchise, particularly the mortgages and wheels business, have shown substantial growth in FY25, thereby tilting in favor of the non-IF portfolio as a proportion to the total advances now crossing 50%.

On the deposit front, there has been 36% growth from Rs 7,777 crore to Rs 10,580 crore, primarily driven by the retail franchise with CASA ratio of 20.9% and the consistent acquisition of deposits through the digital channel.

The slippages in the IF portfolio primarily due to the overall microfinance market scenario has impacted the Net Interest Income and the credit costs, thereby impacting the profitability of the bank for the quarter.

The bank continues to diversify its portfolio which is visible in the growth in the mortgages and wheels segment portfolio. In addition, the bank has started focusing on the MSME segment and expects reasonable traction in this segment in the near future.

Overall, for the bank, FY25 has had its share of challenges which is completely mitigated by CGFMU cover and also its share of opportunities which is focused growth in the secured assets business and deposit franchise. The various initiatives driven by the bank over the past few years such as investment in credit guarantee cover, focus on digital product offerings both on the deposits side as well as the advances front and the targeted focus on MSME business are expected to drive the bank into FY26 and forward.

Result PDF

Suryoday Small Finance Bank announced Q3FY25 results

Q3FY25 Financial Highlights:

  • Net interest income (NII) increased by 9.2% YoY from Rs 245.7 crore to Rs 268.3 crore.
  • Total income increased by 3.4% YoY from Rs 297.6 crore to Rs 307.8 crore.
  • Pre-provision operating profit (PPOP) decreased by 37.5% Y-o-Y from Rs 114.2 crore to Rs 71.4 crore, mainly due to reduction in paying book.
  • Cost of Funds stood at 7.8% in Q3FY25 as compared to 7.5% in Q3FY24.
  • Cost to income stood at 76.8% in Q3FY25 as compared to 61.6% in Q3FY24.
  • Profit After Tax (PAT) decreased by 41.8% YoY from Rs 57.2 crore to Rs 33.3 crore.

Business Highlights:

  • Gross Advances stood at Rs 9,563 crore as on December’24 as compared to Rs 7,600 crore as on December’23, an increase of 25.8% YoY.
  • Disbursementsstood at Rs 1,467 crore in Q3FY25 as compared to Rs 1,792 crore in Q3FY24, decrease of 18.1% YoY.
    • The Retail Assets (wheels and mortgages) disbursement showed an increase of 24% on a YoY basis, also Mortgages portfolio nearing Rs 2000 crore.
    • The bank has implemented the MFIN guardrails 2.0, resulting in a 25% decline QoQ in IF business, yet a notable increase in secured business lending was observed.
  • Deposits stood at Rs 9,708 crore as on December’24 as compared to Rs 6,484 crore as on December23, an increase of 49.7% YoY.
  • Current bucket Collection Efficiency (1 EMI Cap) stood at 97.9% in Q3FY25.
  • Collection Efficiency (1 EMI adjusted) stood at 90.6% in Q3FY25 as compared to 95.8% in Q3FY24.

Baskar Babu Ramachandran, MD & CEO, Suryoday Small Finance Bank, said: The bank has witnessed a growth in its portfolio primarily on account of the growth in disbursements in the Retail Assets businesses i.e mortgages and wheels. The microfinance portfolio witnessed a nominal de-growth primarily due to the overall market scenario and voluntary implementation of MFIN guardrails 2.0. The bank as part of prudent risk management strategy, started covering the eligible unsecured loans under the CGFMU scheme, since FY23, thereby making these loans quasi-secured. This coverage was initiated considering the cyclicality that the sector faces. The deposit growth has outpaced the growth in assets with the digital deposit mobilization contributing to the growth.

Several initiatives have been undertaken during the quarter:

  • Digital deposits accelerated to Rs 2.5 crore per day.
  • Introduction of “Double Joy Deposit” – a long term, guaranteed return deposit plan – one of the first in the banking space.
  • Suo-moto implementation of MFIN guardrails 2.0.
  • Launch of MSME loans – Dhanashree – predominantly digital.

