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Business News/ Companies / Company Results/  Bajaj Finance Q2 Results Highlights: Net profit rises 27.8% to 3,550 crore, NIIs up 26% to 8,841 crore
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Bajaj Finance Q2 Results Highlights: Net profit rises 27.8% to ₹3,550 crore, NIIs up 26% to ₹8,841 crore

Bajaj Finance Q2 Results Highlights: The leading NBFC reported a net profit of 3,550 crore in the July-September quarter, registering a growth of 27.8 per cent from the corresponding period last year.

Bajaj Finance Q2 Results LIVE Updates: Bajaj Finance is expected to report a sharp growth in Q2FY24 net profit with stable asset quality and strong loan growth.Premium
Bajaj Finance Q2 Results LIVE Updates: Bajaj Finance is expected to report a sharp growth in Q2FY24 net profit with stable asset quality and strong loan growth.

Bajaj Finance Q2 Results Highlights: The leading non-banking finance company (NBFC), announced its financial results for second quarter of FY24 today, 17 October, 2023. Bajaj Finance's net profit rose 27.8 per cent to 3,550 crore, compared to 2,781 crore in the corresponding period last year.

Analysts had expected the NBFC to report stable asset quality and strong loan growth. The company's net interest income (NII) also increased by 26.4 per cent to 8,841 crore, compared to 6,997 crore in the year-ago period.

Stay tuned to our Bajaj Finance Q2 Results LIVE Blog here:

17 Oct 2023, 05:26:54 PM IST

Bajaj Finance Q2 Results: This live blog session has ended

Stay tuned to Live Mint for all business and market updates.

17 Oct 2023, 05:25:50 PM IST

Bajaj Finance Q2 Results Live: Shares of Bajaj Finance in focus tomorrow

After reporting Q2FY24 results on October 17, shares of Bajaj Finance will be in focus during tomorrow's session. 

Employee headcount stood at 51,100 -including Bajaj Financem Bajaj Housing Finance and Bajaj Financial Securities, as of September 30, 2023. The company added 4,533 employees in Q2FY24. The annualized attrition in H1 FY24 was 13.4 per cent as against 18.6 per cent in H1 FY23.

17 Oct 2023, 05:18:51 PM IST

Bajaj Finance Q2 Results Live: Risk metric not stable in rural B2C biz

Risk metrics across all businesses were stable except rural B2C business. The company has taken risk actions in rural B2C business resulting in muted AUM growth in first half of FY24. “The Company holds a management and macro-economic overlay of 740 crore as of September 30, 2023," Bajaj Finance said in its exchange filing.

17 Oct 2023, 05:12:14 PM IST

Bajaj Finance Q2 Results Live: Performance of subsidiaries

In the July-September quarter, Bajaj Housing Finance reported a sharp rise of 47 percent on-year in its net profit to 451 crore, aided by strong NII. Bajaj Financial Securities' net profit in July-September quarter rose to 13 crore, compared to 1 crore in the corresponding period last year.

17 Oct 2023, 05:10:05 PM IST

Bajaj Finance Q2 Results Live: Loans, provisions

The Company has provisioning coverage ratio of 66 per cent on stage 3 assets as of September 30, 2023. Despite the improvement in the asset quality, Bajaj Finance's loan losses and provisions for the second quarter of the current financial year rose to 1,077 crore, compared to 734 crore in the year-ago period. "The Company holds a management and macro-economic overlay of 740 crore as of September 30, 2023," company said in a release.

17 Oct 2023, 05:06:36 PM IST

Bajaj Finance Q2 Results Live: QIP Details

On 5 October 2023, the Board of Directors has approved, subject to the approval of shareholders, issue of securities for an aggregate amount of up to 8,800 crore through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers (QIB) and Preferential Issue of up to 1,550,000 warrants convertible into equivalent number of equity shares to Bajaj Finserv Limited, the promoter and holding Company, for an aggregate amount of up to 1,200 crore in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended.

17 Oct 2023, 05:04:58 PM IST

Bajaj Finance Q2 Results Live: Financial Indicators

-In the September quarter, B2B disbursements were up 31 per cent at 18,610 crore as against 14,234 crore in the year-ago period.
-Liquidity buffer stood at 11,373 crore as of 30 September 2023.
-Stage 3 assets stood at 2,645 crore as of 30 September 2023 as against 2,530 crore as of 30 September 2022.

17 Oct 2023, 05:02:41 PM IST

Bajaj Finance Q2 Results Live: Cost of funds at 7.6%

As per the investor presentation of the company, the cost of funds of Bajaj Finance was 7.67 per cent, which registered an increase of 6 bps over teh preceding June quarter. The cost of funds of subsidiary Bajaj Housing Finance also increased 3 bps on a quarterly basis in July-September.

