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
Conference Call with Suryoday Small Finance Bank Ltd. Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Suryoday Small Finance Bank Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.