BSE: 544118 | NSE: JSFB | Bank - Private | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Jana Small Finance Bank Ltd is a average quality company.
The key valuation ratios of Jana Small Finance Bank Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Jana Small Finance Bank Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income (₹ Cr.) | 371 | 877 | 1,593 | 391 | 437 | 1,011 | 1,263 | 1,390 | 1,660 | 2,127 | 2,343 | |
| YoY Gr. Rt. % | - | 136.7% | 81.6% | -75.5% | 11.8% | 131.5% | 24.9% | 10% | 19.4% | 28.1% | - | |
| Total Income | 759 | 1,785 | 2,978 | 1,597 | 1,368 | 2,425 | 2,721 | 3,062 | 3,700 | 4,684 | 5,166 | |
| YoY Gr. Rt. % | - | 135.1% | 66.9% | -46.4% | -14.3% | 77.2% | 12.2% | 12.6% | 20.8% | 26.6% | - | |
| Adj EPS (₹ ) | 174.7 | 361 | 61.9 | -637.3 | -413.3 | 5.9 | 14.2 | 3.4 | 46.6 | 64 | 69.1 | |
| YoY Gr. Rt. % | - | 106.7% | -82.8% | -1128.8% | NA | NA | 139.7% | -76.1% | 1269.4% | 37.5% | - | |
| BVPS (₹ ) | 2,172.6 | 2,782.3 | 872.8 | 387.8 | 108.3 | 173 | 187.4 | 201.2 | 274.1 | 341 | 366.5 | |
| YoY Gr. Rt. % | - | 28.1% | -68.6% | -55.6% | -72.1% | 59.7% | 8.4% | 7.4% | 36.2% | 24.4% | - | |
| To view Net Profit/Total Funds (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Net Profit/Total Funds (%) | 2 | 1.9 | 1.1 | -20.3 | -20.3 | 0.3 | 0.4 | 0.1 | 1.1 | 2.3 | 2.2 | |
| To view Net NPA to Net Advances (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Net NPA to Net Advances (%) | 0 | 0 | 0.6 | 27.7 | 4.4 | 1.4 | 5.3 | 4 | 2.6 | 0.6 | 1 | |
| To view Capital Adequacy Ratio (%) Colour Rating Guide click here ⓘ | ||||||||||||
| Capital Adequacy Ratio (%) | - | - | - | - | - | - | - | - | - | - | 20.31 | |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 21.4% | 37.2% | 19% | 28.1% | ||||
| Total Income | 22.4% | 27.9% | 19.9% | 26.6% | ||||
| Adj EPS | -10.6% | NA | 65% | 37.5% | ||||
| BVPS | -18.6% | 25.8% | 22.1% | 24.4% | ||||
| Share Price | - | - | - | - | ||||
| RATIOS \ YEARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Earned / Total Income | 90.91 | 91.47 | 94.75 | 97.35 | 91.4 | 82.13 | 91.8 | 89.03 | 83.11 | 85.67 | 86.8 | |
| Margins | To view Margins Colour Rating Guide click here ⓘ | |||||||||||
| NIM (%) | 0 | 0 | 11.2 | 4.3 | 4.9 | 7.4 | 6.8 | 7.1 | 6.6 | 6.7 | 7 | |
| Performance Ratios | To view Performance Ratios Colour Rating Guide click here ⓘ | |||||||||||
| Return on Equity (%) | 10.9 | 15 | 7.1 | -127.7 | -191.6 | 4.3 | 7.9 | 1.8 | 20.1 | 26.4 | 18.9 | |
| Liquidity Ratio | To view Liquidity Ratio Colour Rating Guide click here ⓘ | |||||||||||
| CASA (%) | 0 | 0 | 0 | 0 | 8.1 | 7.4 | 16.3 | 22.5 | 20.2 | 19.7 | - | |
Return on Equity has increased versus last 3 years average to 19.50%
Total Income has increased 19.85 CAGR in last 3 years
Net Profit has increased 65.04 CAGR in last 3 years
Net NPA to Net Advances has declined versus last 3 years average
Total income growth is good in last 4 quarters
No data to display
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 69.1 | - |
| TTM Sales (₹ Cr.) | 4,482 | - |
| BVPS (₹.) ⓘ | 366.5 | - |
| Reserves (₹ Cr.) ⓘ | 3,733 | - |
| P/BV ⓘ | 1.12 | - |
| PE ⓘ | 5.96 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 365.00 / 760.85 |
| All Time Low / High (₹) | 365.00 / 760.85 |
| Market Cap (₹ Cr.) | 4,315 |
| Equity (₹ Cr.) | 104.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 18.1 |
| Pledged * | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Income | 2,978 | 1,597 | 1,368 | 2,425 | 2,721 | 3,062 | 3,700 | 4,684 |
| Interest Income | 2,822 | 1,555 | 1,251 | 1,992 | 2,498 | 2,727 | 3,075 | 4,013 |
| Other Income ⓘ | 156 | 42 | 118 | 433 | 223 | 336 | 625 | 671 |
| Expenditure | 2,808 | 4,101 | 3,317 | 2,395 | 2,648 | 3,045 | 3,444 | 4,015 |
| Interest Expense | 1,229 | 1,164 | 814 | 980 | 1,235 | 1,337 | 1,415 | 1,886 |
| Operating Expenses | 1,189 | 1,455 | 1,131 | 1,164 | 1,047 | 1,139 | 1,285 | 1,605 |
| Provisions | 389 | 1,482 | 1,373 | 250 | 367 | 569 | 744 | 524 |
| Profit Before Tax | 106 | -2,403 | -1,949 | 30 | 72 | 17 | 256 | 514 |
| Taxes | -64 | 101 | 0 | 0 | 0 | 0 | 0 | -155 |
