Suryoday SFB reports 41% jump in gross advances in Q4FY24

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Suryoday Small Finance Bank reported a robust 41 per cent year-on-year (y-o-y) growth in gross advances and 50 per cent y-o-y growth in total deposits in the fourth quarter vis-à-vis the year-ago period.

As of March-end 2024, the bank’s gross advances stood at ₹8,650 crore (₹6,114 crore as of March-end 2023), per provisional figures of key business parameters for the fourth quarter.

Loan disbursements in the reporting quarter were up 39 per cent yoy at Rs 2,340 crore (Rs 1,688 crore in the year ago period). 

As of March 2024, the bank’s total deposits stood at ₹7,775 crore (₹5,167 crore as of March-end 2023).

Within total deposits, retail deposits shot up 63 per cent y-o-y to ₹6,149 crore (₹3,779 crore), and bulk deposits increased by 14 per cent y-o-y to ₹1,626 crore (₹1,388 crore).

The proportion of CASA (current account, savings account) deposits rose to 20.1 per cent of total deposits from 17.1 per cent.

Gross non-performing assets declined to 2.8 per cent of gross advances from 3.1 per cent a year ago.