Shares of Jana Small Finance Bank surged 20 per cent, hitting its upper circuit, to Rs 599 on Tuesday, commanding a total market capitalization of around Rs 6,250 crore.
Shares of Jana Small Finance Bank were listed at the bourses in February 2024, when the lender raised a total of Rs 570 crore via its initial stake sale and sold its shares for Rs 414 apiece.
Shares of Jana Small Finance Bank (Jana SFB) hit an upper circuit during the trading session on Tuesday after the recently listed lender reported a strong set of numbers in the quarter and financial year ended on March 31, 2024.
Jana Small Finance Bank has reported doubled its March quarter net profit from ordinary activities at Rs 167 crore against Rs 81 crore in the year ago period, backed by robust business expansion and lower credit cost. The net profit comes to Rs 344 crore, reflecting a four-fold jump, if the deferred tax assets of Rs 170 crore is included.
Its net interest margin improved to 8 per cent for the full year from 7.8 per cent in FY23. Its operating profit for the quarter was 22 per cent higher year-on-year at Rs 342 crore, on a total income of Rs 1291 crore against Rs 1010 crore earlier. Jana SFB’s net interest income (NII) stood at Rs 2,127 crore in FY24 compared to Rs 1,660 crore in FY23, up 28.1 per cent YoY.
Following the earnings, shares of Jana Small Finance Bank surged 20 per cent, hitting its upper circuit, to Rs 599 on Tuesday, commanding a total market capitalization of around Rs 6,250 crore. The scrip had settled at Rs 499.20 in the previous trading session on Monday.
Jana SFB’s gross non-performing assets (GNPA) improved to 2 per cent as of March 31, 2024, from 3.6 per cent as of March 31, 2023. The lender’s net non-performing assets (NNPA) improved to 0.5 per cent as of March 31, 2024, from 2.4 per cent as of March 31, 2023.
Shares of Jana Small Finance Bank were listed at the bourses in February 2024, when the lender raised a total of Rs 570 crore via its initial stake sale and sold its shares for Rs 414 apiece. The stock is up 45 per cent from its issue price so far.
Incorporated in July 2006, Jana Small Finance Bank offers various unsecured loan products, including individual and micro business loans, agricultural and allied loans, and group loans.
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