Bajaj Finance Q3: Profit Soars 22%, Hits Record ₹3,639 Crore!

30 Jan 2024 , 01:02 PM

Bajaj Finance on January 29 announced a consolidated net profit of ₹3,638.95 Crore for the October–December quarter of the current fiscal year, up 22.4% from the same quarter the previous year.

The improvement in asset quality and growth in net interest income (NII) drove the reporting quarter’s profit increase.

The October–December quarter saw a total net income of ₹9,298 Crore for non-bank lenders, up from ₹7,438 Crore during the same time the previous year. This represented a yearly increase of 25%.

Based on the average of four brokerages, it is anticipated that net income will increase by 26% year over year to ₹9,344 Crore. Analysts had predicted that robust growth in AUM (assets under management) and stable asset quality would propel earnings.

In the meantime, Bajaj Finance’s net interest income increased by 29% year over year to ₹ 7,655 Crore for the quarter as opposed to ₹ 5,922 Crore during the same period last year.

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