| Profit After Tax | 170 | -2,504 | -1,949 | 30 | 72 | 17 | 256 | 670 |
| Adjusted EPS (₹) | 61.94 | -637.26 | -413.29 | 5.94 | 14.24 | 3.40 | 46.56 | 64.02 |
| Dividend Payout Ratio (%) | 2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Share Capital ⓘ | 27 | 39 | 197 | 201 | 201 | 201 | 325 | 105 | ||
| Total Reserves ⓘ | 2,369 | 1,484 | 464 | 827 | 900 | 983 | 1,452 | 3,462 | ||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deposits | 0 | 0 | 4,199 | 9,652 | 12,316 | 13,536 | 16,334 | 22,571 | ||
| Borrowings ⓘ | 11,667 | 7,662 | 4,086 | 2,899 | 4,815 | 4,510 | 6,277 | 5,211 | ||
| Other Liabilities | 809 | 563 | 500 | 567 | 846 | 958 | 1,255 | 1,361 | ||
| Total Liabilities ⓘ | 14,873 | 9,748 | 9,446 | 14,145 | 19,079 | 20,189 | 25,644 | 32,710 | ||
Assets | ||||||||||
| Balance with RBI | 16 | 198 | 1,081 | 474 | 2,125 | 1,530 | 1,011 | 1,026 | ||
| Balance with Banks | 2,275 | 919 | 88 | 506 | 134 | 7 | 1,076 | 1,029 | ||
| Investments ⓘ | 348 | 1,997 | 1,468 | 2,650 | 4,698 | 5,065 | 5,221 | 6,738 | ||
| Advances | 11,614 | 6,028 | 6,217 | 9,957 | 11,600 | 13,007 | 17,760 | 23,111 | ||
| Net Block ⓘ | 192 | 360 | 332 | 259 | 211 | 170 | 123 | 139 | ||
| Other Assets | 390 | 221 | 258 | 298 | 309 | 408 | 448 | 665 | ||
| Total Assets ⓘ | 14,873 | 9,748 | 9,446 | 14,145 | 19,079 | 20,189 | 25,644 | 32,710 | ||
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -2,562 | 1,457 | 2,771 | 949 | 615 | 859 | -1,137 | 707 |
| Cash Flow From Investing Activity ⓘ | -179 | -256 | -231 | -285 | -1,266 | -1,330 | -434 | -780 |
| Cash Flow From Financing Activity ⓘ | 3,015 | -2,375 | -2,489 | -852 | 1,917 | -240 | 2,104 | 33 |
| Net Cash Flow ⓘ | 273 | -1,174 | 51 | -188 | 1,266 | -711 | 532 | -40 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 62 | -637 | -413 | 6 | 14 | 3 | 47 | 64 | ||
| DPS (₹) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| BVPS (₹) | 873 | 388 | 108 | 173 | 187 | 201 | 274 | 341 | ||
Margin Ratios | ||||||||||
| Yield on Advances (%) | 24.3 | 25.8 | 20.1 | 20.0 | 21.5 | 21.0 | 17.3 | 17.4 | ||
| Yield on Investments (%) | 7.4 | 5.8 | 7.6 | 6.4 | 4.1 | 5.1 | 6.3 | 5.5 | ||
| Cost of Liabilities (%) | 10.5 | 15.2 | 9.8 | 7.8 | 7.2 | 7.4 | 6.3 | 6.8 | ||
| NIM (%) | 11.2 | 4.3 | 4.9 | 7.4 | 6.8 | 7.1 | 6.6 | 6.7 | ||
| Interest Spread (%) | 13.8 | 10.6 | 10.3 | 12.2 | 14.3 | 13.6 | 11.1 | 10.6 | ||
Performance Ratios | ||||||||||
| ROA (%) | 1.1 | -20.3 | -20.3 | 0.3 | 0.4 | 0.1 | 1.1 | 2.3 | ||
| ROE (%) | 7.1 | -127.0 | -191.0 | 4.3 | 7.9 | 1.8 | 20.1 | 26.4 | ||
| ROCE (%) | 9.5 | -10.7 | -18.4 | 8.5 | 8.8 | 7.3 | 9.7 | 11.2 | ||
Efficiency Ratios | ||||||||||
| Cost to Income Ratio (%) | 68.0 | 336.0 | 204.0 | 80.6 | 70.5 | 66.0 | 56.2 | 57.4 | ||
| Operating Costs to Assets (%) | 8.0 | 14.9 | 12.0 | 8.2 | 5.5 | 5.6 | 5.0 | 4.9 | ||
Valuation Parameters | ||||||||||
| Price/Book(x) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 | ||
The Bank was incorporated as ‘Janalakshmi Financial Services Private Limited’ on July 24, 2006 at Bengaluru, Karnataka as a private limited company under the Companies Act, 1956, and was granted the certificate of incorporation by the Registrar of Companies, Karnataka at Bengaluru (RoC). Janalakshmi Financial Services Private Limited, was granted a certificate of registration dated March 4, 2008 by Reserve Bank of India (RBI) to commence the business of non-banking financial institution without accepting public deposits, and was converted into an NBFC-MFI with effect from September 5, 2013. Subsequently, pursuant to a Board resolution dated June 1, 2015 and a Shareholders’ resolution dated June 29, 2015, the Bank was converted into a public limited company under the Companies Act, 1956 with effect from August 10, 2015, and the name of the Bank was changed from ‘Janalakshmi Financial Services Private Limited’ to ‘Janalakshmi Financial Services Limited’, and a fresh certificate of incorporation of the Bank was issued by the RoC under such name. Janalakshmi Financial Services Limited, was granted a fresh certificate of registration as a non-banking financial institution without accepting public deposits