Suryoday SFB’s Share Price Surges by Over 14% Following Strong Q4FY24 Business Update

Shares of Suryoday Small Finance Bank surged by 14.30% in early morning trading today, reaching ₹190.85 per share after the release of the bank’s Q4FY24 business update. The bank reported strong growth across all performance parameters, both sequentially and year-over-year.

During the fourth quarter of FY24, the bank’s disbursements increased to ₹2,340 crore, a 39% YoY improvement from the same period last year. For the full fiscal year FY24, disbursements totaled over ₹6,900 crore, a 36% YoY rise compared to FY23, driven by momentum in Vikas Loan and Retail Assets disbursements.

The bank’s gross advances also showed healthy growth, reaching ₹8,650 crore in Q4FY24, a 41% increase from the previous year. Total deposits saw a 50% YoY jump to ₹7,775 crore, with the Current Account and Savings Account (CASA) reaching ₹1,566 crore, a 77% increase from Q4 FY23.

Suryoday Small Finance Bank emphasized its commitment to building a strong retail liability book, with improvements in the CASA ratio and retail deposits. Despite a decline in shares following its listing in March 2021, the bank has shown significant upward momentum, with shares currently trading 142% higher than their lowest point in June 2022.

However, the shares are still 38% below their IPO price of ₹305, indicating room for further growth. Investors are advised to consult with experts before making any investment decisions.