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Suryoday SFB rallies 6% on 6-fold surge

August 14, 2023

Suryoday SFB rallies 6% on 6-fold surge
Shares of Suryoday Small Finance Bank rallied 6 percent intraday on August 11 on the back of solid Q1 results. At 11:44am, the stock was quoting 3.24 percent higher at ₹184.24 on the NSE.

The SFB on August 10 reported a six-fold jump in net profit to ₹47.6 crore for the first quarter of the current financial year, helped by a decline in bad loans. The lender had reported a net profit of ₹7.8 crore in the April-June quarter of 2022-23.
 
The bank’s total income increased to ₹409 crore in the first quarter of the current fiscal as against ₹295 crore in the same period a year ago, it said in a regulatory filing.
 
The bank’s net interest margin for the quarter jumped 10.1 percent from 9.1 percent a year ago, while its net interest income stood at ₹225 crore as against ₹177 crore.
 
The bank’s gross non-performing assets (NPA) of the total advances eased to 3.04 percent in the April-June quarter from 10.3 percent last year. Its net NPA, too, declined to 1.63 percent from 5.02 percent last year. Capital adequacy ratio of the bank declined to 32.65 percent in June 2023 from 36.37 percent.
 
Suryoday Small Finance Bank has a market capitalisation of ₹1,990 crore. Public owns a majority 56.34 percent in the bank, while promoters have a 23.3 percent holding. DIIs and FIIs own the remaining 18.67 percent and 1.68 percent stake.
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