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Suryoday Small Finance Bank Shares Surge After Q4FY24 Update

Shares of Suryoday Small Finance Bank soared by 14.30% in early morning trading today to reach ₹190.85 each following the release of the bank’s Q4FY24 business update. The bank reported robust growth in all performance metrics, both sequentially and year-over-year, in a filing to the exchange on Wednesday.

Significant Increase in Disbursements and Advances

The bank’s disbursements during the fourth quarter of FY24 surged to ₹2,340 crore, showing a 39% year-over-year improvement compared to ₹1,688 crore in the same period last year. Total disbursements for FY24 stood at over ₹6,900 crore, up 36% from the previous fiscal year, driven by continued strength in Vikas Loan and Retail Assets disbursements.

Strong Growth in Gross Advances and Deposits

Suryoday Small Finance Bank’s gross advances reached ₹8,650 crore in Q4FY24, a 41% increase from ₹6,114 crore in Q4FY23. Total deposits saw a 50% year-over-year rise in Q4 FY24, reaching ₹7,775 crore. Additionally, the Current Account and Savings Account (CASA) grew to ₹1,566 crore, marking a 77% increase from ₹884 crore in Q4 FY23.

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Long-Term Growth and Market Performance

Following its listing in March 2021, Suryoday Small Finance Bank shares faced a significant decline until June 2022. However, they have since exhibited strong upward momentum, with current trading levels reflecting a remarkable 142% increase from their lowest point of ₹77.50 apiece in June 2022. Despite this recovery, the shares are still 38% below their IPO price of ₹305.

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