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Ajay Kanwal of Jana Small Finance Bank stated that the lender misses out on just one criteria set by the RBI for small finance lenders wanting to transition to universal banks.
The bank meets all the criteria except for one, to have a GNPA under 3 percent and NNPA under 1 percent for two financial years.
The bank’s net interest margin increased 20 basis points, Kanwal said, despite the cost of funds rising as well, offset in part by the housing loans portfolio.
Jana Small Finance Bank's shares surged 15.37% to ₹577.20, following robust financial performance. Net profit in Q4FY24 jumped 297% to ₹321.67 crore. Profit after tax for FY 24 grew 162% to ₹670 crore. NII increased by 28.1% YoY to ₹2,127 crore in FY 24.
Its net interest margin, a key gauge of profitability, improved to 8% for the full year from 7.8% in FY23.