Business

Bajaj Finance new loans in Q1 increase to 73 lakh

ANI | July 09, 2019 01:32 PM
Bajaj Finance is the country's largest NBFC by market capitalisation

Mumbai (Maharashtra) [India], July 9 (ANI): Bajaj Finance, the largest consumer durable lender in the country, said on Tuesday that its new loans booked during April to June quarter of the current fiscal year 2019-20 increased to 73 lakh as compared to 56 lakh in the same period of previous year.

Customer franchise on June 30 this year stood at 3.69 crores as compared to 2.83 crores on June 30 last year. During the quarter, the company acquired 25 lakh new customers, the company said in a statement.

Assets under management (AUM) stood at Rs 1.29 lakh crore on June 30 this year as compared to Rs 91,287 crore on June 30, 2018 and Rs 1.15 lakh crore on March 31 this year.

This announcement is significant as the country's economic growth has been hit by a dramatic consumption slowdown, which has dampened demand for consumer durables. The ongoing slowdown in lending by non-banking financial companies (NBFCs) has worsened the situation. (ANI)

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