We are focused on improving the key metrics in our Inclusive Finance business with specific focus on collections and the current trends are encouraging. We are confident of delivering our revised guidance in the current quarter.

Result PDF

Suryoday Small Finance Bank announced Q2FY25 & H1FY25 results

Q2FY25 Financial Highlights:

  • Total income increased by 27.4% YoY from Rs 272.8 crore to Rs 347.4 crore.
  • Net interest income (NII) increased by 35.7% YoY from Rs 221.0 crore to Rs 300.0 crore.
  • Pre-provision operating profit (PPOP) increased by 34.5% YoY from Rs 94.3 crore to Rs 126.9 crore.
  • Cost of Funds stood at 7.6% in Q2FY25 as compared to 7.5% in Q2FY24.
  • Cost to income stood at 63.5% in Q2FY25 as compared to 65.4% in Q2FY24.
  • Profit After Tax (PAT) decreased by 9.8% YoY from Rs 50.3 crore to Rs 45.4 crore.

Q2FY25 Business Highlights:

  • Gross Advances stood at Rs. 9,360 crore in Q2FY25 as compared to Rs 6,921 crore in Q2FY24, an increase of 35.2% year on year.
  • Disbursements stood at Rs. 1,682 crore in Q2FY25 as compared to Rs 1,598 crore in Q2FY24, an increase of 5.2% year on year.
    • Disbursement continues to be stable across all segments supported by significant traction in wheels and mortgages segments.
  • Deposits stood at Rs. 8851 crore in Q2FY25 as compared to Rs. 6387 crore in Q2FY24, an increase of 38.6% year on year.
  • Current bucket Collection efficiency (overall) stood at 98.2% in Q2FY25 as compared to 99.1% in Q2FY24. Collection efficiency (1 EMI adjusted) stood at 93.1% in Q2FY25 as compared to 96.0% in Q2FY24.

H1FY25 Financial Highlights:

  • Total income increased by 29.6% YoY from Rs 548.5 crore to Rs 710.8 crore.
  • Net interest income (NII) increased by 33.1% YoY from Rs 445.8 crore to Rs 593.2 crore.
  • Pre-provision operating profit (PPOP) increased by 28.3% YoY from Rs 211.4 crore to Rs 271.2 crore.
  • Cost of Funds stood at 7.6% in H1FY25 as compared to 7.2% in H2FY24.
  • Cost to income stood at 61.8% in H1FY25 as compared to 61.5% in H1FY24.
  • Profit After Tax (PAT) increased by 17.9% YoY from Rs 97.9 crore to Rs 115.5 crore.
  • Gross NPA remains stable at 2.9% as on Sept’25, compared to Sept’24.
  • Net NPA stood at 0.8% as on Sept’25, compared to 1.4% in Sept’24.
  • Healthy capital position with a CRAR at 24.9%; Tier I capital of 23.5% and Tier II capital of 1.4%

H1FY25 Business Highlights:

  • Gross Advances stood at Rs 9,360 crore in H1FY25 as compared to Rs 6,921 crore in H1FY24, an increase of 35.2% year on year.
  • Disbursements stood at Rs 3,421 crore in H1FY25 as compared to Rs 2,787 crore in H1FY24, an increase of 22.7% year on year.
    • Disbursement continues to be strong across all segments supported by significant traction in Vikas Loans, wheels and mortgages segments.
    • Vikas Loan disbursement stood at Rs 942 crore in H1FY25 as compared to Rs 787 crore in H1FY24, an increase of 19.6% year on year.
    • Deposits stood at Rs. 8,851 crore in H1FY25 as compared to Rs. 6,387 crore in H1FY24, an increase of 38.6% year on year.
  • Share of retail deposits stood at 80.2% in Sept’25, as compared to 77.6% in Sept’24.
  • CASA ratio stood at 17.9% as on Sept’25, compared to 15.7% in Sept’24.
  • Collection efficiency (1 EMI adjusted) stood at 93.9% in H1FY25 as compared to 96.0% in H1FY24.
  • The Bank has ~32.4 lakh customers as on September’25, as compared to ~25.1 lakh customers in September’24, an increase of 29%.

