Suryoday Small Finance Bank's Q1 Gross Advances Jump 42%

Suryoday Small Finance Bank Ltd.'s gross advances rose 42% year-on-year to Rs 9,037 crore in the quarter-ended June.

Deposits rose 42% to Rs 8,137 crore over a year ago, the bank said in its provisional quarterly business updates on Wednesday.

CASA ratio—the proportion of deposits that come from low-cost current and savings accounts—rose to 17.7% from 14.9% in the year-ago period. A higher CASA ratio indicates a lower cost of funds, since lenders don't usually give any interest on current account deposits and the interest on saving accounts is low.

Deposit growth, the bank said, was led by total deposits while the acquisition of granular CASA was limited. This resulted in a lower CASA Ratio.

Disbursements in the first quarter rose 46% year-on-year to Rs 1,740 crore, it said. Gross non-performing assets fell marginally to 2.67% from 3% a year ago.

Shares of Suryoday Small Finance Bank closed 0.01% lower at Rs 189.94 apiece on Wednesday, as compared with a 0.67% advance in the NSE Nifty 50.