Finance
Jana Small Finance Bank shares spike over 15% to hit new record high
Shares of Jana Small Finance Bank spiked 15.37% in today’s early trading session, hitting a new record high of ₹577.20 apiece. This significant increase came on the heels of the company’s strong financial performance for the March-ending quarter and the entire fiscal year of FY 24.
After market hours on Monday, the bank reported a net profit of ₹321.67 crore in Q4FY24, a jump of 297% compared to a net profit of ₹81 crore reported in the same period last year. This was on the back of gains from a tax write-back.
Also Read: Big banks pull their weight, markets take a leap
For the full fiscal year FY 24, the bank’s profit after tax (PAT) stood at ₹670 crore, as compared to ₹256 crore in FY23, translating to a growth of 162% year-on-year (YoY). It’s worth noting that the PAT for FY24 includes ₹155 crore of deferred tax assets (DTA) recognized in Q4-FY 24, according to the bank’s earnings report.
Furthermore, the bank’s net interest income (NII) stood at ₹2,127 crore in FY 24 compared to ₹1,660 crore in FY23, marking a significant increase of 28.1% YoY.
Additionally, the bank’s Loan Assets Under Management (AUM) stood at ₹24,746 crore at the end of FY 24, reflecting a notable growth rate of 24.9% YoY.
Also Read: Q4 results today: Indian Oil, REC, Adani Energy and Havells among 56 companies to report Q4 earnings on April 30
Its gross non-performing assets (GNPA) improved to 2.0% as of March 31, 2024, from 3.6% as of March 31, 2023, while its net non-performing assets (NNPA) improved to 0.5% as of March 31, 2024, from 2.4% as of March 31, 2023, as per the company’s earnings report.
Commenting on the performance, Mr Ajay Kanwal, MD and CEO of Jana Small Finance Bank, said: “Our transformation to a customer-led franchise serving aspirational India is showing strong acceptance and success. We continue to focus on meeting the needs of the underserved, from deposits to loans, with the optionality of fully digital processes across all products.
Our risk diversification has resulted in 60% of our loan book being classified as secured, primarily in the Home Loan and Loan Against Property (LAP) products. We foresee a huge opportunity for our business model and will strive to continue on this path with high standards of governance and customer service.”.
Also Read: UltraTech Cement share price extends gains after strong Q4 results. Should you buy, sell or hold the cement stock?
Jana Small Finance Bank, classified as a scheduled commercial bank, ranks as the 4th largest small finance bank in India. The company’s shares were listed on the Indian exchanges on February 14 with a listing price of ₹396 apiece, slightly lower than the IPO price of ₹414 apiece.
However, in the subsequent weeks, the stock gained momentum and is currently trading 34.3% higher than its issue price.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 30 Apr 2024, 10:11 AM IST
Finance
Mike Burkhold: A Blueprint for South Carolina’s Financial Future – FITSNews
“I am running because the system needs to be fixed and I have the skills and mindset to do it…”
by MIKE BURKHOLD
***
Earlier this month, at the invitation of Virginia Secretary of Finance Steve Cummings, I spent a full day in Richmond meeting with leaders from across that state’s financial infrastructure. These were not ceremonial handshakes. These were working meetings — substantive, focused and highly instructive.
I met with teams overseeing budgeting, taxation, regulatory oversight, accounting and administration. What I found was a modern, integrated and disciplined approach to managing public money. And it made me even more certain of one thing: South Carolina is ready for change.
***
TEAMWORK AND TALENT MATTER
What stood out most in Virginia was the cohesion. From top to bottom, everyone I met shared the same mission — being responsible stewards of the taxpayers’ money. No silos. No blame games. Just a united focus on efficiency, transparency and performance.
That mindset doesn’t happen by accident. It is baked into the culture. The Secretary of Finance meets quarterly with department heads to review budgets, resolve audit findings and keep teams on track. There is accountability at every level. And it works.
That is what I want to bring to South Carolina. As Comptroller General, my job is to revitalize and modernize a critical finance function and to do it in close partnership with the legislature, the governor and the treasurer. I want to build an office that operates with precision, earns trust and gives lawmakers the clarity they need to govern wisely.
***
THIS IS BIGGER THAN ONE SEAT
I am not running for this office because I want a long political career. I am running because the system needs to be fixed and I have the skills and mindset to do it.
If part of that fix means rethinking whether this seat should remain an elected position then I welcome that conversation. In other states like Florida, voters elect a Chief Financial Officer with broad oversight. In Virginia, the Secretary of Finance is appointed by the governor and oversees all fiscal functions. Either model can work – but both reflect a commitment to modern coordinated financial management.
What matters most is that we have a structure that delivers results and earns the public’s trust. That structure needs to be part of a bigger conversation focused on delivering value to citizens – not maintaining fiefdoms or political turf.
***
RELATED | S.C. ‘REPUBLICANS’ REBUFF TRUMP ON REDISTRICTING
***
PUBLIC SERVICE STARTS WITH LEADERSHIP
One of the most inspiring parts of my trip was seeing the caliber of leaders who had left high-paying private sector roles to serve the people of Virginia. They brought with them a culture of excellence and a belief that good government is possible when the right people step forward.