 

17 Oct 2023, 04:55:45 PM IST

Bajaj Finance Q2 Results Live: Deposits, Liquidity Surplus

The company's deposits saw significant growth, rising by 39 per cent to 54,800 crore compared to 39,422 crore in the year-ago period. This, along with a consolidated net liquidity surplus of 11,400 crore in the September quarter, reflected Bajaj Finance's strong liquidity position.

17 Oct 2023, 04:45:50 PM IST

Bajaj Finance Q2 Results Live: Asset Quality At a Glance

Bajaj Finance's asset quality improved in the September quarter. The gross non-performing assets (NPA) declined to 0.91 per cent, while net NPA decreased to 0.31 per cent, compared to 1.17 per cent and 0.44 per cent, respectively, in the year-ago period.

17 Oct 2023, 04:41:00 PM IST

Bajaj Finance Q2 Results Live: Acquisition Announcement

Bajaj Finance announced that it has entered into a binding term sheet with Pennant Technologies to acquire up to a 26 per cent stake. The consideration for this acquisition will amount to 267.5 crore, to be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) with a face value of 100 each and an additional 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

17 Oct 2023, 04:34:46 PM IST

Bajaj Finance Q2 Results: Gross performing asset ratio declined 0.91%

The company's gross non-performing asset ratio deteriorated to 0.91 per cent at the end of September, from 0.87 per cent at the end of June. Loan demand during the quarter stayed strong despite the Reserve Bank of India (RBI) keeping its key lending rate steady for a fourth consecutive policy meeting. The RBI has been cautioning lenders about fast-growing personal loan categories for signs of nascent stress, urging them to adopt stronger risk management practices.

17 Oct 2023, 04:28:36 PM IST

Bajaj Finance Q2 Results Live: Loan book grew 26% in September quarter

Bajaj Finance, in an update earlier this month, reported its new loan bookings climbed 26 per cent year-on-year in the quarter, while its deposits book jumped 39 per cent. It added 3.58 million new customers during the period.

17 Oct 2023, 04:22:41 PM IST

Bajaj Finance Q2 Results Live: AUMs rise 33% to ₹290,264 crore

Bajaj Finance’s assets under management (AUM) grew by 33 per cent 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 NBFC's filing.

17 Oct 2023, 04:16:02 PM IST

Bajaj Finance Q2 Results Live: NIIs rise 26% to ₹8,841 crore

Analysts had expected the NBFC to report stable asset quality and strong loan growth. The company's net interest income (NII) also increased by 26.4 per cent to 8,841 crore, compared to 6,997 crore in the year-ago period.

17 Oct 2023, 04:03:42 PM IST

Bajaj Finance Q2 Results Live: Net profit rises 27.8% to ₹3,550 crore

Bajaj Finance's net profit rose 27.8 per cent to 3,550 crore, compared to 2,781 crore in the corresponding period last year.

17 Oct 2023, 03:53:37 PM IST

Bajaj Finance Q2 Results Live: Share price

Ahead of the announcement of Q2FY24 results, shares of Bajaj Finance settled 0.73 per cent higher at 8,091.35 apiece on the BSE.

17 Oct 2023, 02:50:56 PM IST

Bajaj Finance Q2 Results Live: Q1 Numbers

Bajaj Finance Ltd reported a consolidated net profit of 3,437 crore in the first quarter of FY24, registering a growth of 32 per cent from 2,596.3 crore in the corresponding quarter of last year. Net interest income (NII) of the non-banking finance company (NBFC), on a consolidated basis, in Q1FY24 increased by 26 per cent to 8,398 crore from 6,640 crore, YoY.

17 Oct 2023, 02:19:28 PM IST

Bajaj Finance Q2 Results Live: Bajaj Finance preferred pick among diversified NBFCs: JM Financial

In the diversified NBFC space, Bajaj Finance is the preferred pick of JM Financial. It expects strong sequential AUM growth of 7.5% for Bajaj Finance in Q2.

The brokerage has a Buy rating on the stock with target price of 9,500 per share.

17 Oct 2023, 02:00:07 PM IST

Bajaj Finance Q2 Results Live: Net profit pegged at ₹3,619 crore: Anand Rathi

Brokerage firm Anand Rathi Institutional Equities expects Bajaj Finance to clock net profit of 3,619 crore in July-September quarter. It estimates net interest income (NII) for Bajaj Finance at 8,398 crore in Q2FY24.

