Jana Small Finance Bank shares jump 20% after strong March quarter earnings

Shares of Jana Small Finance Bank on Tuesday soared 20 per cent after the company reported a multi-fold jump in March quarter net profit.

The stock zoomed 19.99 per cent to settle at Rs 599 -- its 52-week high as well as upper circuit limit -- on the BSE.

On the NSE, it soared 20 per cent to Rs 600.35 apiece -- the 52-week high and the upper circuit limit.The company's market valuation climbed by Rs 1,043.82 crore to Rs 6,264.96 crore.

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 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 2.19 per cent in December.