Suryoday Small Finance Bank Reports Q4 Profit of ₹49.7 Crore
Suryoday Small Finance Bank reports Q4 profit at Rs 49 crore
The Economic TimesImage: The Economic Times
Suryoday Small Finance Bank reported a net profit of ₹49.7 crore for Q4 ending March 31, recovering from a loss of ₹33.8 crore in the same period last year. The bank's annual profit rose to ₹152 crore, driven by improved operating profits and reduced non-performing assets.
- 01Suryoday Small Finance Bank's Q4 net profit reached ₹49.7 crore.
- 02The bank's annual net profit increased to ₹152 crore from ₹115 crore.
- 03Operating profit for Q4 was reported at ₹107 crore, up from ₹46.6 crore.
- 04Gross non-performing assets ratio improved to 6.55% from 7.16% year-on-year.
- 05The bank's advances grew by 17% year-on-year.
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Suryoday Small Finance Bank, based in India, reported a net profit of ₹49.7 crore for the fourth quarter ending March 31, a significant recovery from a net loss of ₹33.8 crore in the same quarter last year. The bank's operating profit surged to ₹107 crore, compared to ₹46.6 crore in the previous year, reflecting improved operational efficiency. For the entire fiscal year, Suryoday's net profit increased to ₹152 crore, up from ₹115 crore in the previous year. Additionally, the bank's gross non-performing assets (NPAs) ratio improved to 6.55%, down from 7.16% a year prior, indicating better asset quality. The bank's advances grew by 17% year-on-year, while deposits rose by 13% to ₹1.16 lakh crore. These results highlight the bank's recovery and growth trajectory amidst a challenging economic environment.
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The improved financial performance of Suryoday Small Finance Bank could lead to better lending rates and increased availability of loans for customers, benefiting homebuyers and small businesses.
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