About Suryoday Small Finance Bank Ltd IPO
Suryoday Small Finance Bank Ltd (SSFB) is one of the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in FY20. (CRISIL Report). SSFB has presence across 13 states and union territories, with customer base standing at 1.44 million and service them through their 4,770 employees and 554 banking outlets as of Dec 31, 2020. Prior to commencing SFB operations, SSFB operated as an NBFC – MFI and operated the joint liability group (JLG)-lending model for providing collateral-free, small ticket-size loans to economically active women belonging to weaker sections. Its asset portfolio consists of inclusive finance portfolio (loans to JLG), CV loans, affordable housing loans, micro business loans, unsecured MSEs and SME loans, secured business loans, financial intermediary group loans and other loans. Liability side products comprise of CASA, salary savings accounts and a variety of deposit accounts including RDs and FDs sourced from customers across India. SSFB also offers other banking facilities, products and services to generate non-interest income. As of Dec 31, 2020, its Gross Advances stood at ₹3,908 cr, deposits stood at ₹3,344 cr, while retail deposits comprised 72.4% of total deposits, CASA as a percent of overall deposits was 13.32%, CRAR was 41.17 % (Tier I capital of 36.94%), GNPA were 0.78 % of Gross Advances and NNPA were 0.33% of net advances.