Strong Q4 earnings propel Jana Small Finance Bank shares to record high, surging over 15%

Jana Small Finance Bank’s Shares Surge 15.37% on Strong Financial Performance

In a remarkable turn of events, Jana Small Finance Bank witnessed a significant spike of 15.37% in its shares during today’s early trading session, reaching a new record high of ₹577.20 per share. This surge was fueled by the company’s robust financial performance for the March-ending quarter and the entire fiscal year of FY 24.

Following the market close on Monday, the bank reported a staggering net profit of ₹321.67 crore in Q4FY24, marking a remarkable 297% increase compared to the same period last year. This substantial growth was attributed to gains from a tax write-back.

For the full fiscal year FY 24, the bank’s profit after tax (PAT) stood at ₹670 crore, showcasing a remarkable 162% year-on-year growth. The bank’s net interest income (NII) also saw a significant increase of 28.1% year-on-year, standing at ₹2,127 crore in FY 24.

Moreover, the bank’s Loan Assets Under Management (AUM) experienced a notable growth rate of 24.9% year-on-year, reaching ₹24,746 crore by the end of FY 24. Additionally, the bank’s gross non-performing assets (GNPA) and net non-performing assets (NNPA) showed improvement, reflecting a positive trend in asset quality.

Commenting on the bank’s performance, Mr. Ajay Kanwal, MD and CEO of Jana Small Finance Bank, expressed confidence in the bank’s customer-centric approach and strong risk diversification strategies. The bank, classified as a scheduled commercial bank, currently ranks as the 4th largest small finance bank in India.

Investors are advised to consult with certified experts before making any investment decisions as the stock continues to show strong momentum, trading 34.3% higher than its IPO price.