Suryoday - ‘Sunrise’ in Sanskrit, signifies new dawn. It has received a Micro-Finance license from RBI in 2008, and within 8 years converted into a successful Small Finance Bank. FY19-20 Performance: (i) The company has shown exemplary performance in the year FY19-20 wherein, it has clocked Revenue of 854 Cr and PAT of 110 Cr as compared to 597 Cr and 86 Cr last year, respectively, representing a stupendous growth. Revenue contribution (Cr): (ii) The loan book has grown from 3761 Cr to 5264 Cr in FY20. (iii) NIM - It represents how much is the net earning of the bank on loans given in the market. Formula- ( Interest Earned- Interest Expensed)/Loan book

Year	Interest Earned	Interest Expensed	Loan book	NIM
FY19	530	191	2769	12.24%
FY20	766	276	3531	13.88%

The NIM has increased from 12.24% in FY19 to 13.88% in FY20- Good Sign Analytical Ratios:

Ratios	2020	2019
CAR	29.57%	35.02%
D/E	3.86	3.09
G.NPA	2.79%	1.81%
N.NPA	0.57%	0.44%
ROE	11.21%	14.26%
ROA	2.53%	2.58%

(a) ROE has reduced in FY20 to 11.21% from 14.26%. (b) D/E is manageable. (c) G.NPA and N.NPA are under control. Business Impact Due to COVID-19 As per management commentary, the loan disbursement in the lock-down period is sluggish and likely to improve as lock-down is removed in phases. The Bank has made an additional provision of 65.99 crores (Retail banking  57.43 crores and Corporate banking  8.56 crores) for the potential impact of CoVID-19 as of March 2020. This provision is equivalent to 60% of FY20 PAT. UnlistedZone Review: The two important parameters to check the performance of the bank is loan growth and ROE. Loan growth( in FY20) = 27% (Excellent) ROE (in FY20) = 11.48% (Good) Valuation- The book value of Suryoday Small Finance Bank in FY20 stands at 123 per share. The latest price of the Suryoday Small Finance Bank in unlisted market is 260. P/B = 2.11x ( Cheaper than AU Small and Ujjivan Small bank) Check out here the comparison of Suryoday Small Finance Bank with listed peer i.e. AU Small Finance Bank and Ujjivan Small Finance Bank Last 5 years performance of the Suryoday Small Finance Bank

Particulars(Cr)	FY15	FY16	FY17	FY18	FY19	FY20
Advances	582	983	834	1596	2711	3531
Gross NPA	0.13%	0.18%	6.15%	3.15%	1.81%	2.79%
Revenue	180	225	255	325	599.25	854
PAT	19.9	27.14	15.1	10.1	86.6	110

The IPO as per RBI regulation was supposed to come in 2020. However, due to COVID-19 impact, it may be postponed to next year. Source: Audited Financial Results of FY19-20