Jana Small Finance Bank shares spike over 15% to hit record high on strong Q4 earnings
Jana Small Finance Bank spiked 15.37% in today's early trading session, hitting a new record high of ₹577.20 apiece. This significant increase came on the heels of the company's strong financial performance for the March-ending quarter and the entire fiscal year of FY 24.
After market hours on Monday, the bank reported a net profit of ₹321.67 crore in Q4FY24, a jump of 297% compared to a net profit of ₹81 crore reported in the same period last year. This was on the back of gains from a tax write-back.
Also Read: Big banks pull their weight, markets take a leap For the full fiscal year FY 24, the bank's profit after tax (PAT) stood at ₹670 crore, as compared to ₹256 crore in FY23, translating to a growth of 162% year-on-year (YoY). It's worth noting that the PAT for FY24 includes ₹155 crore of deferred tax assets (DTA) recognized in Q4-FY 24, according to the bank's earnings report.
Furthermore, the bank's net interest income (NII) stood at ₹2,127 crore in FY 24 compared to ₹1,660 crore in FY23, marking a significant increase of 28.1% YoY. Additionally, the bank's Loan Assets Under Management (AUM) stood at ₹24,746 crore at the end of FY 24, reflecting a notable growth rate of 24.9% YoY.
Also Read: Q4 results today: Indian Oil, REC, Adani Energy and Havells among 56 companies to report Q4 earnings on April 30 Its gross non-performing assets (GNPA) improved to 2.0% as of March 31, 2024, from 3.6% as of March 31, 2023, while its net non-performing assets (NNPA) improved to 0.5% as of March 31, 2024, from 2.4% as of March 31, 2023, as per the company's earnings report. Commenting on the performance, Mr Ajay Kanwal, MD and CEO of Jana Small Finance Bank, said: “Our transformation to a customer-led franchise serving
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