Bajaj Finance Q2 net soars 63%, Bajaj Finserv reports 71% rise in Q2 PAT

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Published: October 23, 2019 12:46:07 AM

Despite economic conditions being sluggish, all the three businesses performed well under the difficult conditions, the company said.

Bajaj Finserv is the holding company for financial services and insurance businesses under the Bajaj group.

Bajaj Finance on Tuesday reported a 63% rise in net profit at Rs 1,506 crore for the quarter ended September, its highest-ever consolidated quarterly profit after tax (PAT) growth. It had posted a net profit of Rs 923 crore a year ago. Net interest income for Q2 rose 48% to Rs 3,999 crore, while new loans booked rose 23% to 6.47 million from 5.26 million in Q2FY19. Assets under management grew 38% to Rs 1,35,533 crore. Loan losses and provisions (expected credit loss) stood at Rs 594 crore against Rs 315 crore a year ago.

Gross NPA and net NPA stood at 1.61% and 0.65%, respectively. The provisioning coverage ratio was 60%. Bajaj Finance managing director Rajeev Jain said, “Consumer demand has collapsed between April and September in the current fiscal and this is visible in our numbers, but because of the diversified nature of our business and 70% of the business coming from existing customers have played a big role in helping Bajaj Finance post a strong performance in Q2.”

The consolidated results of BFL include the results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities. BFL’s standalone net interest income was up 42% to Rs 3,746 crore while PAT grew 50% to Rs 1,377 crore. The standalone AUM was up 26% to Rs 1,10,946 crore.

Bajaj Finserv reports 71% rise in Q2 PAT

Bajaj Finserv on Tuesday reported a 71% jump in its consolidated net profit to Rs 1,204 crore in Q2FY20. Total income rose by 47% to Rs 14,224 crore, against Rs 9,698 crore a year ago. Bajaj Finserv is the holding company for financial services and insurance businesses under the Bajaj group.

Despite economic conditions being sluggish, all the three businesses performed well under the difficult conditions, the company said.

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