Suryoday Small Finance Bank (SSFB) reported a 47 per cent jump in first quarter (Q1FY25) net profit at ₹70 crore against ₹48 crore in the year ago on the back of robust growth in net interest income and non-interest income.
Net interest income (interest earned less interest expended) rose 30.5 per cent yoy to ₹293 crore (₹225 crore in the year ago quarter).
Non-interest income, which includes fee income, profit/(loss) on sale of investments and miscellaneous income, was up 37 per cent per cent yoy at ₹70 crore (₹51 crore).
Net interest margin declined 5 basis points yoy to 10 per cent in the reporting quarter. Non-tax provisions declined 4 per cent yoy at ₹51.56 crore (₹53.65 crore).
The gross non-performing assets (NPA) to gross (including inter-bank participatory certificates/IBPCs) advances position improved to 2.84 per cent as at June-end 2024, against 3.04 per cent as at June-end 2023. The net NPA to net advances position too improved to 0.47 per cent from 1.63 per cent.
The Bank’s gross advances (IBPCs) stood at ₹9,037 crores in Q1FY25 as compared to ₹6,372 crores in Q1FY24, up 41.8 per cent yoy, SSFB said in a statement.
Disbursements, which continues to be strong across all segments supported by significant traction in Vikas Loans, wheels and home loan segments, stood at ₹1,740 crores in Q1FY25 as compared to ₹1,190 crores in Q1FY24, an increase of 46.3 per cent year on year, the Bank said.
Deposits stood at ₹8,137 crores in Q1FY25 as compared to ₹5,722 crores in Q1FY24, an increase of 42.2 per cent year on year. CASA (current account, savings account) ratio stood at 17.7% as on June’24, compared to 14.9 per cent in June 2023
Baskar Babu R, MD & CEO, said: “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.”