dated September 18, 2015 pursuant to such name change. The Bank, then known as Janalakshmi Financial Services Limited, was granted an in-principle approval by the RBI to convert into a small finance bank (SFB) on October 7, 2015. Thereafter, the Bank received the final approval, dated April 28, 2017 from the RBI, to establish and carry on business as an SFB. Pursuant to resolutions passed by the Board and Shareholders on May 30, 2017 and January 12, 2018 respectively, the name of the Bank was changed from ‘Janalakshmi Financial Services Limited’ to ‘Jana Small Finance Bank Limited’, and a fresh certificate of incorporation dated January 29, 2018 was issued by the RoC consequent upon the change of name. The Bank commenced its business as an SFB with effect from March 28, 2018 and its name was included in the second schedule to the RBI Act pursuant to a notification dated July 16, 2019 issued by the RBI.
The bank is the fourth largest Small Finance Bank in terms of Assets Under Management (AUM) and the fourth largest Small Finance Bank in terms of deposit size as at September 30, 2023. It was incorporated on July 24, 2006, registered as a non-banking finance company (NBFC) on March 4, 2008, and it was awarded non-banking finance company-microfinance institution (NBFC-MFI) status on September 5, 2013. It started operating as a Small Finance Bank with effect from March 28, 2018 and became a Scheduled Commercial Bank on July 16, 2019. The bank has gained an understanding of the financial needs of underbanked and underserved customers over the past 16 years. During this journey, apart from obtaining an in-depth understanding of customer behaviour and requirements in the segment, it has taken multiple steps to improve the customer experience. This has been achieved through a combination of measures, such as digital sourcing and digital disbursement of loans.
The bank is also a corporate agent for third-party life insurance products, general (non-life) insurance products and health insurance products, including COVID-19 insurance products. It also offers Point of Sales (POS) terminals and payment gateway services through its merchant acquiring partners. In addition to delivering its products and services through banking outlets and ATMs, it delivers its products and services through business correspondents, ATM cum debit cards, mobile banking platforms, internet banking portals and SMS alerts. In line with its vision, it has been upgrading its technology platforms. A significant proportion of the bank’s sourcing and collections across assets and liabilities are digitalised using mobile phones / tablets, with an emphasis on straight through processing while incorporating fraud and regulatory checks. PAN validation, e-KYC, credit bureau checks supporting multiple bureaus, and AML checks are fully automated using an integration layer. Its digital liability account opening platform, DIGIGEN (www.janadigi.com), provides a fully digital self on-boarding platform for opening accounts. DIGIGEN, coupled with its video-KYC platform enables digital only deposit accounts to be opened by its customers. It has also invested in various technologies, infrastructure, and tools to drive data analytics and to convert its data into impactful insights on the behavioural trends of its customers and prospective customers.
Business area of the bank
The bank is a non-banking finance company (NBFC) primarily engaged in providing MSME loans, affordable housing loans, term loans to NBFC, loans against fixed deposits, two-wheeler loans and gold loans. Its primary unsecured loan products are individual and micro business loans, agricultural and allied loans, and group loans (group loans are offered to a group of women as per the Joint Liability Group (JLG) model). Since becoming a Small Finance Bank, it has focused on increasing its secured gross advances to diversify its advances, and within unsecured advances, it has focused on growing its agricultural and allied loans.
Awards, accreditations and recognitions
Major events and milestones
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