India's Jana Small Finance Bank falls as asset quality deteriorates

Jana Small Finance Bank

23/07/2024 06:24

** Shares of Jana Small Finance Bank  JANA.NS  down 5.7% to
655 rupees
    ** Co's Q1 gross non-performing assets as a share of total
assets worsened to 2.62% from 2.11% in Q4; net profit fell 47%
QoQ but nearly doubled Y/Y
    ** Stock on track for worst day in a month
    ** JANA is first small finance bank to report its Q1 results
    ** Larger private lender HDFC Bank  HDBK.NS  beat Q1
estimates, after which shares rose
    ** Nifty Bank index  .NSEBANK , which JANA is not part of,
down 0.2%
    ** JANA up ~58% from IPO issue price of 414 rupees; it
debuted trade on Feb. 14
    ** Bank index, HDBK up ~15% and ~17% respectively in the
same period

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))