17 Oct 2023, 01:43:43 PM IST

Bajaj Finance Q2 Results Live: NBFCs likely to deliver 26% NII growth in Q2: Motilal Oswal

Motilal Oswal Financial Services expects its coverage universe of NBFC – Lending Financials to deliver 26%, 28% and 35% YoY growth in NII, PPoP and PAT in 2QFY24. Disbursement momentum remained buoyant in 2QFY24, except for minor demand weakness in affordable housing loans and gold loans for mono-line gold loan companies like MGFL and Muthoot Finance. 

However, demand remained healthy for low-ticket mortgages with ticket size of 1.0-1.5 million and self-construction. Uneven monsoons did not have any significant impact on vehicle demand or the asset quality of vehicle financiers. However, the asset quality could have been better, but for floods in certain parts of the country in Jul-Aug’23, which had a marginal impact on collections, it said.

17 Oct 2023, 01:32:12 PM IST

Bajaj Finance Q2 Results Live: NBFC raised ₹8,800 crore via QIP

Bajaj Finance raised 8,800 crore via Qualified Institutions Placement (QIP) on October 5. Bajaj Finance board of directors approved raising funds up to 1,200 crore via warrants.

In its regulatory filing, Bajaj Finance stated that it had raised an overall amount not more than 8,800 crore with the approval of the board of directors and shareholders through the issuance of equity shares with a face value of 2 each and warrants not more than 1,200 crore. Read here

 

17 Oct 2023, 01:21:36 PM IST

Bajaj Finance Q2 Results Live: Brokerage targets after Q2 business update

Among the global brokerage firms, Jefferies maintained a buy call on the stock with a target price of 8,830 as it pointed out the robust AUM growth of the company in Q2FY24. Morgan Stanley maintained an overweight rating on Bajaj Finance with a target price of 10,300. The brokerage firm believes a 33-35 per cent AUM growth is possible versus the guidance of 29-31 per cent in FY24. Citi maintained a neutral view on Bajaj Finance with a target price of 7,800.

17 Oct 2023, 01:09:38 PM IST

Bajaj Finance Q2 Results Live: Provisions may rise 33.5% YoY

Bajaj Finance’s provisions in the June-September quarter are likely to rise 33.5% to 980.5 crore from 734.2 crore, YoY.. Provisions are likely to fall 1.5% sequentially, as per Kotak Institutional Equities.

17 Oct 2023, 12:56:46 PM IST

Bajaj Finance Q2 Results Live: Bajaj Finance well poised to deliver a healthy RoA: Axis Securities

Axis Securities has a buy call on Bajaj Finance stock with a target price of 8,590 as it expects the company to register a nearly 28 per cent CAGR AUM (asset under management) growth over FY23-25E.

Axis Securities said even as Bajaj Finance continues to invest in technology, operating leverage kicking in will help gradually improve its cost ratios over FY24. The brokerage firm added that Bajaj Finance remains well poised to deliver a healthy RoA (return on assets) of 4.6-4.7 per cent over FY23-25E.

Axis said the recent announcement of fundraising despite the company having a healthy tier-I capital of about 23 per cent, hints at the company gearing up to achieve its long-term growth ambitions.

"Post the fundraising, Bajaj Finance will remain well positioned to deliver a robust RoE (return on equity) of more than 21 per cent over the medium term versus our current estimates of 23-24.5 per cent," said Axis Securities.

17 Oct 2023, 12:41:03 PM IST

Bajaj Finance Q2 Results Live: Net liquidity surplus at ₹11,400 crore in Q2

Bajaj Finance’s consolidated net liquidity surplus stood at approximately 11,400 crore as of September 30, 2023. The company’s liquidity position remains strong. Customer franchise as of September 30, 2023, stood at 7.66 crore as compared to 6.29 crore YoY. In Q2 FY24, the customer franchise increased by 35.8 lakh, Bajaj Finance said in its Q2 business update.

17 Oct 2023, 12:20:23 PM IST

Bajaj Finance Q2 Results Live: Net interest income may grow 29% YoY; margins to contract: Kotak Equities

Kotak Institutional Equities estimates Bajaj Finance to report a net profit of 3,588.3 crore in the second quarter of FY24, registering a growth of 29% year-on-year (YoY). The brokerage expects the company to deliver a net interest income (NII) of 7,136.5 crore, with a growth of 28.9 YoY. However, net interest margin (NIM) is expected to fall by 30 bps to 10.2% during the quarter,

Pre-provision profit may rise 29.9% YoY to 5,829.5 crore.

17 Oct 2023, 12:08:22 PM IST

Bajaj Finance Q2 Results Live: Rival Jio Financial Services’ profit doubles QoQ

Reliance Industries Ltd-backed Jio Financial Services, termed to be a rival of Bajaj Finance, on Monday reported a net profit of 668.2 crore, doubling from the previous quarter on the back of higher income from operations.

