Ahead of the fund-raise board meeting on Thursday, Bajaj Finance reported a 33% Year-on-Year growth in Assets Under Management to Rs 2.9 trillion. However, momentum in new loans was weaker relative to 2Q of prior fiscal years, the company said in their September quarter update. New loans grew 26% y-o-y to 8.53 million, Bajaj Finance in its exchange filing.
The company’s customer acquisitions were healthy during the second quarter of FY24. BAF added 3.58 million new customers compared to 2.61 million customers in Q2FY23. The total customer franchise stood at 76.6 million, up 22% y-o-y. Disbursements were strong for Bajaj Finance in most product segments, including 2Ws across multiple OEMs, the company said.
The company’s deposit book went up by 39% y-o-y to Rs 54,800 crore as of September 30. The consolidated liquidity surplus stood at Rs 11,400 crore. Surplus liquidity declined to 4% of AUM. It was at 4.7% in the preceding quarter.
After the second quarter business update, the Bajaj Finance stock traded at a 52-week high of Rs 8.040.55 but declined by 1.44% at the end of the day to close at Rs 7,854.50 on the BSE.