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