Business & Economy
Suryoday Small Finance Bank Q3 Results: Profit slumps 42% to Rs 33 crore
The net profit stood at Rs 33.3 crore against Rs 57.2 crore in the year ago period. Pre-provision operating profit was 37.5% lower at Rs 71.4 crore against Rs 114.2 crore.
Net interest income rose by 9.2% to Rs 268.3 crore from Rs 245.7 crore. Total income increased by 3.4% at Rs 307.8 crore, while a 31% higher expenditure at Rs 456 crore pulled down profitability.
Suryoday’s gross advances rose 25.8% year-on-year to Rs. 9,563 crore at the end of December 2024, led by expansion in secured loan businesses such as vehicle loans and housing loans while it witnessed a 25% quarter-on-quarter fall in the microfinance business following the adherence of stricter industry code.
Deposits stood at Rs 9,708 crore registering a 49.7% year on year jump with the share of retail deposits being 81%. The ratio of low cost current and savings account stood at a frugal 19.5%.
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