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Suryoday Small Finance Bank on Thursday reported a six-fold jump in net profit to Rs 47.6 crore for the first quarter of the current financial year, helped by a decline in bad loans.

The lender had reported a net profit of Rs 7.8 crore in the April-June quarter of 2022-23.

Its total income increased to Rs 409 crore in the first quarter of the current fiscal as against Rs 295 crore in the same period a year ago, the bank said in a regulatory filing.

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During the quarter, the bank earned an interest income of Rs 358 crore as against Rs 281 crore in the same period a year ago.

Net interest income in the quarter under review stood at Rs 225 crore, 27 per cent higher than Rs 177 crore in the year-ago quarter, it said.

Gross non-performing assets (NPA) of the total advances eased to 3.04 per cent in the April-June quarter as compared to 10.3 per cent last year.

Similarly, net NPAs also declined to 1.63 per cent against 5.02 per cent a year ago.

Capital adequacy ratio of the bank declined to 32.65 per cent in June 2023 as compared to 36.37 per cent a year ago.

A recent bank titled Suryoday Small Finance Bank launched on January 23, 2017. The goal of the bank is to provide the “banked,” “under-banked,” and “un-banked” segments of society with the greatest banking options.