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Bajaj Auto Finance Q1 net profit up 3 fold

Bajaj Auto Finance Q1 net profit up 3 fold
PTI
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First Published: Wed, Jul 21 2010. 01 57 PM IST
Updated: Wed, Jul 21 2010. 01 57 PM IST
Mumbai: Bajaj Auto Finance Wednesday reported a three-fold jump in net profit at Rs46.8 crore for the first quarter ended 30 June 2010, on the back of increased loan disbursal.
The company had reported a net profit of Rs15.2 crore in the same quarter a year ago, Bajaj Auto Finance informed the Bombay Stock Exchange.
The net interest income during the quarter increased by 51% at Rs224 crore compared to Rs148.2 crore in the same quarter in the previous fiscal.
At the same time, loan disbursal during the quarter almost doubled at Rs2,046 crore compared to Rs1,046 crore in the first quarter in 2009-10.
However, the loan loss provisions increased by 13% to Rs60.6 crore from Rs53.6 crore in the same quarter in the last fiscal.
During the quarter, the company raised Rs490 crore of longer tenor borrowing to strengthen its resource base, it said.
The company also launched two new product lines during April-June quarter namely construction equipment finance and Retail loan against Securities.
Shares of the company were trading at Rs546.90, up 0.90% on the Bombay Stock Exchange.
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First Published: Wed, Jul 21 2010. 01 57 PM IST