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* The Bank’s disbursement increased from Rs 5,083 crore in FY23 to Rs 6,919 crore in FY24, a growth of 36.1% on a YoY basis

* Net interest income stood at Rs 962.2 crores in FY24 as compared to Rs 746.6 crores in FY23, an increase of 28.9% year on year

* Net total income stood at Rs 1,181.6 crores in FY24 as compared to Rs 844.0 crores in FY23, an increase of 40.0% year on year

* Cost of Funds increased to 7.3% in FY24 as compared to 6.7% in FY23

* Cost to income excluding CGFMU expenses stood at 57.1% in FY24 as compared to 60.0% in FY23.

* Cost to income including CGFMU expenses stood at 61.6% in FY24

* Pre-Provisioning Operating Profit stood at Rs 453.9 crores in FY24 as compared to Rs 337.5 crores in FY23, an increase of 34.5% year on year.

* Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 506.5 crores in FY24

Commenting on the performance, Mr. Baskar Babu, MD & CEO, Suryoday Small Finance Bank, said: "We are happy to share that FY24 has been a good year for the bank, with growth in all areas such as advances, deposits, and profitability. Gross Advances grew by 41.5% to Rs 8,650 crore* in FY24, against the corresponding period last year. The growth is driven by continued focus on key businesses, i.e., Inclusive Finance, Commercial Vehicle, and LAP. The Vikas Loan portfolio has surpassed an AUM of Rs 2,600 crore, demonstrating a growth of over 118% over the previous financial year. Vikas Loan, which in effect is the individual loan product for graduating group loan customers, now constitutes over 53% of the Inclusive Finance portfolio.

The Bank’s disbursement increased from Rs 5,083 crore in FY23 to Rs 6,919 crore in FY24, a growth of 36.1% on a YoY basis, with Vikas Loan and Commercial Vehicle Loans contributing substantially to the growth. Overall deposits increased from Rs 5,167 crore in FY23 to Rs 7,777 crore in FY24. The Bank continues to remain focused on building a granular retail deposit book. The retail deposits to total deposit ratio improved from 73.1% in FY23 to 78.8% in FY24. CASA as a percentage of overall deposits stood at 20.1% in Mar’24 versus 17.1% during Mar’23. In terms of asset quality, the GNPA stood at 2.8%^{^} at the end of FY24, down from 3.1% in FY23. Net NPA was 0.82%^{^} in FY24, compared to 1.5% in FY23. The bank continues to cover the eligible unsecured portfolio under the CGFMU scheme to mitigate any unforeseen risks.

On the profitability front, the bank’s net interest income grew by 28.9% to Rs 962.2 crore in FY24, versus the same period last year. During the year gone by, the PPOP has registered a 34.5% growth to Rs 453.9 crore. The bottom line saw an improvement from Rs 77.7 crore in FY23 to Rs 216.0 crore in FY24.

Going forward, our strategy would be to transition from predominantly being a micro-lender to becoming a micro-banker for low-income households with a sharp focus on going deeper into existing geographies and continuing to provide holistic banking services to our customers. Going granular on both the lending and deposit sides would be the key enabler to achieving our core strategy."

Business Performance - Q4 & FY24

* The Bank's gross advances stood at Rs 8,650^* crores in FY24 as compared to Rs 6,114 crores in FY23, an increase of 41.5% year on year

* Disbursements stood at Rs 6,919 crores in FY24 as compared to Rs 5,083 crores in FY23, an increase of 36.1% year on year

* Disbursements stood at Rs 2,340 crores in Q4FY24 as compared to Rs1,688 crores in Q4 FY23, an increase of 38.6% year on year

* Disbursement continues to be strong, and we expect the momentum to continue in the coming quarters

* Vikas Loan disbursement almost doubled to Rs 2,523 crore in FY24 as compared to Rs 1,270 crore in FY23

* Deposits stood at Rs 7,777 crores in FY24 as compared to Rs 5,167 crores in FY23, an increase of 50.5% year on year

*Share of retail deposits stood at 78.8% in Mar’24, as compared to 73.1% in Mar’23

* CASA ratio stood at 20.1% as on Mar’24, compared to 17.1% in Mar’23

* Collection efficiency (1 EMI adjusted) stood at 95.9% for the month of Mar’24 as compared to 96.5% in Mar’23

* The Bank has ~28.2 lakh customers as on Mar’24, as compared to ~23.1 customers in Mar’23, an increase of 22.2%

*Total number of banking outlets stood at 695, with 109 being liability-focused outlets and 392 being asset focused branches and balance 194 are rural centers

* Total number of employees stood at 7,440

Financial highlights - FY24

* Net interest income stood at Rs 962.2 crores in FY24 as compared to Rs 746.6 crores in FY23, an increase of 28.9% year on year

* Net total income stood at Rs 1,181.6 crores in FY24 as compared to Rs 844.0 crores in FY23, an increase of 40.0% year on year

* Cost of Funds increased to 7.3% in FY24 as compared to 6.7% in FY23

* Cost to income excluding CGFMU expenses stood at 57.1% in FY24 as compared to 60.0% in FY23.

* Cost to income including CGFMU expenses stood at 61.6% in FY24

* Pre-Provisioning Operating Profit stood at Rs 453.9 crores in FY24 as compared to Rs 337.5 crores in FY23, an increase of 34.5% year on year.

* Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 506.5 crores in FY24

Financial highlights – Q4FY24

* Net interest income stood at Rs 270.8 crores in Q4 FY24 as compared to Rs 210.1 crores in Q4 FY23, an increase of 28.9% year on year

* Net total income stood at Rs 335.5 crores in Q4 FY24 as compared to Rs 244.1 crores in Q4 FY23, an increase of 37.4% year on year

* Cost of Funds increased to 7.4% in Q4FY24 compared to 6.8% in Q4FY23, however CoF has dipped marginally on sequential basis

* Cost to income excluding CGFMU expenses stood at 57.7% in Q4FY24 as compared to 58.3% in Q4FY23. Including CGFMU, cost to income for the quarter stood at 61.7%.

* Pre-Provisioning Operating Profit stood at Rs 128.3 crores in Q4FY24 as compared to Rs 101.7 crores in Q4FY23, an increase of 26.2% year on year.

* Pre-Provisioning Operating Profit excluding CGFMU stood at Rs 142.0 crores in Q4FY24

Asset Quality and Capital – FY24

* Gross NPA stood at 2.80%^{^} against 3.10% year on year

* Net NPA stood at 0.82%^{^} versus 1.50% year on year

* Provision coverage ratio (excluding technical write-offs) stood at 71.2%

* CRAR of the Bank stood at 28.4%; Tier I capital of 26.5% and Tier II capital of 1.9%

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