Suryoday Small Finance Bank Q4 Deposits, Advances Jump, Shares At One-Month High
The private lender's gross advances rose 41% year-on-year to Rs 8,650 crore in the quarter ended March, while total deposits rose 50% year-on-year to Rs 7,775 crore.
Shares of Suryoday Small Finance Bank Ltd. jumped over 14% to their highest in a month on Thursday after its advances and deposits jumped in the fourth quarter.
The private lender's gross advances rose 41% year-on-year to Rs 8,650 crore in the quarter ended March, according to an exchange filing. Total deposit rose 50% year-on-year to Rs 7,775 crore.
Sequentially, total deposits rose 20%, and gross advances increased 14%. The bank's CASA rose 77% from a year ago and 31% quarterly to Rs 1,566 crore, the filing said.
Shares of the company rose as much as 14.28% to Rs 190.85 apiece, the highest level since March 5. It pared gains to trade 12% higher at Rs 187 apiece as of 10:45 a.m. This compares to a 0.07% decline in the NSE Nifty 50 Index.
The stock has risen 80.94% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 63.
One analyst tracking the company has a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 34%.