We have that kind of talent in South Carolina. We just need to encourage more of it. I am stepping up because I believe in servant leadership. I see a seat that has not been led this way in a long time and there is a lot to fix. Not just the systems and operations but also the teamwork and coordination across agencies.
My goal is not what is best for Mike. It is what is best for South Carolina. I want to rebuild the Comptroller General’s office into a trusted partner, a respected institution and a model for modern financial leadership. Then I want to help figure out what structure will best serve the next generation.
***
A MOMENT OF OPPORTUNITY
The recent $3.5 billion error exposed just how outdated and fragile our current systems are. But we are not starting from scratch. We are starting from a place of strength. We have smart people, a strong economy and the will to do better.
Now we need to modernize our expectations. We need to align talent. We need to redesign the systems that manage $40 billion of taxpayer money. And we need leadership that sees the big picture, listens well and gets the details right.
South Carolina’s future is full of promise. But to get there, we need to treat government finance with the same rigor, discipline and urgency as any top-performing business.
That is why I am running. Not to keep a seat – but to serve the mission.
***
ABOUT THE AUTHOR…

Mike Burkhold is a Republican candidate for comptroller general of South Carolina.
***
WANNA SOUND OFF?
Got something you’d like to say in response to one of our articles? Or an issue you’d like to address proactively? We have an open microphone policy! Submit your letter to the editor (or guest column) via email HERE. Got a tip for a story? CLICK HERE. Got a technical question or a glitch to report? CLICK HERE.
Finance
Why investing in a Trump Account could complicate your taxes
Parents who put money into their children’s “Trump Accounts” might face a headache come tax time: Even the smallest contributions may require them to fill out a little-used gift tax form that can take hours to complete.
Several tax experts have raised concerns about the new savings vehicles, which were created in Republicans’ massive tax and spending bill this summer, and have urged Congress to pass a new law so that families who use it won’t have to file gift tax returns.
“It’s going to create a compliance nightmare,” said Amber Waldman, senior director for estate and gift tax for RSM US, a tax and consulting firm.
Under the terms of the One Big Beautiful Bill law that created it, the federal government will seed each Trump Account with $1,000 for every U.S. citizen born from 2025 through 2028. Much like an individual retirement account, the money will be invested in funds that track the stock market. The idea is that children’s growing pot of money will eventually help them pay for education or a home purchase when they become adults.
Parents, relatives, employers and nonprofits also can contribute to the accounts. Businessman Michael Dell and his wife Susan have pledged to put $250 in each of the accounts of 25 million children who are younger than 10 today.
But some tax experts think lawmakers overlooked a tax requirement that could make the accounts too burdensome for most parents.
A contribution to a child’s Trump Account is a taxable gift, which requires the giver to fill out one of the IRS’s more complicated tax forms, Form 709. The 10-page document takes the average filer or their accountant more than six hours to complete, and the government has only accepted mailed submissions; that changes this coming tax season, when e-filing will become available.
It’s used by fewer than 225,000 households a year, federal data show, and is so obscure that commercial tax software like TurboTax doesn’t include it.
“If you want to apply for the $1,000 because your kid was born within the time period, fine. If your employer wants to make a contribution or you qualify for a contribution from a charitable organization … fine. But don’t put your own money in until this is clarified,” said Susan Bart, a lawyer who specializes in estate and gift tax.
Most gifts aren’t nearly this complicated. Under long-standing law, most people can give cash gifts to one another tax-free. But if it’s a sizable amount – more than $19,000 – the IRS requires the donor to file Form 709. Over time, if those gifts add up to more than $15 million in the giver’s lifetime, they need to pay certain taxes. The whole system is meant to prevent very wealthy people from doling out large cash gifts during their lifetimes so their heirs can avoid estate taxes later.
But because there’s no provision for contributions to Trump Accounts to count as exempt gifts under current tax law, donors would have to declare every contribution, several tax experts say. This applies whether the donation is $25 or as much as the $5,000 annual cap. That’s because to be considered a tax-exempt gift, the recipient has to be able to access the money right away. Trump Account beneficiaries cannot withdraw the money until they turn 18.
Asked whether Trump Account contributions are required to be reported, an IRS spokesman referred questions to the Treasury Department, where several officials did not answer questions from The Washington Post.
The American College of Trust and Estate Counsel, a lawyers group, sent a letter raising the issue to the congressional tax-writing committees last month. The group’s Washington affairs chair Kevin Matz said his group received no answer beyond acknowledgment that the letter was received.
Congress has dealt with a problem like this before. Lawmakers approved a clause exempting 529 accounts – the tax-advantaged savings accounts for a child’s education – from the requirement that the recipient have present use of the gift. That means parents, grandparents and others can put money in 529 accounts without filing gift tax returns.
The experts who raised the issue are calling on Congress to make the same legislative fix for Trump Accounts.
“It seems like legislators accidentally left that out,” Waldman said.
The 10-page tax form asks a series of questions that are nearly indecipherable to the uninitiated. It distinguishes gifts that are “generation-skipping” – such as a grandparent giving money to a grandchild. When a married couple makes a gift, it probes whether the amount can legally be considered split between them, or attributable to just one.