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 ~ 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.

Result PDF

Suryoday Small Finance Bank announced Q1FY25 results:

Financial Highlights: 

  • The Bank's gross advances stood at Rs 9,037 crore in Q1FY25 as compared to Rs 6,372 crore in Q1FY24, an increase of 41.8% YoY
  • Disbursements stood at Rs 1,740 crore in Q1FY25 as compared to Rs 1,190 crore in Q1FY24, an increase of 46.3% YoY
  • Disbursement continues to be strong across all segments supported by significant traction in Vikas Loans, wheels and home loan segments.
  • Vikas Loan disbursement stood at Rs 513 crore in Q1FY25 as compared to Rs 213 crore in Q1FY24, an increase of 141.2% YoY
  • Deposits stood at Rs 8,137 crore in Q1FY25 as compared to Rs 5,722 crore in Q1FY24, an increase of 42.2% YoY
  • Share of retail deposits stood at 78.9% in June’24, as compared to 75.7% in June’23
  • CASA ratio stood at 17.7% as on June’24, compared to 14.9 % in June’23
  • Collection efficiency (1 EMI adjusted) stood at 94.8% in Q1FY25 as compared to 95.9% in Q1FY24
  • Collection efficiency excluding NPA (1 EMI adjusted) stood at 97.4% in Q1FY25 as compared to 98.2% in Q1FY24
  • The Bank has ~30.0 lakh customers as on June’24, as compared to ~24.3 lakh customers in June’23, an increase of 23.6%
  • Total number of banking outlets stood at 701, with 115 being liability-focused outlets and 392 being asset focused branches and balance 194 are rural centers
  • Total number of employees stood at 7,715
  • Net interest income stood at Rs 293.2 crore in Q1FY25 as compared to Rs 224.7 crore in Q1FY24, an increase of 30.5% YoY
  • Net total income stood at Rs 363.4 crore in Q1FY25 as compared to Rs 275.7 crore in Q1FY24, an increase of 31.8% YoY
  • Cost of Funds stood at 7.6% in Q1FY25 as compared to 7.0% in Q1FY24
  • Cost to income stood at 60.3% in Q1FY25 as compared to 57.5 % in Q1FY24.
  • Pre-Provisioning Operating Profit stood at Rs 144.3 crore in Q1FY25 as compared to Rs 117.1 crore in Q1FY24, an increase of 23.2% YoY
  • Gross NPA stood at 2.7% as on June’24, compared to 3.0% in June’23
  • Net NPA stood at 0.4% as on June’24, compared to 1.6% in June’23
  • Provision coverage ratio (excluding technical write-offs) stood at 83.9% as on June’24, compared to 47.3% in June’23
  • CRAR of the Bank stood at 27.3%; Tier I capital of 25.7% and Tier II capital of 1.6%

Commenting on the performance, Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “The bank has delivered a steady performance for the first quarter of FY25, driven by growth in advances and deposits, and stable asset quality. This performance is in line with the guidance provided by the bank for FY25.

During this quarter, our gross advances grew by 41.8% YoY and 4.5% QoQ to Rs. 9,037 crore, and deposits grew by 42.2% YoY and 4.6% QoQ to Rs. 8,137 crore. The bank’s disbursements stood at Rs. 1,740 crore with growth across all segments. The Vikas Loan continued to grow at a decent pace and was supported by significant traction in the wheels and home loan segments.

