Business

Bajaj Finance Q2 profit moves up 63 pc to Rs 1,506 crore

ANI | October 22, 2019 02:51 PM
Bajaj Finance is the country's largest NBFC by market capitalisation

Mumbai (Maharashtra) [India], Oct 22 (ANI): Bajaj Finance said on Tuesday that its consolidated profit after tax jumped 63 per cent to Rs 1,506 crore during the July to September quarter from Rs 923 crore in the same period of the previous year.

Net interest income of the country's largest consumer durable lender was up by 48 per cent to Rs 3,999 crore from Rs 2,708 crore in Q2 FY19.

The results are significant as the country's economic growth has been hit by a dramatic consumption slowdown, which has dampened demand for consumer durables.

Bajaj Finance said its assets under management as of September 30 grew by 38 per cent to Rs 1.35 lakh crore from Rs 98,013 crore as of September 30 last year. At the same time, total operating expenses to net interest income for Q2 FY20 was 34.6 per cent against 35.4 per cent in Q2 FY19.

Gross non-performing assets (NPAs) and net NPAs recognised as per RBI prudential norms and provisioned as per expected credit loss (ECL) method prescribed in Ind AS stood at 1.61 per cent and 0.65 per cent respectively. The provisioning coverage ratio at the end of Q2 was 60 per cent.

The results of Bajaj Finance include results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities.

While new loans booked during Q2 FY20 increased by 23 per cent to 64.7 lakh from 52.6 lakh in Q2 FY19, customer franchise as of September 30 increased by 29 per cent to 3.87 crore from 3 crore at the end of Q2 FY19. (ANI)

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