Bajaj Finance Q1 earnings: Net profit rises 14%, AUMs cross Rs 3.5 lakh crore mark

Bajaj Finance on Tuesday reported a 14% rise in net profit for the quarter ended June 2024 quarter. Bajaj Finance reported a net profit of Rs 3,912 crore in Q1 against Rs 3,437 crore in the June 2023 quarter. Revenue for the quarter stood at Rs 16,098 crore in Q1 against Rs 12,497 crore in the June 2023 quarter. 

Total expenses climbed to Rs 10,839.48 crore in the last quarter against Rs 7951 crore in the corresponding quarter of the previous year. 

Assets under management (AUMs) climbed 31% to Rs 3.54 lakh crore in Q1 compared to Rs 2.70 lakh crore in Q1 of FY24. 

New loans booked climbed 10% to 1.09 crore against 0.94 crore in the June 2023 quarter. 

The company resumed sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card' and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024.

Customer franchise stood at 88.11 million as of 30 June 2024 as cornpared to 72.98 million as of 30 June 2023, a growth of 21 %. The company's customer franchise grew 4.47 million in Q1 FY25.

Net interest income increased by 25% in Q1 FY25 to Rs 8,365 crore from Rs 6,717 crore in Q1 FY24. 

Gross NPAs and Net NPAs as of June 30, 2024 stood at 0.86% and 0.38% respectively as against 0:87% and 0.31 % as of June 30, 2023. The company has provisioning coverage ratio of 56% on stage 3 assets. 

Bajaj Finance stock ended 2.07% lower at Rs 6740 on Tuesday against the previous close of Rs 6882.20 on BSE. Market cap of the NBFC fell to Rs 4.16 lakh crore.