Suryoday Small Finance Bank’s loss widens to Rs.48 crore in Q4

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Biznextindia : Suryoday Small Finance Bank Limited has reported a net loss of Rs.48 crore in the fourth quarter ended 31 st March 2022 as against a net loss of Rs.43 crore in the fourth quarter of FY21. For whole 2021-22 financial year the bank has reported a net loss of Rs.93 crore as against a net profit of Rs. 11.9 crore in FY2020-21.
The Bank’s gross advances for the period ended 31st March 2022 stood at ₹5,063.4 crores, representing a 20.4% increase over the same period last year. Disbursements for FY22 stood at ₹3,527.9 crores, up from ₹2,216.6 crores in FY21, representing a year-on-year increase of 59.2%. Deposits for the financial year ending 31st March 2022, stood at ₹3,849.8 crores, an increase of 18.2% over the same period last year. The CASA ratio stood at 20.2% excluding CD for the year ended March 31, 2022, compared to 15.4% for the same period last year.
Meanwhile, the bank’s net interest income increased by 53.0% year on year to ₹460.1 crores in FY22, while net total income increased by 39.3% year on year to ₹678.0 crores. NIM increased to 8.6% in FY22 from 7.1% in FY21.
As on 31st March 2022, the bank’s gross NPA was 11.8% (₹597.4 crores) and net NPA as on 31st March 2022 was 6.0% (₹283.4 crores).

“Suryoday demonstrated tenacity in the face of adversity in FY22 by taking careful steps to limit the pandemic’s impact and overcome industry challenges. While H1FY22 was a challenging for the industry, H2FY22 saw a much faster recovery. Disbursements and inquiries appear to be outpacing pre-pandemic levels, indicating a positive business outlook. With the recovery of economic activity and the numerous RBI initiatives undertaken recently to boost the sector, the lending ecosystem is expected to grow at a healthy rate in the financial year 2022-23” said Mr. Baskar Babu, MD & CEO.

“Our disbursement of ₹2,101.1 crores in H2FY22, compared to ₹1,426.7 crores in H1FY22, indicates an improvement in our on-the-ground performance. Additionally, the bank has seen improved on-ground collection scenarios, with one-EMI adjusted collection efficiency of 86.8% for the quarter ended 31st March 2022, and overall collection efficiency of 116.4% as on March 2022. Furthermore, we believe that the MPC’s decision to raise the REPO Rate by 40 basis points to 4.40 percent will have a long-term favorable impact on the economy’s normalisation, boosting general investment and consumption patterns.”

“The bank has sufficient liquidity buffers and a sound balance sheet, placing it in a favorable position to achieve medium- to long-term growth. With a capital adequacy ratio of 37.9% at the end of FY22, the bank is well capitalised, with Tier-1 accounting for 34.4% and Tier-2 accounting for 3.4%. We’re also working hard to improve the quality of our portfolio and expand our footprint in new and existing markets. We expect stable credit demand and improved ecosystem recovery in the next quarters, allowing us to focus more on new disbursements and meeting the bank’s growth ambitions” he added.

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