Mumbai: Suryoday Small Finance Bank reported PAT of Rs 38.8 crores as compared to a loss of ₹44.9 crores in 9M FY22. The Banks Disbursement grew by 33.3% at ₹3,395.6crores compared ₹2,547.7 crores. The Bank’s continued focus on collection efforts has shown good progress. The collection efficiency as of December 2022 stood at 110.4%. The Bank’s Gross Advances as of December 2022 registered a growth of 11.0%, which stood at ₹5,408.2
Net interest income grew by 22.5% Y-o-Y stood at ₹536.5 crores as compared to ₹438.0 crores. Net total income stood at ₹599.9 crores as compared to ₹511.6 crores, an increase of 17.3% Y-o-Y.
Deposits registering a strong growth of 48.2% Y-o-Y at ₹4,696.9 crores as compared to ₹3,169.6 crores,
The Bank has 21.9 lakh customers, an increase of 18.4% over the same period last year.
Total number of branches stood at 571, with 92 being liability-focused outlets, 364 being asset focused branches and 115 Rural Centres. Total number of employees stood at 6,094.
Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: “For 9M FY23 the bank has undertaken a careful approach in disbursing new loans, with a strong emphasis on collections. We took correct steps at the right time to reduce the risk of portfolio delinquencies while maintaining asset quality. The Bank’s Gross Advances as of December 2022 registered a growth of 11.0%, which stood at ₹5,408.2 (excludes ARC portfolio of ₹418.7 crores as of Dec-22) compared to ₹4,872.3 same period last year. The Bank’s continued focus on collection efforts has shown good progress. The collection efficiency as of December 2022 stood at 110.4%.
The Bank is also focusing on expanding affordable home loans and secured business loans especially in urban and semi-urban locations as this segment shows greater resilience and better collection efficiency and has the potential to emerge as a staple product in the Bank’s portfolio.
The Bank is also focusing on offering Vikas Loan (VL) to its graduating microfinance customers that provides end-to-end digital solution including collections through Standing Instruction. As of December 2022, Vikas Loan Book stood at ₹828 crores with PAR of 0.9%.
The Bank is firmly committed to being the Bank of Choice for its Inclusive Finance customer segment by offering enhanced products including secured products and enhanced customer experience.”
—
