Bajaj Finance has reported a net profit of R87.37 crore for the quarter ended September 30, up 66% from the R52.77 crore for the corresponding period last year. Quarterly net revenue stood at R451.34 crore, up 51% from the R299.70 crore, while other operating income was R40.34 crore against R20.62 crore in the year-ago quarter.
Loan losses and provisions for Q2FY12 were down 28% at R44 crore against R61 crore in Q2FY11 (including R5.38 crore of accelerated provision against R19 crore for Q2FY11). For the six months, its net profit surged 79% to R178.18 crore from the R99.55 crore in the corresponding period last year. Total revenue, including other operating income, totaled R941.35 crore, compared with R615.96 crore for the half-year ended September 30, 2011, an increase of 53%.
The company has entered into a partnership with Standard Chartered Bank to offer co-branded ?Platinum? and ?World? cards to its existing customers. At the BSE, Bajaj Finance shares were trading at R678.25, up 0.14% from the previous close.