Jana Small Finance Bank reports highest ever FY24 PAT
PBT Increased by 101% to ₹514 crore & PAT Increased by 162% to ₹670 crore ROE of 26.9% and ROA of 2.4%, NNPA down to 0.5%, and PCR at 74% in Mar’24
April 29th, 2024: The Board of Directors of Jana Small Finance Bank Limited at its meeting today, approved the audited financial results for the fourth quarter and financial year ending March 31, 2024.
Key Highlights for FY24
• Net Interest Income has grown to ₹2,127 crore in FY24 vs ₹1,660 crore in FY23, up by 28.1% YoY
• Loan AUM stands at ₹24,746 crore, growing by 24.9% YoY
o Secured book grew by 33% YoY
o Affordable Housing book grew more than 57% YoY
o Micro LAP loan book grew by 40% YoY
o Two-wheeler book has increased by 107% YoY
o Unsecured book grew by 14% YoY
• Total Depositsstand at ₹22,571 crore, growing by 38% YoY
o CASA deposits stand at ₹4,447 crore, increasing by 35% YoY
o CASA ratio stands at 20% as of March 2024
• Profit after tax (PAT) stood at ₹670 crore in FY24 as compared to ₹256 crore in FY23, registering a growth of 162% YoY. PAT for FY24 considers ₹155 crore of DTA recognized in Q4-FY24
• GNPA improved to 2.0% as of March 31, 2024, as against 3.6% as of March 31, 2023 • NNPA improved to 0.5% as of March 31, 2024, as against 2.4% as of March 31, 2023 • PCR at 74% as of March 31, 2024
• NIM% improved to 8.0% in FY24 as against 7.8% in FY23
• ROA & ROE for FY24 stands at 2.4% and 26.9% respectively. ROA & ROE adjusted for DTA are at 1.8% and 20.7% respectively.
Commenting on the performance, Mr. Ajay Kanwal, MD, and CEO, of 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 the optionality of fully digital processes across all products. Our risk diversification has resulted in 60% 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”.
Highlights for the financial year ended Mar 31, 2024:
| Particulars (in ₹ Crore) | For financial year ended | |
| FY24 | FY23 | |
| Net Interest Income | 2,127 | 1,660 |
| Non-Interest Income | 671 | 625 |
| Total Income | 2,798 | 2,285 |
| Opex | 1,605 | 1,285 |
| Operating Profit | 1,193 | 1,000 |
| Provision (Other than Taxes) | 679 | 744 |
| PBT | 514 | 256 |
| PAT | 670 | 256 |
Key Ratios Highlights:
| Particulars | For financial year ended | |
| FY24 | FY23 | |
| CASA to Total Deposit | 20% | 20% |
| Net Interest Margin (Annualised) | 8.0% | 7.8% |
| Cost to Income Ratio | 57.4% | 56.2% |
| Return on Average Assets (Annualised) | 2.4% | 1.1% |
| Return on Average Equity (Annualised) | 26.9% | 16.7% |
| Capital Adequacy Ratio (CAR) | 20.3% | 15.6% |
| Gross NPA (%)* | 2.0% | 3.6% |
| Net NPA (%)* | 0.5% | 2.4% |
*Advance for the purpose of GNPA/NNPA calculation includes Securitization book
