- As of September 30, 2023, the consolidated deposits had reached a new high of ₹50,000 crore in Q2 FY24
- The assets under management (AUM) grew by 33% to ₹290,264 crore for the quarter ended September, from ₹218,366 crore as of September 30, 2022
NE BUSINESS BUREAU
MUMBAI, OCT 22
Bajaj Finance Ltd on Tuesday reported a consolidated net profit of ₹3,550.80 crore in the second quarter of FY24, registering a growth of 27.7% from ₹2,780.65 crore in the corresponding quarter of last year.
Net interest income (NII) of the non-banking finance company (NBFC), on a consolidated basis, in Q2FY24 increased by 26% to ₹8,845 crore from ₹7,002 crore, year-on-year (YoY), according to company release.
Bajaj Finance’s assets under management (AUM) grew by 33% to ₹290,264 crore for the quarter ended September, from ₹218,366 crore as of September 30, 2022. In Q2 FY24, AUM rose by ₹20, 167 crore, as per the company statement.
In Q2 FY24, there were 8.53 million new loans booked, up from 6.76 million in Q2 FY23—a 26% increase. The customer franchise increased by 22% from 62.91 million on September 30, 2022, to 76.56 million on September 30, 2023. In Q2 FY24, the company’s customer franchise increased by 3.58 million, according to an exchange filing.
As of September 30, 2023, Bajaj Finance’s consolidated deposits had reached a new high of ₹50,000 crore in Q2 FY24.
The asset quality of the company declined. As of September 30, 2023, gross non-performing assets (NPA) and net NPA were, respectively, 0.91% and 0.31%, compared to 1.17% and 0.44% on the same period in 2022. As of September 30, 2023, the company’s provisioning coverage ratio for stage 3 assets was 66%.
Capital adequacy ratio (including Tier-II capital) as of 30 September 2023 was 23.19%. The Tier-I capital was 21.88%, as per company’s exchange filing.
