New Delhi, Aug 10 (PTI) 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.

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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.

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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)