Bajaj Finance Q3 profit jumps 40% to Rs 2,973 crore; NII up 24%

Bajaj Finance on Friday reported a 40 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) at Rs 2,973 crore for the December quarter compared with Rs 2,125 crore in the same quarter last year. Net interest income (NII) for the quarter climbed 24 per cent to Rs 7,435 crore from Rs 6,005 crore in the corresponding quarter last year.

The consolidated results of included the results of Bajaj Finance’s wholly-owned subsidiaries Bajaj Housing Finance, Bajaj Financial Securities and associate company viz. Snapwork Technologies.

NII growth stood at 28 per cent,  after adjusting Rs 203 crore earned on IPO financing in the same quarter. The IPO financing has been discontinued due to change in regulation.

Bajaj Finance said its new loans booked for the quarter were highest ever at 7.84 million.

Gross non-performing assets (NPAs) for the quarter improved to 1.14 per cent from 1.73 per cent in the year-ago quarter. Net NPAs came in at 0.41 per cent against 0.78 per cent YoY, the NBFC said.

Bajaj Finance said customer franchise stood at 6.60 crore as of December 31 compared with 5.54 crore as of December 31, 2021, up 19 per cent. The company recorded highest ever quarterly increase in its customer franchise of 31.40 lakhs.

Assets under management (AUM) for the quarter grew 27 per cent  to Rs  2,30,842 crore from Rs 1,81,250 crore YoY.

Loan losses and provisions for the quarter stood at Rs 841 crore against Rs  1,051 crore YoY. Provision coverage ratio stood at 64 per cent on stage 3 assets and 116 bps on stage 1, stage 2 assets at the end of December quarter.

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