Bajaj Finance Ltd on Monday reported 22% growth in its consolidated net profit at INR 3,639 crore for the third quarter ended December 2023, which is slightly below the expectations. The profit stood at INR 2,973 crore in the last-year period.
An ET Now poll estimated the profit to be around INR 3,750 crore
Net interest income for the reporting period increased 29% to INR 7,655 crore from INR 5,922 crore in the same period of last year.
The net total income jumped 25% year-on-year to INR 9,298 crore in the October-December period, compared with INR 7,438 crore in the corresponding period of last year.
Bajaj Finance reported an increase in loan losses and provisions in the third quarter at INR 1,248 crore as against INR 841 crore in the last year quarter. The company holds a management and macro-economic overlay of INR 590 crore as of December 2023.
The number of new loans booked grew by 26% to 9.86 million in the reporting quarter as against 7.84 million a year ago.
The customer franchise stood at 80.41 million at the end of December 2023 as compared to 66.05 million as of December 2022, showing a growth of 22%. The company recorded highest ever quarterly increase in its customer franchise of 3.85 million in the Q3 of FY24.
Assets under management (AUM) for the December quarter increased 35% year-on-year to INR 3.1 lakh crore as of December 2023.
The net total income jumped 25% year-on-year to INR 9,298 crore in the October-December period, compared with INR 7,438 crore in the corresponding period of last year.
Bajaj Finance reported an increase in loan losses and provisions in the third quarter at INR 1,248 crore as against INR 841 crore in the last-year quarter. The company holds a management and macro-economic overlay of INR 590 crore as of December 2023.
The number of new loans booked grew by 26% to 9.86 million in the reporting quarter as against 7.84 million a year ago.
The customer franchise stood at 80.41 million at the end of December 2023 as compared to 66.05 million as of December 2022, showing a growth of 22%. The company recorded highest ever quarterly increase in its customer franchise of 3.85 million in the Q3 of FY24.
Assets under management (AUM) for the December quarter increased 35% year-on-year to INR 3.1 lakh crore as of December 2023.
The company improved its asset quality performance in the December quarter as gross non-performing assets (NPAs) and net NPA stood at 0.95% and 0.37%, respectively, as against 1.14% and 0.41 % as of December 2022.
The provisioning coverage ratio stood at 62% on stage 3 assets at the end of December quarter. The capital adequacy ratio (CRAR) (including Tier-II capital) was at 23.87% with tier-I capital at 22.80%.
Adjusted CRAR came in at 26.77% in the third quarter. The Reserve Bank‘s increased risk weight on consumer credit exposure from 100% to 125% had an impact of 290 bps on CRAR.
Coming to the subsidiaries, Bajaj Housing Finance’s net income rose 31% to INR 437 crore, while the net interest income also jumped 17% to INR 645 crore.
The total AUM managed by Bajaj Housing grew 31% to INR 85,929 crore as of December 2023.
Meanwhile, another subsidiary Bajaj Financial Securities generated a profit of INR 16 crore, a multifold growth from just INR 3 crore in the last year quarter. NII for the business also increased to INR 31 crore in Q3FY24.
On Monday, Bajaj Finance shares closed 1.62% higher at INR 7,200 on NSE.
