Q1 biz update: Suryoday SFB up 6% as Q1 loans grow 42% Y-o-Y, deposits 48%

Suryoday SFB stock: In a post market-hours exchange filing on Wednesday, Suryoday SFB said its June quarter loans and advances increased a staggering 42 per cent year-on-year (Y-o-Y) to Rs 9,037 crore

Suryoday SFB Q1 update: Suryoday Small Finance Bank (Suryoday SFB) share price rallied 5.8 per cent to Rs 201 apiece on the National Stock Exchange in Thursday's intraday deals post the bank's June quarter (Q1-FY25) business update.

In a post market-hours exchange filing on Wednesday, Suryoday SFB said its June quarter loans and advances increased a staggering 42 per cent year-on-year (Y-o-Y) to Rs 9,037 crore from Rs 6,372 crore. On a quarterly basis, it was a 4 per cent rise from Rs 8,650 crore.

The bank said its deposits in the quarter improved 42 per cent on year to Rs 8,137 crore from Rs 5,722 crore seen in Q1-FY24, and 5 per cent Q-o-Q from Rs 7,777 crore.

 

Within this, retail deposits were Rs 6,418 crore, up 48 per cent Y-o-Y/5 per cent Q-o-Q, and Bulk deposits were Rs 1,719 crore, up 48 per cent Y-o-Y/4 per cent Q-o-Q.

Suryoday SFB's Q1-FY25 disbursements, meanwhile, surged 46 per cent Y-o-Y to Rs 1,740 crore from Rs 1,190 crore reported in Q1-FY24. Over the December quarter, however, it was a decline of 26 per cent from Rs 2,340 crore.

"The disbursements in Q1 FY25 stood at around Rs 1,740 crore as compared to Rs 1,190 crore in Q1 FY24 (Y-o-Y growth of 46 per cent), on the back of the continued momentum in Vikas Loan as well as Retail Assets disbursements," the bank said in a statement.

That apart, Suryoday Small Finance Bank's Current Account-Savings Account (CASA) deposits were Rs 1,439 crore, clocking a growth of 69 per cent over the June quarter of FY24, but down 8 per cent over the December quarter.

CASA ratio, thus, stood at 17.7 per cent at the end of Q1-FY25 compared with 14.9 per cent Y-o-Y and 20.1 per cent Q-o-Q.

"Deposit growth was mainly led by Term Deposits, but acquisition of granular CASA was limited, resulting in decrease in CASA ratio," the bank added.

Suryoday Small Finance Bank is a new age bank that started in 2017. It aims to provide banking solutions to the 'banked', 'under-banked' and the 'un-banked' sections of the society.

At 9:45 AM, the stock of Suryoday SFB was trading at Rs 196.2 per share (up 3.3 per cent) as against a 0.4 per cent rise in the benchmark Nifty50 index. The stock hit a 52-week high of Rs 219 per share on May 3, 2024, and a 52-week low of Rs 142.85 on October 26, 2023.

Suryoday SFB's market capitalisation is around 2,077.5 crore.