Bajaj Finance's loan losses and provisions at the end of the quarter stood at ₹1,993 crore, which included a prudent management and economic provision of ₹296 crore. Excluding that, the figure stood at ₹1,697 crore.
By Hormaz Fatakia
Bajaj Finance Ltd. reported June quarter results on Thursday, July 30, where its core income was marginally below expectations, while net profit was largely in-line. Asset quality remained stable.
Net Interest Income (NII) for the quarter stood at ₹12,571 crore, a growth of 23% from the year-ago period. A CNBC-TV18 poll had projected the figure to be ₹13,102 crore.
Net profit for the period stood at ₹5,986 crore, which was marginally higher than the CNBC-TV18 poll of ₹5,850 crore. On a year-on-year basis, net profit grew by 27%.
Bajaj Finance's Gross NPA at the end of the June quarter stood at 0.96% from 1.03% in March, while Net NPA improved to 0.39% from 0.5% in the previous quarter.
Loan losses and provisions at the end of the quarter stood at ₹1,993 crore, which included a prudent management and economic provision of ₹296 crore. Excluding that, the figure stood at ₹1,697 crore.
In its quarterly business update announced earlier, Bajaj Finance had disclosed a 24% growth in its Assets Under Management (AUM) to ₹5.46 lakh crore from ₹4.41 lakh crore during the same quarter last year. AUM had grown by nearly ₹37,000 crore during the quarter.
Customer franchise stood at 124.43 million compared to 106.51 million during the quarter, implying a growth of 17% from last year.
Number of new loans booked also grew by 20% from last year to 16.13 million from 13.49 million during the year-ago quarter.
Shares of Bajaj Finance have moved to the day's high after the result announcement at ₹1,063.5. The stock is up 10% so far this year.