Jana SFB Q1 Profit Soars 89% to Rs 171 Crore
Jul 22, 2024 19:02
Jana Small Finance Bank reported an 89% jump in Q1 net profit to Rs 171 crore, driven by strong loan growth and stable margins. Gross NPA ratio rose to 2.62% from 2.11% in the previous quarter.
Mumbai, Jul 22 (PTI) Jana Small Finance Bank on Monday reported an 89 per cent jump in its post-tax net profit to Rs 171 crore for the April-June quarter.
The lender had reported a profit after tax of Rs 90 crore in the year-ago period.
The core net interest income grew to Rs 610 crore from Rs 462 crore in the year-ago period on the back of a 25 per cent growth in advances and a 0.4 per cent expansion in the net interest margin to 8 per cent.
The non-interest income was flat at Rs 189 crore for the reporting quarter.
Amid the sluggish deposit growth in the system, the bank seems to have ducked the trend with a 41 per cent growth in the number.
Its gross non-performing assets ratio increased to 2.62 per cent in June against 2.11 per cent at the end of the preceding March quarter, which was attributed to seasonal and event-driven factors by its managing director and chief executive Ajay Kanwal.
The overall capital adequacy as of June 30 stood at 19.3 per cent against 18.7 per cent in the year-ago period.
The bank scrip closed 3.53 per cent up at Rs 694.90 apiece on the BSE on Monday against a 0.13 per cent correction on the benchmark.
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