Bajaj Finance reports 28% y-o-y growth in consolidated profit at Rs 3,551 crore

18 Oct 2023 , 09:14 AM

Bajaj Finance Ltd reported a 28% year-on-year (YoY) increase in consolidated net profit to Rs 3,551 crore for the quarter ended September 2023, which was in line with expectations.

Total operating revenue increased 34% year-on-year to Rs 13,378.26 crore. The company’s net interest income grew by 26% year-on-year to Rs 8,845 crore.

Bajaj Finance’s consolidated results comprise those of its wholly-owned subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities, as well as its associate firm, Snapwork Technologies Pvt Ltd.

Bajaj Finance’s consolidated results comprise those of its wholly-owned subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities, as well as its associate firm, Snapwork Technologies Pvt Ltd.

As of September 30, assets under management (AUM) increased by 33% to Rs 2.90 lakh crore.

The operating expenditure to net interest income ratio for the quarter was 34.0%, down from 35.9% the previous year. Loan losses and provisions totaled Rs 1,077 crore in the third quarter, up from Rs 734 crore the previous year.

The gross non-performing assets (NPA) ratio was 0.91% as of September 30, down from 1.17% the previous year. The net NPA was 0.31% at the end of September, down from 0.44% the previous year.

The amount of new loans booked in the most recent quarter increased by 26% year-on-year to 8.53 million. As of September 30, the customer franchise was at 76.56 million, up from 62.91 million the previous year, representing a 22% increase.

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