India's Suryoday Small Finance Bank hits 1-yr high as co swings to Q4 profit

Suryoday Small Finance Bank

16/05/2023 08:46

** Shares of Suryoday Small Finance Bank Ltd  SURO.NS  rise
as much as 8% to 135 rupees, highest level since May 11, 2022
    ** Co reported Q4 profit at 389.1 mln rupees ($4.76 million)
from loss 481.2 mln rupees a year ago
    ** Interest earned rose 38.8% to 3.29 bln rupees; provisions
and contingencies fell 54% to 514.7 mln rupees
    ** MD and CEO Baskar Babu says results indicate that co's
AUM, disbursements and profitability have returned to pre-COVID
levels
    ** Says return to pre-COVID levels is driven by the revival
of the overall economy, strong on-ground demand, and increased
geographical presence
    ** Over 3.3 mln shares change hands as of 12:54 p.m. IST,
3.5X the 30-day moving average
    ** Stock up 2.6% YTD, as of last close
    
($1 = 81.7800 Indian rupees)
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))