1. Bajaj Finance Q2 net profit surges 46% to Rs 408 crore

Bajaj Finance Q2 net profit surges 46% to Rs 408 crore

Bajaj Finance on Thursday reported a 46% rise in its net profit at Rs 408 crore for the July-September quarter, aided by a 40% growth in net interest income and higher loan growth.

By: | Mumbai | Updated: October 28, 2016 7:34 AM

Bajaj Finance on Thursday reported a 46% rise in its net profit at Rs 408 crore for the July-September quarter, aided by a 40% growth in net interest income and higher loan growth.

The company had reported a profit after tax of Rs 279 crore in the corresponding quarter of the previous financial year.

The non-banking financial company achieved a 56% rise in the number of loans booked during the quarter.
Total income for the quarter under review rose 39% to Rs 2,366 crore, while net interest income rose 40%
Rs 1,410 crore.

Total income from operations rose nearly 40% to Rs 2,347 crore, compared with Rs 1,680 crore a year earlier. Assets under management grew to Rs 52,332 crore – a growth of 38% over the corresponding quarter of the previous year.

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The growth was specifically helped by increased assets in the rural sector.

Gross NPA as of September 30 stood at 1.58% compared to 1.4% in the previous quarter. The slight uptick came mostly from self-employed home loans business, Rajeev Jain, MD, said during an analyst call.

Net NPA stood at 0.43%, while the provisioning coverage ratio was at 73%. Provisions fell by 5.9% Q-o-Q to Rs 169 crore.

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