Suryoday Small Finance Bank Q1 advances fall 2% QoQ; deposits rise

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In its quarterly business update, the bank reported gross advances at Rs 4,082 crore in Q1FY22, up 16 percent YoY and down two percent, QoQ.

Suryoday Small Finance Bank Q1 advances fall 2% QoQ; deposits rise
Suryoday Small Finance Bank on Monday said its gross advances during the first quarter of fiscal 2022 fell two percent, while its deposits rose sequentially.
In its quarterly business update, the bank reported gross advances at Rs 4,082 crore in Q1FY22, up 16 percent YoY and down two percent, QoQ.
Its disbursements during the quarter were at Rs 361 crore, down 66 percent from Rs 1,058 crore in the March 2021 quarter.
Total deposits at Rs 3,317 crore in the June 2021 quarter were up two percent from Rs 3,256 crore in the March 2021 quarter.
CASA ratio improved by 80 bps sequentially to 16.2 percent in Q1FY22 from 15.4 percent in Q4FY21.
“With the advent of the second wave of Covid-19 virus and the corresponding spurt in the number of cases, the business activity was largely subdued for the majority of the quarter. The Bank reported a decline in the repayment rate, which was largely situational,” said Baskar Babu Ramachandran, CEO, Suryoday Small Finance Bank
Overall Collection Efficiency was at 89.1 percent in June 2021 versus 84.9 percent in May 2021 and versus 99.5 percent in April 2021.
While the collection activity was affected by the lockdowns across states, the repayment rate has seen an encouraging trend towards the end of the quarter, he added.
At 2 pm, the shares of Suryoday Small Finance Bank were trading 2.99 percent higher at Rs 217.05 apiece on the BSE.