Jana Small Finance Bank Limited has announced its audited financial results for the fiscal year ending March 31, 2024, showcasing unprecedented growth and resilience in its operations.
In one of the most notable highlights of FY24, the bank showcased Profit After Tax (PAT) going up by an impressive 162 per cent to reach ₹670 crore compared to ₹256 crore in FY23. This surge in profitability is mirrored by a substantial increase in Profit Before Tax (PBT), which surged by 101 per cent to ₹514 crore in FY24.
The bank’s revenue also witnessed a substantial boost, with Total Income climbing to ₹2,798 crore, a significant increase from ₹2,285 crore in the previous fiscal year. This growth trajectory is further underscored by the expansion of Loan Assets Under Management (AUM) to ₹24,746 crore, marking a substantial 24.9 per cent year-on-year increase.
Moreover, Jana Small Finance Bank experienced a surge in total deposits, which reached ₹22,571 crore, reflecting a remarkable 38 per cent increase year-on-year. This growth is complemented by a notable improvement in asset quality, as evidenced by a decrease in Gross Non-Performing Assets (GNPA) to 2.0 per cent in FY24 from 3.6 per cent in FY23, and a significant reduction in Net Non-Performing Assets (NNPA) to 0.5 per cent from 2.4 per cent in the same period.
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Commenting on the performance, Ajay Kanwal, MD and CEO, Jana Small Finance Bank said: “Our transformation to a customer-led franchise serving aspirational India is showing strong acceptance and success. We continue to focus on meeting the needs of the underserved, from deposits to loans, with optionality of fully digital processes across all products. Our risk diversification has resulted in 60 per cent of our loan book being classified as secured, primarily in the Home Loan and Loan Against Property (LAP) products. We foresee a huge opportunity for our business model and will strive to continue on this path with high standards of governance and customer service”.
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