Bajaj Finance Q3 profit rises 36%
Bajaj Finance’s net profit rose to Rs555.65 crore for the third quarter against Rs408.46 crore in the corresponding period of previous year
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New Delhi: Bajaj Finance on Monday reported 36% rise in net profit to Rs555.65 crore for the third quarter of the current fiscal on healthy growth in interest fee and income. Net profit for the same period, October-December, of last fiscal stood at Rs408.46 crore.
“Total income has increased to Rs2,729.08 crore for the quarter under review, from Rs2,069.62 crore for the same quarter year ago,” the company said in a regulatory filing.
It said the interest and fee income of the company increased by 32% to Rs2,729 crore during the third quarter of 2016-17, as against Rs2,069 crore the year-ago period.
Net interest income (NII) also witnessed a rise of 33 per cent at Rs1,749 crore from Rs1,320 crore. The loan losses and provisions were at Rs179.70 crore, up from Rs146.18 crore provision during the same quarter of the previous fiscal.
The company which is primarily engaged in the business of financing, registered a rise of 35% in number of new loan books at 28,79,595 for the quarter from 21,39,041 year ago.
The assets under management (AUM) as of December 31, 2016 rose by 33% to Rs57,605 crore from Rs43,452 crore year earlier.
The gross and net non-performing assets (NPAs) or bad loans were 1.47% and 0.39% of the advances respectively as on 31 December 2016.
“During the quarter, the company raised Rs105 crore by way of tier II capital to augment its capital base. The company continues to be well capitalised to support its growth trajectory,” Bajaj Finance said.
During the quarter, Bajaj Finance also issued co-branded cards in association with RBL Bank.
“These co-branded credit cards will have many customer friendly features including no-EMI options at Point of Sale, accelerated rewards for high savings and a feature of no interest on cash withdrawals up to 50 days,” it added. Bajaj Finance stock on BSE rose 5.90% post earnings to Rs 1,053.30.