Jana Small Finance Bank stock surges more than 15% to record high after strong fourth quarter earnings

Jana Small Finance Bank's stock price surged 15.37% in early trade today, hitting a new all-time high. INR577.20 per piece. This significant increase follows the company's strong financial performance for the quarter ending March 2024 and the full financial year.

After market hours on Monday, the bank reported a net profit. INRRevenue for the fourth quarter of 2024 was 321.67 million, an increase of 297% compared to a 297% increase in net income. INRIn the same period last year, it was 81 billion yen. This was due to profits from tax refunds.

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For the full year FY24, the bank's profit after tax (PAT) was INR670 million, compared to INR256 million in FY23, representing a year-on-year (YoY) growth of 162%. It is worth noting that his 24-year PAT includes: INRAccording to the bank's earnings report, a deferred tax asset (DTA) of 155 million yen was recognized in the fourth quarter of FY24.

Furthermore, the bank's net interest income (NII) is INRCompare with 2,127 million yen in FY2017 INRIn FY2013, it was 166 billion, a significant increase of 28.1% from the previous year.

Furthermore, the bank's assets under management (AUM) are INRAs of the end of FY2014, it was 2,474.6 billion, showing a remarkable growth rate of 24.9% compared to the previous year.

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The company's gross non-performing assets (GNPA) improved from 3.6% as of March 31, 2023 to 2.0% as of March 31, 2024, and net non-performing assets (NNPA) improved to 0.5 as of March 31, 2024. improved to %. , up from 2.4% as of March 31, 2023, according to the company's earnings report.

Commenting on the performance, Mr. Ajay Kanwar, MD & CEO of Jana Small Finance Bank, said, We remain focused on meeting the needs of underserved populations, from deposits to loans, with fully digital process options across all products.

Due to our risk diversification, 60% of our loan balances are classified as secured, primarily in mortgage and real estate secured loan (LAP) products. We foresee significant opportunities in our business model and will strive to continue on this path with high standards of governance and customer service. ”

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Jana Small Finance Bank is classified as a scheduled commercial bank and ranks as the fourth largest small finance bank in India.The company's shares were listed on Indian exchanges on February 14th, with the listing price being INR$396 per piece, slightly lower than IPO price INR414 pieces per piece.

But the stock has gained momentum in the weeks since, and is now trading 34.3% above its issue price.

Disclaimer: We recommend checking with a certified professional before making any investment decisions.