Suryoday Small Finance Bank Q3 Profit Soars 300% to Rs 57 Crore

New Delhi, Feb 8 (PTI) Suryoday Small Finance Bank on Thursday reported an over three-fold jump in net profit to Rs 57 crore in the third quarter ended December 2023, aided by higher core income and reduction in bad loans.

The bank had earned a net profit of Rs 18 crore in the same quarter a year ago.

Its total income increased to Rs 463 crore in the quarter against Rs 317 crore in the year-ago period, Suryoday Small Finance Bank said in a regulatory filing.

The interest income improved to Rs 411 crore from Rs 292 crore in the same quarter of the previous financial year.

Net interest income (NII) increased 34 per cent to Rs 246 crore from Rs 183 crore in the same quarter a year ago.

The Gross Non-performing Assets (NPAs) of the bank declined to 2.9 per cent as compared to 4.2 per cent at the end of December 2022.

Similarly, net NPA also came down to 1.4 per cent from 2.7 per cent recorded in the third quarter of previous fiscal.

As a result, provisions and contingencies declined to Rs 38 crore as compared to Rs 40 core year on year.