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