Asset quality has remained stable, with GNPA at 2.7% at the end of June 2024, down from 3.0% in June 2023 and 2.8% in March 2024. The bank has further increased PCR from 71.2% in March 2024 to 83.9% in June 2024. The NNPA stood at 0.4% at the end of June 2024, down from 1.6% in June 2023 and 0.8% in March 2024. The bank continues to cover the eligible unsecured portfolio under the CGFMU scheme to mitigate any unforeseen risks. Under this scheme, the bank has successfully made its first claim of ~ Rs. 32 crore which was 100% of the accounts which were eligible for claim and the entire amount was received in Q1FY25.

Our focus on improving our deposit base is evident with reducing share of bulk deposits with retail deposits now constituting around 79% of the total deposits as on June 2024 and CASA now representing 17.7% of our overall deposits, up from 14.9% in June 2023. The deposits sourced through digital channels stood at ~ Rs. 100 crore as on June 2024. Currently the daily deposit run rate sourced through this channel stands at Rs. 1.5 to 2 crore. Net Interest Income (NII) grew by 30.5% YoY and 8.3% QoQ to Rs. 293.2 crore.

We have effectively managed our operational efficiencies and are on track to achieve a favourable Cost to Income ratio of 57% to 58% by FY25. Our Cost to Income as of June 2024 stood at 60.3%. PreProvisioning Operating Profit (PPOP) grew by 23.2% YoY and 12.4% QoQ to Rs. 144.3 crore, while Profit After Tax (PAT) grew by 47.2% YoY and 15.1% QoQ to Rs. 70.1 crore.

As we move forward, we are confident in our ability to sustain this momentum and explore new opportunities to further strengthen our position in the banking ecosystem. We are on track to achieve our stated guidance for FY25.”

Result PDF

Suryoday Small Finance Bank announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Net interest income stood at Rs 270.8 crore in Q4FY24 as compared to Rs 210.1 crore in Q4FY23, an increase of 28.9% YoY
  • Net total income stood at Rs 335.5 crore in Q4FY24 as compared to Rs 244.1 crore in Q4FY23, an increase of 37.4% YoY
  • Cost of Funds increased to 7.4% in Q4FY24 compared to 6.8% in Q4FY23, however CoF has dipped marginally on sequential basis
  • Cost to income excluding CGFMU expenses stood at 57.7% in Q4FY24 as compared to 58.3% in Q4FY23. Including CGFMU, cost to income for the quarter stood at 61.7%.
  • Pre-Provisioning Operating Profit stood at Rs 128.3 crore in Q4FY24 as compared to Rs 101.7 crore in Q4FY23, an increase of 26.2% YoY.
  • Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 142.0 crore in Q4FY24

FY24 Financial Highlights:

  • Net interest income stood at Rs 962.2 crore in FY24 as compared to Rs 746.6 crore in FY23, an increase of 28.9% YoY
  • Net total income stood at Rs 1,181.6 crore in FY24 as compared to Rs 844.0 crore in FY23, an increase of 40.0% YoY
  • Cost of Funds increased to 7.3% in FY24 as compared to 6.7% in FY23
  • Cost to income excluding CGFMU expenses stood at 57.1% in FY24 as compared to 60.0% in FY23.
  • Cost to income including CGFMU expenses stood at 61.6% in FY24
  • Pre-Provisioning Operating Profit stood at Rs 453.9 crore in FY24 as compared to Rs 337.5 crore in FY23, an increase of 34.5% YoY.
  • Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 506.5 crore in FY24

Commenting on the performance, Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: "We are happy to share that FY24 has been a good year for the bank, with growth in all areas such as advances, deposits, and profitability. Gross Advances grew by 41.5% to Rs 8,650 crore in FY24, against the corresponding period last year. The growth is driven by continued focus on key businesses, i.e., Inclusive Finance, Commercial Vehicle, and LAP. The Vikas Loan portfolio has surpassed an AUM of Rs 2,600 crore, demonstrating a growth of over 118% over the previous financial year. Vikas Loan, which in effect is the individual loan product for graduating group loan customers, now constitutes over 53% of the Inclusive Finance portfolio.

