Jana Small Finance Bank, a small finance bank listed on the bourses at a 4.4% discount to its initial public offering (IPO) price of Rs 414 on February 14, has reported a year-on-year (YoY) growth of 12.82% in the third quarter ended December 2023. The bank’s total income for the quarter stood at Rs ______. Ajay Kanwal, MD and CEO of Jana Small Finance Bank, discussed the bank’s Q3 results, growth outlook, and expansion plans, highlighting affordable housing as their unique selling point. The bank’s net profit for the quarter rose by 13% YoY to Rs 135 crore.
Expansion Plans and Focus on Financial Performance
Jana Small Finance Bank has been focusing on expanding its operations and improving its financial performance. In the third quarter of FY24, the bank achieved a YoY growth of 12.82%, reaching a total income of Rs ______. The bank’s net profit also increased by 13% YoY to Rs 135 crore. Ajay Kanwal, the MD and CEO, emphasized the bank’s commitment to affordable housing as its unique selling point, positioning it well in the market. Kanwal also discussed the bank’s expansion plans, highlighting their focus on delivering strong Return on Assets (RoA) and Return on Equity (RoE) while keeping Non-Performing Assets (NPAs) in check.
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Summary:
- Jana Small Finance Bank reports a 12.82% YoY growth in Q3 FY24.
- Affordable housing is the bank’s unique selling point.
- Net profit rises by 13% YoY to Rs 135 crore for the quarter.
- The bank was listed at a 4.4% discount to the IPO price of Rs 414.
- Ajay Kanwal, MD and CEO, discusses Q3 results and expansion plans.
“Affordable housing is the USP of Jana Small Finance Bank, and we believe it positions us well in the market. We are committed to delivering strong RoA and RoE while keeping NPAs in check.”