Shares of Suryoday Small Finance Bank jumped 14.30% in today’s early morning deals to reach ₹190.85 per after the release of the bank’s Q4FY24 business update. In a filing to the exchange on Wednesday, the bank said it witnessed robust growth in all performance parameters, both sequentially and year-on-year.
The bank’s expenses during the fourth quarter of FY24 jumped to ₹2,340 crore, a 39% YoY improvement compared to ₹1,688 crore in the same period last year, while the bank’s expenses in FY24 exceeded ₹6,900 crore as compared to ₹5,083 crore in FY23, a 36% YoY increase, on the back of continued momentum in Vikas Loan as well as Retail Assets disbursements.
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The bank’s gross advances showed healthy growth, reaching ₹8,650 crore in Q4FY24, an increase of 41% compared to Q4FY23 gross advances. ₹6,114 crores. On the deposits front, the bank saw a 50% YoY jump in total deposits in Q4 FY24 to ₹7,775 crores.
The Current Account and Savings Account (CASA) stood at ₹1,566 crore, marking a 77% increase from ₹884 crore in Q4 FY23.
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“The bank is committed to building a strong retail liability book. The CASA ratio improved by 1.6% (from 18.5% to 20.1%), and retail deposits grew by ₹800 crore on a QoQ basis,” Suryoday Small Finance Bank said in its regulatory filing.
After its listing in March 2021, the bank shares experienced a notable decline, lasting until June 2022. However, they have since shown robust upward momentum, with current trading levels reflecting a large 142% increase from their lowest point of ₹77.50 per, observed in June 2022.
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Despite this remarkable recovery, the stock remains far from reaching its IPO price of ₹305, currently standing at 38% lower. It is worth noting that the stock has not exceeded its IPO price since its listing.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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Published: 04 Apr 2024, 10:21 IST