Jana Small Finance Bank Registers Rs. 321.67 Crore Net Profit in Q4 FY24

Jana Small Finance Bank's net profit surged to Rs 321.67 crore in Q4 FY24, driven by a tax write-back. The bank's net profit for FY24 rose to Rs 669.54 crore. Total income increased to Rs 1,290.94 crore, while total expenditure and provisions were Rs 949 crore and Rs 175 crore, respectively. Gross NPA ratio improved, while capital adequacy ratio remained strong at 20.31%.

Jana Small Finance Bank on Monday reported a multi-fold jump in March quarter net profit at Rs 321.67 crore on the back of gains from a tax write-back.

The Bengaluru-headquartered lender had reported a net profit of Rs 80.99 crore in the year-ago period and Rs 134.64 crore in the quarter-ago period.

Its net profit for FY24 increased to Rs 669.54 crore, up from the year-ago period's Rs 255.97 crore.

For the quarter under review, its total income rose to Rs 1,290.94 crore, from Rs 1,009.78 crore in the quarter-ago period.

The total expenditure came at Rs 949 crore for the reporting quarter, while the provisions were at Rs 175 crore.

However, a tax write-back of Rs 155 crore helped the bank report the handsome profit growth for the quarter.

Its gross non-performing assets ratio improved to 2.11 per cent from the 2.19 per cent in December.

The overall capital adequacy ratio stood at 20.31 per cent as of March 31, 2024.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)