Dear Stakeholders,
I am delighted to present to you the annual report for the financial year 2023-24. The
year has proven to be very eventful for the bank, highlighted by the successful issue of
the IPO, and its listing on the stock exchange. It has been a year of significant
achievements fueled by our commitment to efficiency, customer-centricity, and good
governance, and will forever hold a special place in our hearts.
Financial journey
During FY 2023-24, Jana Small Finance Bank witnessed its highest ever profit (after
tax) of Rs. 670 crore, driven by our constantly improving asset quality. We have been able
to operate with GNPA at 2.00% and NNPA at 0.5% (vs. 3.6% and 2.4% respectively last year),
which is a clear reflection of the bank's strong risk management policy and sound growth
strategy.
One of the key strategies is to grow the secured portfolio, focused on building a
resilient bank. 59.6% of our assets are now secured. Our loan book grew by 24.9% during
the year reaching Rs. 24,746 crore mark and the deposit book grew by 38% to Rs. 22,561
crore. This remarkable growth performance is a result of the hard work put in by our 21800
dedicated employees spread across 808 branches in 22 States & 2 UTs. 36.8% of our
branches are in the unbanked and under-banked rural locations. The bank has a healthy
capital adequacy ratio of 20.3%, and a provision coverage ratio of 73.7%.
Strong Leadership
We have a balanced Board with diverse experience and expertise. We have a strong
management team with average experience of 27 years, ably led by Mr Ajay Kanwal, MD &
CEO, who has recently been reappointed for a further 3-year term.
Technologically Driven Bank
Our relentless pursuit of efficiency is an outcome of our consistent emphasis on
integrating technology into various facets of our operations. Whether it is leveraging
BOTs for process automation or continually refining our applications, we remain fully
committed to embracing technology for improving efficiency, bolstering customer service,
and reducing Turnaround Time (TAT). At the same time, as a digitally driven bank, we are
conscious of our responsibility towards data security, privacy and digital safety which
are non-negotiable.
A Relationship-focused Bank
This year, we plan to deepen our already existing commitment to the noble national
objective of financial inclusion of the under-served section of the society by deepening
our customer relationship in all possible ways including offering multiple new banking
products with a focused approach. We have taken up CSR activities spanning over 40
geographically dispersed projects in the areas of health, education, skill development,
environment protection and the like, coordinated by our dedicated employees, with an
objective of solidifying our bond with the community and reinforcing our core values as a
responsible stakeholder in the society.
A trust-oriented Bank
We believe a good bank is the outcome of well defined strategy, good leadership, happy
employees and most importantly good governance with strong belief in the values of
honesty, discipline, respect and service. While we are committed to provide sustainable
banking solutions to all with priority for MSME, rural, agriculture, retail, housing,
vehicles, and micro-finance, we also strive for environmental protection, developing
resilience against adverse impact of climate change, and for gender balance. This is how
we would like to define who we are today.
A forward-looking Bank for the future
Reflecting on the remarkable journey of Jana Small Finance Bank, I am filled with
overwhelming gratitude to all the stakeholders who have participated in our evolution. I
extend my heartfelt thanks to each one of you for being an integral part of it. Your
contributions and unwavering belief in us have been instrumental in making this journey
possible. As we continue to progress as a forward-looking and futuristic bank, we count
upon your support and trust, which will propel us towards excellence.
Thank you.
Dr. Subhash Khuntia
Part-Time Chairman and Independent Director