Even experts scratch their heads. “Not all accountants necessarily have the experience and background to be able to complete it without extensive study,” Matz said.
Bart agreed: “It’s not a DIY form by any means.”
She said she’s seen lawyers befuddled by Form 709 before. “Sometimes my partners in other practice areas who are very, very smart people, they think: I can do this for my own kid or grandchild. They come running back after they look at the form a while. You need to be a specialized attorney with a lot of experience in the area.”
Many people might contribute to Trump Accounts without knowing that they are supposed to file Form 709, and aren’t likely to file it. But experts believe that skipping the form could create problems for the parents if they’re ever audited. Or if tax software like TurboTax starts including Trump Account questions, the taxpayer might not be able to submit their returns through the software if they indicate that they gave to the accounts.
Parents can still create Trump Accounts for their children to receive money from the government and charities like Dell’s without triggering the tax form problem.
“Of course if the government’s giving you a free $1,000, go ahead and take it. That’s not going to hurt you,” Waldman said. “If you’re thinking about personally contributing, consider your other options.”
Even without the tax-filing complications, Trump Accounts might not be the best way for most parents to save money for their children, experts say. The 529 plans offer much better tax benefits – unlike Trump Accounts, parents can often take some state tax deductions when they put money into the account, and if the child uses the money to pay for education, the earnings inside the account are never taxed.
If parents want a multipurpose savings vehicle for their kids that is not just limited to education spending, an ordinary taxable brokerage account might also be a better choice, tax professionals say. Trump Accounts are untaxed during the beneficiary’s childhood, when the money is growing in the account, unlike a brokerage account that could require paying taxes on any dividends. But the tax treatment when the child does withdraw the money could be much more favorable on the brokerage account – that money gets the lower capital gains tax rate, while Trump Account withdrawals are taxed at the same rate as ordinary income, and even come with a 10 percent tax penalty if the child doesn’t use the money for a qualified purpose. And the brokerage account offers a much wider range of investment options.
“As a tax-advantaged account, it’s a terrible tax-advantaged account,” said Greg Leierson, senior fellow at New York University’s Tax Law Center.
Finance
Israel’s Cabinet approves 19 new settlements in West Bank, finance minister says
Israel’s Cabinet approved a proposal for 19 new settlements in the occupied West Bank, the far-right finance minister said on Sunday.
The settlements include two that were previously evacuated during a 2005 disengagement plan, according to Finance Minister Betzalel Smotrich, who has pushed a settlement expansion agenda in the West Bank.
It brings the total number of new settlements over the past two years to 69, Smotrich wrote on X.
The approval increases the number of settlements in the West Bank by nearly 50% during the current government’s tenure, from 141 in 2022 to 210 after the current approval, according to Peace Now, an anti-settlement watchdog group. Settlements are widely considered illegal under international law.
The approval comes as the U.S. is pushing Israel and Hamas to move ahead with the new phase of the Gaza ceasefire, which took effect Oct. 10. The U.S.-brokered plan calls for a possible “pathway” to a Palestinian state — something Smotrich says the settlements are aimed at preventing.
The Cabinet decision included a retroactive legalization of some previously established settlement outposts or neighborhoods of existing settlements, and the creation of settlements on land where Palestinians were evacuated, Peace Now said.
Israel captured the West Bank, east Jerusalem and Gaza — areas claimed by the Palestinians for a future state — in the 1967 war. It has settled more than 500,000 Jews in the West Bank, in addition to over 200,000 more in contested east Jerusalem. About 15% of settlers are Americans.
The United Nations calls the settlements, which are scattered inside the West Bank and East Jerusalem, illegal.
Israel’s government is dominated by far-right proponents of the settler movement, including Smotrich and Cabinet Minister Itamar Ben-Gvir, who oversees the nation’s police force.
According to the U.N., settler expansion has been compounded by a surge of attacks against Palestinians in the West Bank in recent months.
During October’s olive harvest, settlers across the territory launched an average of eight attacks daily, according to the United Nations humanitarian office, the most since it began collecting data in 2006. The attacks, the U.N. reported, continued in November, with the agency recording at least 136 more by Nov. 24.
Palestinian officials said settlers burned cars, desecrated mosques, ransacked industrial plants and destroyed cropland. Israeli authorities have issued condemnations of the violence, but made few arrests.
-
Iowa1 week agoAddy Brown motivated to step up in Audi Crooks’ absence vs. UNI
-
Iowa1 week agoHow much snow did Iowa get? See Iowa’s latest snowfall totals
-
Maine6 days agoElementary-aged student killed in school bus crash in southern Maine
-
Maryland1 week agoFrigid temperatures to start the week in Maryland
-
South Dakota1 week agoNature: Snow in South Dakota
-
New Mexico6 days agoFamily clarifies why they believe missing New Mexico man is dead
-
Detroit, MI7 days ago‘Love being a pedo’: Metro Detroit doctor, attorney, therapist accused in web of child porn chats
-
Maine6 days agoFamily in Maine host food pantry for deer | Hand Off