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.
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
Conference Call with Suryoday Small Finance Bank Ltd. Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.