New Delhi, Apr 30 (PTI) 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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)