Bajaj Finance today reported 36 per cent rise in net profit to Rs 555.65 crore for the third quarter of the current fiscal on healthy growth in interest fee and income. Net profit for the same period, October-December, of last
fiscal stood at Rs 408.46 crore. “Total income has increased to Rs 2,729.08 crore for the quarter under review, from Rs 2,069.62 crore for the same quarter year ago,” the company said in a regulatory filing.
It said the interest and fee income of the company increased by 32 per cent to Rs 2,729 crore during the third quarter of 2016-17, as against Rs 2,069 crore the year-ago period. Net interest income (NII) also witnessed a rise of 33 per cent at Rs 1,749 crore from Rs 1,320 crore. The loan losses and provisions were at Rs 179.70 crore, up from Rs 146.18 crore provision during the same quarter of the previous fiscal.
The company which is primarily engaged in the business of financing, registered a rise of 35 per cent in number of new loan books at 28,79,595 for the quarter from 21,39,041 year ago. The assets under management (AUM) as of December 31, 2016 rose by 33 per cent to Rs 57,605 crore from Rs 43,452 crore year earlier.
The gross and net non-performing assets (NPAs) or bad loans were 1.47 per cent and 0.39 per cent of the advances
respectively as on December 31, 2016. “During the quarter, the company raised Rs 105 crore by way of tier II capital to augment its capital base. The company continues to be well capitalised to support its growth trajectory,” Bajaj Finance said.
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During the quarter, Bajaj Finance also issued co-branded cards in association with RBL Bank. “These co-branded credit cards will have many customer friendly features including no-EMI options at Point of Sale, accelerated rewards for high savings and a feature of no interest on cash withdrawals up to 50 days,” it added. Bajaj Finance stock on BSE rose 5.90 per cent post earnings to Rs 1,053.30.