The Bank’s disbursement increased from Rs 5,083 crore in FY23 to Rs 6,919 crore in FY24, a growth of 36.1% on a YoY basis, with Vikas Loan and Commercial Vehicle Loans contributing substantially to the growth. Overall deposits increased from Rs 5,167 crore in FY23 to Rs 7,777 crore in FY24. The Bank continues to remain focused on building a granular retail deposit book. The retail deposits to total deposit ratio improved from 73.1% in FY23 to 78.8% in FY24.

CASA as a percentage of overall deposits stood at 20.1% in Mar’24 versus 17.1% during Mar’23. In terms of asset quality, the GNPA stood at 2.8%^ at the end of FY24, down from 3.1% in FY23. Net NPA was 0.82%^ in FY24, compared to 1.5% in FY23. The bank continues to cover the eligible unsecured portfolio under the CGFMU scheme to mitigate any unforeseen risks.

On the profitability front, the bank’s net interest income grew by 28.9% to Rs 962.2 crore in FY24, versus the same period last year. During the year gone by, the PPOP has registered a 34.5% growth to Rs 453.9 crore. The bottom line saw an improvement from Rs 77.7 crore in FY23 to Rs 216.0 crore in FY24.

Going forward, our strategy would be to transition from predominantly being a micro-lender to becoming a micro-banker for low-income households with a sharp focus on going deeper into existing geographies and continuing to provide holistic banking services to our customers. Going granular on both the lending and deposit sides would be the key enabler to achieving our core strategy."

Result PDF

Suryoday Small Finance Bank announced Q3FY24 & 9MFY24 results:

Financial highlights – Q3FY24
• Net interest income stood at Rs 245.7 crore as compared to Rs 183.4 crore, an increase of 33.9% year on year.
• Net total income stood at Rs 297.6 crore as compared to Rs 209.1 crore, an increase of 42.3% year on year.
• Cost of Funds increased to 7.5% compared to 6.7% in Q3FY23, however has remained the same on a sequential basis.
• Cost to income excluding CGFMU expenses stood at 57.3% as compared to 69.7% in Q3FY23, including CGFMU, cost to income for the quarter stood at 61.6%.
• Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 127.2 crore as compared to Rs 63.3 crore an increase of 101.1% year on year.
• Pre-Provisioning Operating Profit including CGFMU stood at Rs 114.2 crore as compared to Rs 63.3 crore, an increase of 80.5% year on year.

Financial highlights – 9MFY24
• Net interest income stood at Rs 691.5 crore as compared to Rs 536.5 crore, an increase of 28.9% year on year.
• Net total income stood at Rs 846.1 crore as compared to Rs 599.9 crore, an increase of 41% year on year.
• Cost of Funds increased to 7.3% compared to 6.6% in the same period last year.
• Cost to income excluding CGFMU expenses stood at 56.9% as compared to 60.7% in 9MFY23.
• Cost to income including CGFMU expenses stood at 61.5%.
• Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 364.5 crore as compared to Rs 235.8 crore an increase of 54.6% year on year.
• Pre-Provisioning Operating Profit including CGFMU stood at Rs 325.6 crore as compared to Rs 235.8 crore an increase of 38.1% year on year.

