Bajaj Finance on Wednesday posted its fiscal first quarter profit at Rs 3,436.89 crore, up 32.4 per cent in comparison to Rs 2,596.25 crore during the corresponding quarter of last year, surpassing estimates. It posted revenue from operations at Rs 12,497.81 crore, up 34.6 per cent as against Rs 9,284.26 crore during the first quarter of FY23. The company’s NII  increased by 26 per cent to Rs 8,398 crore from Rs 6,640 crore on-year. According to CNBC TV18 estimates, Bajaj Finance was expected to post a profit of Rs 3,368.3 crore and NII at Rs 6,997 crore. 

Bajaj Finance Q1 performance

The company posted consolidated assets under management of Rs 2,70,097 crore as of 30 June 2023. Bajaj Finance recorded 9.94 million new loans during Q1FY24, registering a growth of 34 per cent on-year, which is the highest ever for the company. It also posted customer franchise at 72.98 million as of 30 June 2023 as compared to 60.30 million a year ago, registering a growth of 21 per cent on-year. The Company recorded the highest ever quarterly increase in its customer franchise of 3.84 million in Q1FY24. While the NII was at Rs 8,398 crore, operating expenses to net interest income for Q1FY24 was 34.0 per cent. 

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Meanwhile, Gross NPA and Net NPA as of 30 June 2023 stood at 0.87 per cent and 0.31 per cent respectively. The Company has a provisioning coverage ratio of 65 per cent on stage 3 assets as of 30 June 2023, it said. 

Bajaj Finance Q1 performance across subsidiaries

Bajaj Housing Finance Limited posted NII for the quarter at Rs 702 crore, up 18 per cent from Rs 594 crore during the first quarter of FY23. Profit for the business vertical stood at Rs 462 crore, up 46 per cent from Rs 316 crore in the corresponding quarter of last year. Gross NPA and Net NPA as of 30 June 2023 stood at 0.23 per cent and 0.08 per cent respectively,

Meanwhile, Bajaj Financial Securities Limited acquired approximately 19,900 customers during the first quarter of FY24. Its customer franchise as of 30 June 2023 stood at 5,85,000. Total income during the quarter was at Rs 75 crore as against Rs 39 crore during Q1FY23. BFinsec clocked a PAT of Rs 5 crore against Rs 1 crore in the same quarter during FY23.