Bajaj Finance Q3 Net Profit Surges 22.4% YoY to Rs 3,639 Crore, AUM Crosses Rs 3 Lakh Crore Mark

Bajaj Finance reported a 22.4% YoY increase in consolidated net profit, reaching Rs 3,638.95 crore for Q3 of the current fiscal year. The company's deposit book grew by 35% to Rs 58,000 crore, and it achieved a milestone with Rs 3-lakh crore AUM, up 35% YoY.
Bajaj Finance Q3 Net Profit Surges 22.4% YoY

Bajaj Finance has reported a consolidated net profit of Rs 3,638.95 crore for the October-December quarter of the current financial year, representing a 22.4% increase from the same period the previous year, aligning with market expectations. During this period, the company’s deposit book grew by 35% to reach Rs 58,000 crore, and it recorded 98.6 lakh new loans, marking a year-on-year growth of 26%.

Bajaj Finance achieved a significant milestone in the quarter by surpassing the Rs 3-lakh-crore mark in AUM, experiencing a 35% year-on-year surge, largely attributable to a successful festive season.

The company reported gross NPA (non-performing asset) and net NPA figures of 0.95% and 0.37%, respectively, for the quarter, compared to 1.14% and 0.41% in the same period the previous fiscal year. Bajaj Finance also disclosed a provisioning coverage ratio of 62% on stage 3 assets.

Net interest income witnessed a 29% increase in the third quarter of the financial year 2023-24, reaching Rs 7,655 crore, compared to Rs 5,922 crore in the corresponding quarter of the previous year.

Pre-provisioning operating profit showed a 27% growth in the third quarter of the financial year 2023-24, rising to Rs 5,539 crore from Rs 4,351 crore in the same period the previous year.

For the third quarter of the financial year 2023-24, loan losses and provisions amounted to Rs 1,248 crore, in contrast to Rs 811 crore in the same quarter of the previous year. As of December 31, 2023, the company held a management and macroeconomic overlay of Rs 440 crore.

However, Bajaj Finance’s total expenses for the quarter increased by 36.81% to reach Rs 9,272.11 crore, compared to Rs 6,777.31 crore in the same period the previous fiscal year. This increase was primarily due to higher finance costs and impairment on instruments.

The company’s consolidated figures include the businesses of its subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.

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Bajaj Finance released its quarterly financial results after market hours, and the stock rose by 1.44% to settle at Rs 7,187.50.

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