Business Performance – Q3FY24 & 9MFY24
• The Bank's gross advances stood at Rs 7,600 crore as compared to Rs 5,408 crore in 9MFY23, an increase of 40.5% year on year.
• Disbursements for 9MFY24 stood at Rs 4,580 crore as compared to Rs 3,396 crore, an increase of 34.9% year on year.
• Disbursements for Q3FY24 stood at Rs 1,792 crore as compared to Rs 1,265 crore, an increase of 41.7% year on year.
• Disbursement continues to grow, and we expect the momentum to continue in the coming quarters.
• Vikas Loan disbursement witnessed a growth of 165% to Rs 738 crore in Q3FY24 as compared to Rs 279 crore in Q3FY23.
• Deposits stood at Rs 6,484 crore as compared to Rs 4,697 crore, an increase of 38.1% year on year.
• Share of retail deposits stood at 82.5%.
• CASA ratio stood at 18.5%, compared to 14.1% in Q3FY23 and 15.7% in Q2FY24.
• The collection efficiency for December 2023 stood at 95.6% (1 EMI Adjusted).
• The Bank has ~26.3 lakh customers, an increase of 20.4% over the same period last year.
• The total number of banking outlets stood at 672, with 99 being liability-focused outlets and 383 being asset-focused branches.
• The total number of employees stood at 7,368.

Asset Quality and Capital – 9MFY24
• Gross NPA stood at 2.9% against 4.2% year on year.
• Net NPA stood at 1.4% versus 2.7% year on year.
• Provision coverage ratio (excluding technical write-offs) stood at 54.3%.
• CRAR of the Bank stood at 27.8%; Tier I capital of 25.7% and Tier II capital of 2.1%.

Commenting on the performance, Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: "Our performance in the first nine months of FY24 highlights our commitment of consistent growth and improved profitability. Gross Advances witnessed a 40.5% to Rs 7,600 crore in 9MFY24 against the corresponding period last year. The growth is led by an overall performance demonstrated by the bank coupled with sustained momentum in the microfinance sector. Vikas Loan product continues to gain traction with AUM crossing Rs 2,000 crore. The disbursement for the bank increased from Rs 3,396 crore in 9MFY23 to Rs 4,580 crore in 9MFY24: a growth of 34.9% on a YoY basis. The disbursement growth is led by all products especially Vikas Loan which grew 97% YoY.

The overall deposits increased from Rs 4,697 crore in 9MFY23 to Rs 6,484 in 9MFY24. We always focused on building a granular retail deposit book, the retail deposits including CASA as a % of overall deposits stood at 82.5% in 9MFY24 versus 77.9% during 9MFY23. Mobilization of low-cost CASA has resulted in stable cost of funds and improved deposit mix. In terms of asset quality, the GNPA stood at 2.9% at the end of 9MFY24, down from 4.2% in 9MFY23. Net NPA was 1.4% in 9MFY24 compared to 2.7% in 9MFY23. Overall Collection efficiency in the month of December 2023 was 100.1%. We continue to focus on growth and maintaining asset quality. Furthermore, the bank will continue to build floating provision and CGFMU cover to mitigate any unforeseen risks.

Result PDF

Suryoday Small Finance Bank announced Q1FY24 results:

  • The Bank's gross advances stood at Rs 6,372 crore compared to Rs 5,132 crore in Q1FY23, an increase of 24.2% YoY
  • Disbursements stood at Rs 1,190 crore compared to Rs 1,012 crore in Q1FY23, an increase of 17.5% YoY
  • Deposits stood at Rs 5,722 crore as compared to Rs 4,020 crore, registering a strong growth of 42.3% YoY
  • Share of retail deposits stood at 75.7%
  • Collection efficiency as of March 2023 stood at 100.4%
  • The Bank has ~24.3 lakh customers, an increase of 21.0% over the base as of June 30, 2022
  • Total number of branches stood at 609, with 95 being liability-focused outlets, 325 being asset-focused branches, and 189 Rural Centres
  • Total number of employees stood at 6,386
  • Net interest income stood at Rs 224.7 crore compared to Rs 177.1 crore in Q1FY23, an increase of 26.9% YoY
  • Net total income stood at Rs 275.8 crore compared to Rs 190.2 crore in Q1FY23, an increase of 45.0% YoY
  • The cost of funds has increased from 6.4% in Q1FY23 to 6.9% in Q1FY24 which is in line with the overall rise in key interest rates by RBI
  • Cost to income ratio has improved to 57.5% in Q1FY24 compared to 58.3% in Q1FY23
  • Pre-provisioning operating profit stood at Rs 117.2 crore compared to Rs 79.4 crore in Q1FY23, up 47.5% YoY
  • Gross NPA stood at 3.0% compared to 10.0% in Q1FY23
  • Net NPA stood at 1.6% compared to 5.0% in Q1FY23
  • Provision coverage ratio (excluding technical write-offs) stood at 47.3%
    • Rs 41.3 crore provisions towards ARC not considered in PCR
  • CRAR of the Bank stood at 32.7%; Tier I capital of 30.2% and Tier II capital of 2.5%

