Mumbai: Suryoday Small Finance Bank Ltd (SSFB), one of the leading new-age digital banks reported a 47% jump in net profit for the June quarter at Rs 70 over Rs 48 crore in the year ago period.
The profit growth was supported by a near 31% rise in net interest income at Rs 293 crore as compared with Rs 225 crore in the year ago period. Its operating profit was 23% higher at Rs 144 crore against Rs 117 crore.
The growth is driven by continued focus on key businesses, i.e., Inclusive Finance, Commercial Vehicle, and LAP. The Vikas Loan portfolio disbursement stood at ₹513 crores in Q1FY25 demonstrating a growth of over 141.2% year on year
Disbursement continues to be strong across all segments supported by significant traction in Vikas Loans, wheels and home loan segments. Disbursements stood at ₹1,740 crores in Q1FY25 as compared to ₹1,190 crores in Q1FY24, an increase of 46.3% year on year
The bank’s customer base expanded by 23.6%, reaching 30 lakh customers as of June 2024, up from approximately 24.3 lakh in June 2023. Suryoday SFB operated 701 banking outlets, including 115 liability-focused and 392 asset-focused branches, along with 194 rural centers, supported by a workforce of 7,715 employees.
Overall deposits increased to ₹ ₹8,137 crores in Q1FY25 as compared to ₹5,722 crores in Q1FY24 The Bank continues to remain focused on building a granular retail deposit book. The retail deposits to total deposit ratio improved at 78.9% in June’24, as compared to 75.7% in June’23
Commenting on the performance, Mr. 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. The Vikas Loan continued to grow at a decent pace and was supported by significant traction in the wheels and home loan segments. As we move forward, we are confident in our ability to sustain this momentum and explore new opportunities to further strengthen our position in thebanking ecosystem. We are on track to achieve our stated guidance for FY25.”