Bajaj Finance rises after Q1 PAT climbs 159% to Rs 2,596 cr

27 Jul 2022 , 03:57 PM

The company said it reported highest ever consolidated profit after tax in Q1 FY23. Profit before tax climbed 156.45% year on year to Rs 3,502.76 crore recorded in the quarter ended 30 June 2022. New loans booked during Q1 FY23 grew 60% to 7.42 million as against 4.63 million in the same quarter last year. The companys net interest income (NII) for the June quarter soared 48% to Rs 6,638 crore from Rs 4,489 crore posted in the corresponding quarter previous year. Total operating expenses to net interest income for Q1 FY23 was at 35.9% as against 30.6% reported in Q1 FY22. Assets under management (AUM) grew by 28% to Rs 204,018 crore as of 30 June 2022 from Rs 159,057 crore as of 30 June 2021. Core AUM growth in Q1 FY23 was Rs 11,931 crore. Customer franchise stood at 60.30 million as of 30 June 2022 as compared to 50.45 million as of 30 June 2021, registering a growth of 20%. The company recorded highest ever quarterly increase in its customer franchise of 2.73 million in Q1 FY23. Loan losses and provisions slumped 57% to Rs 755 crore in Q1 FY23 as against Rs 1,750 crore recorded in the year ago quarter. The company holds a management and macro-economic overlay of Rs 1,000 crore as of 30 June 2022. On the asset quality front, Gross NPA and Net NPA as of 30 June 2022 stood at 1.25% and 0.51% respectively, as against 2.96% and 1.46% as of 30 June 2021. The company has provisioning coverage ratio of 60% on stage 3 assets and 130 bps on stage 1 and 2 assets as of 30 June 2022. Capital adequacy ratio (including tier-II capital) as of 30 June 2022 was at 26.16%. The tier-I capital was 23.84%. Deposits book stood at Rs 34,102 crore as of 30 June 2022. In Q1, the net deposit growth was Rs 3,302 crore. Deposits contributed 20% of consolidated borrowings as of 30 June 2022. Overall stage 2 assets stood at Rs 3,569 crore as of 30 June 2022 as against Rs 3,861 crore as of 31 March 2022. Overall stage 3 assets stood at Rs 2,539 crore as of 30 June 2022 as against Rs 3,133 crore as of 31 March 2022. Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. Powered by Capital Market – Live News