 

 

 

Result PDF

Suryoday Small Finance Bank announced FY23 results:

  • Net interest income stood at Rs 746.6 crore as compared to Rs 584.5 crore, an increase of 27.7% YoY
  • Net total income stood at Rs 844.0 crore as compared to Rs 678.0 crore, an increase of 24.5% YoY
  • Our cost of funds for FY23 reduced to 6.7% compared to 7.0% in FY22
  • Cost to income stood at 60.0% as compared to 60.9% in FY22, Cost to income ratio for FY23 has been adjusted for adjusted for one time ARC related provision of Rs 21.5 crore
  • Pre-Provisioning Operating Profit stood at Rs 337.5 crore (adjusted for one time ARC related provision of Rs 21.5 crore) crore as compared to Rs 264.9 crore an increase of 27.4% YoY
  • Gross NPA stood at 3.1% (FY22 - 11.8%)
  • Net NPA stood at 1.5% (FY22 - 5.9%)
  • Provision coverage ratio (excluding technical write offs) stood at 51.5% (FY22 - 55.6%)
  • CRAR of the Bank stood at 33.7%; Tier I capital of 30.8% and Tier II capital of 2.9% (FY22 - 37.9%)

Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “FY23 marked the first normalized year post-COVID, witnessing a significant rebound in the overall economy. The bank's Gross Advances in FY23 crossed Rs 6,000 Crores, with the Vikas Loan Portfolio crossing Rs 1,200 Crores. Vikas Loan is the bank's flagship product in unsecured business loans offered to the bank’s existing graduating JLG customers, driven by increased government support for nurturing MSME growth. Consequently, the AUM of the Vikas Loan grew to Rs 1,232 crores in FY23 from Rs 213 crores, while the customer base for the same grew over 2.5 times to ~1.9 lakh customeRs

The bank has experienced remarkable improvement in Gross Non-Performing Assets (GNPA), which reduced to 3.1% in FY23 from 11.8% in FY22, and Net Non-Performing Assets (NNPA), which decreased to 1.5% in FY23 from 5.9% in FY22. The bank is confident of maintaining GNPA of less than 2% and NNPA of less than 1%.

The bank's collection efficiency, as of FY23, stands at 102.2%. Furthermore, we have achieved a Profit After Tax of Rs 77.7 crores in FY23, a significant improvement from the loss of Rs 93.0 crores in FY22.

In terms of disbursement, the bank’s disbursements for FY23 stood at Rs 5,083 crores, a 44.1% increase from Rs 3,528 crores in FY22. Additionally, Gross Advances grew from Rs 5,063 crores in FY22 to Rs 6,114 crores in FY23, representing a 20.8% increase (Adjusted for ARC Rs 6,541 crores with growth of 29.2%). These numbers indicate that our AUM, disbursements and profitability have returned to pre-COVID levels, driven by the revival of the overall economy, strong on-ground demand, and increased geographical presence.

Looking ahead to FY24, the bank aims to focus on growing Gross Advances by ~30%, Deposits by ~35%, achieving a Return on Assets (ROA) of ~2.2%, and a Return on Equity (ROE) of ~15%. Operationally, our key areas of focus include product diversification, maintaining GNPA level below 2.0% and NNPA level below 0.5%, leveraging digital initiatives through multiple apps, taking CGFMU cover for JLG and Vikas Loan, building a Vikas loan book of ~Rs 2,000 crores and expanding our branch network.”

