Money & Banking

Suryoday Small Finance Bank posts ₹1.92-crore loss in Q2

Our Bureau | | Updated on: Nov 11, 2021
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Net interest income up 34.4 per cent year-on-year

Suryoday Small Finance Bank’s net loss narrowed to ₹1.92 crore in the second quarter ended September 30, 2021 against net loss of ₹47.72 crore in the first quarter. The small finance bank had reported a net profit of ₹27.24 crore in the year ago quarter.

Net interest income (difference between interest earned and expended) was up 34.4 per cent year-on-year to ₹147.2 crore (₹109.5 crore in the year-ago quarter).

Other income, including processing fees, profit on sale of investments, income on dealing in priority sector lending certificates, etc,,jumped 194.3 per cent y-o-y to ₹33.4 crore ( ₹11.3 crore).

While the operating profit was up 61.9 per cent y-o-y to ₹79.7 crore (₹51.1 crore), provisions and contingencies, up more than five times y-o-y to ₹97.3 crore (Rs ₹14.7 crore) weighed down the bottomline.

Gross NPAs rose to 10.2 per cent of gross advances vis-a-vis 9.5 per cent as at June-end 2021 and 2.3 per cent as at September-end 2020. Net NPAs were unchanged at 4.5 per cent of net advances quarter-on-quarter (QoQ) but up 0.4 per cent in the year ago period. Gross advances were up about 20 per cent y-o-y to ₹4,470 crore, disbursements jumped to ₹1,067 crore (₹360 crore in the preceding quarter).

Baskar Babu R, MD & CEO, said the increasing trend of repayment behaviour, which was witnessed in the first quarter, improved during the second quarter as the restrictions across States eased businesses resumed.

Further, during October 2021 as well, the bank disbursed ₹359 crore and reported collection efficiency of 83 per cent (one-EMI adjusted) and 104 per cent (overall).

Deposits declined a shade to Rs ₹3,129 crore against Rs ₹3,140 crore in the year-ago quarter. The proportion of retail deposits increased to 87.9 per cent from 70.5 per cent in the year ago period.

Published on November 11, 2021

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