Bajaj Finance reports 32% y-o-y growth in June quarter net profit

27 Jul 2023 , 01:34 PM

Bajaj Finance announced its results for the quarter ending June 2023 and reported a 32.4% y-o-y increase in its consolidated net profit to Rs 3,436.89 crore in the first quarter of the current fiscal year.

This was due to an increase in net interest income, as well as an increase in new loans recorded, as well as growth in commercial lending and loan against securities.

The non-banking financial company made a net profit of Rs 2,596 crore in the same period of previous year. 

The company’s gross non-performing assets (NPA) ratio was 0.87% in the April-June quarter, down from 0.94% in the previous quarter and 1.25% in the previous corresponding period.

The non-banking financial company’s net NPA ratio was 0.31% in the quarter, down from 0.34% the previous quarter and 0.51% a year before.

However, loan losses and provisions during the first quarter of the current fiscal year totaled Rs 995 crore, compared to Rs 755 crore in the same period previous year. It has increased by 31.8% year-on-year.

The non-banking financial company’s consolidated net interest income (NII) increased by 26% to Rs 8,398 crore in Q1FY24 from Rs 6,640 crore in Q1FY23.

In the reporting quarter, the company’s consolidated assets under management (AUM) increased by 32% to Rs 2.70 lakh crore as of 30 June 2023 from Rs 2.04 lakh crore as of 30 June 2022.

At around 1.31 PM, Bajaj Finance was trading 0.22% lower at Rs 7,417.15 per piece, against the previous close of Rs 7,433.15 on NSE.

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