Result PDF

Suryoday Small Finance Bank announced Q3FY23 results:

  • 9MFY23:
    • Net interest income stood at Rs 536.5 crore as compared to Rs 438.0 crore, an increase of 22.5% YoY.
    • Net total income stood at Rs 599.9 crore as compared to Rs 511.6 crore, an increase of 17.3% YoY.
    • Cost of funds reduced YoY to 6.6% from 7.1% (in 9MFY22)
    • Cost to income ratio – including the impact of loss on sale of stressed loans of Rs 21.5 crore - stood at 60.7% as compared to 56.8% in 9MFY22.
    • Pre-Provisioning operating profit stood at Rs 235.8 crore (including the impact of loss on sale of stressed loans of Rs 21.5 crores) as compared to Rs 216.5 crore an increase of 8.9% YoY (18.9% YoY adjusted for the impact of loss on sale of stressed loans.
  • Business Performance 9MFY23:
    • The bank's gross advances stood at Rs 5,408.2 crore as compared to Rs 4,872.3 crore in 9MFY22, an increase of 11.0% YoY: 19.6% normalised YoY growth (including ARC portfolio of Rs 418.7 crores)
    • Disbursements for 9MFY23 stood at Rs 3,395.6 crore as compared to Rs 2,547.7 crore, an increase of 33.3% YoY.
      • Disbursement activities are back to pre-covid levels owing to healthy on ground demand.
    • Deposits stood at Rs 4,696.9 crore as compared to Rs 3,169.6 crore, registering a strong growth of 48.2% YoY.
      • Share of retail deposits stood at 77.9%.
    • Overall collection efficiency as of December 2022 stood at 110.4%.
    • The bank has 21.9 lakh customers, an increase of 18.4% over the same period last year.
    • Total number of branches stood at 571, with 92 being liability-focused outlets, 364 being asset-focused branches and 115 rural centres
    • Total number of employees stood at 6,094

Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: "For 9MFY23 the bank has undertaken a careful approach in disbursing new loans, with a strong emphasis on collections. We took the correct steps at the right time to reduce the risk of portfolio delinquencies while maintaining asset quality. The Bank’s Gross Advances as of December 2022 registered a growth of 11.0%, which stood at Rs 5,408.2 (excludes ARC portfolio of Rs 418.7 crore as of Dec-22) compared to Rs 4,872.3 same period last year.

Disbursement for the period grew by 33.3% which stood at Rs 3,395.6 crore as compared to Rs 2,547.7 crore in the same period last year. Disbursement activities are back to pre-covid levels and is showing progressive momentum owing to healthy on ground demand.

As of December 2022, the bank has registered a strong deposit growth of 48.2%, which stood at Rs 4,696.9 crore as compared to Rs 3,169.6 crore same period last year.

The Bank has reported a Profit After Tax of Rs 38.8 crore as compared to a loss of Rs 44.9 crore in 9MFY22.

The Bank’s continued focus on collection efforts has shown good progress. The collection efficiency as of December 2022 stood at 110.4%.

The Bank is also focusing on expanding affordable home loans and secured business loans especially in urban and semi-urban locations as this segment shows greater resilience and better collection efficiency and has the potential to emerge as a staple product in the Bank’s portfolio.

The Bank is also focusing on offering Vikas Loan (VL) to its graduating microfinance customers that provides end-to-end digital solution including collections through Standing Instruction. As of December 2022, Vikas Loan Book stood at Rs 828 crore with PAR of 0.9%.

The Bank is firmly committed to being the Bank of Choice for its Inclusive Finance customer segment by offering enhanced products including secured products and enhanced customer experience.”

Result PDF

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