The company's total revenues stood at 608 crore in the September quarter, up 47% from the sequential quarter. While interest income in Q2 was lower than Q1, a dividend income of 217 crore in the September quarter propped up total revenues.

The company’s total expenses rose 33% quarter-on-quarter to 71 crore, primarily owing to higher employee expenses. Read full story here

17 Oct 2023, 12:01:35 PM IST

Bajaj Finance Q2 Results Live: Bajaj Finance shares trade higher ahead of Q2 earnings

Bajaj Finance share price traded over half a percent higher on Tuesday afternoon ahead of the release of September quarter earnings. The stock was trading 0.50% higher at 8,072.65 per share on the BSE.

17 Oct 2023, 11:28:52 AM IST

Bajaj Finance Q2 Results Live: Net profit seen rising 34% to ₹3,725.2 crore: JM Financial

According to JM Financial, Bajaj Finance is expected to post a net profit of 3,725.2 crore in the second quarter of FY24, registering a growth of 34% year-on-year (YoY) and 8.5% quarter-on-quarter (QoQ).

The company’s net interest income (NII) is expected to rise 29.4% YoY to 7,167.5 crore. NII growth is likely to be 6.7% sequentially. Pre-provisions operating profit is expected to be at 6,052.5 crore, up 34.9% YoY and 9.2% QoQ.

Total Asset Under Management (AUM) of Bajaj Finance in Q2FY24 is likely to rise 32.9% YoY to 290,200 crore.

17 Oct 2023, 11:15:30 AM IST

Bajaj Finance Q2 Results Live: PAT seen up 31%, NII up 30% YoY

Bajaj Finance’s net profit in Q2FY24 is expected to rise 31% year-on-year (YoY) to 3,650 crore, while its net interest income (NII) during the quarter is expected to grow 30% YoY to 7,200 crore, as per estimates by Motilal Oswal Financial Services.

The company is projected to deliver net income growth of 26% YoY to 8,850 crore, as per the brokerage.

17 Oct 2023, 11:01:02 AM IST

Bajaj Finance Q2 Results Live: Credit costs likely to decline 5 bps QoQ

Bajaj Finance reported AUM growth of 33% YoY and 7% QoQ. Opex is likely to moderate with CIR at 34%. Margins and spreads are likely to decline 30 bps and 40 bps QoQ. Credit costs are expected to decline around 5 bps QoQ in Q2FY24, according to brokerage firm Motilal Oswal Financial Services.

17 Oct 2023, 10:51:03 AM IST

Bajaj Finance Q2 Results Live: Tata Elxsi, L&T Technology, among others to announce Q2 results today

Approximately thirty-one companies will release their September quarter results today. Investors are focused on giants like Bajaj Finance, Tata Elxsi, and L&T Technology Services among the 31.

The companies to announce Q2 results today include Artemis Electricals And Projects Ltd, Atharv Enterprises Ltd, Bajaj Finance Limited, Benares Hotels Ltd, Can Fin Homes Ltd, Cie Automotive India Ltd, Cosyn Ltd, Duncan Engineering Ltd,Eimco Elecon (India) Ltd, Happiest Minds Technologies Ltd, Hathway Bhawani Cabletel & Datacom Ltd, Himadri Speciality Chemical Ltd, Huhtamaki India Ltd, ICICI Prudential Life Insurance Company Ltd, IIFL Securities Ltd, etc. Read full report here

17 Oct 2023, 10:42:38 AM IST

Bajaj Finance Q2 Results Live: NBFCs expected to report 42% YoY earnings growth in Q2

In Q2FY24, NBFCs are expected to report 42% YoY earnings growth driven by 25% YoY NII growth and 29% YoY PPOP growth. While a sequential NIM compression is a reality for most NBFCs, the impact is likely to be more pronounced among vehicle financiers followed by diversified NBFCs. While affordable HFCs may see some compression, brokerage firm JM Financial expects relatively modest impact on NBFC-MFIs (given benefits of lending rate increases). 

Asset quality is likely to reflect continued steady trends led by continued lower credit costs (impact of floods to be seen for NBFC-MFIs). Overall, as a pack, strong earnings performance is seen in diversified NBFCs, NBFC-MFIs, affordable HFCs followed by vehicle financiers.

17 Oct 2023, 10:23:28 AM IST

Bajaj Finance Q2 Results Live: Bajaj Finance share price movement

Bajaj Finance shares have risen 8% in the last one month and 7% in the last three months, while the stock is up more than 23% year-to-date (YTD). In the last three years, Bajaj Finance share price has surged over 148%.

17 Oct 2023, 10:08:47 AM IST

Bajaj Finance Q2 Results Live: Seasonal trends suggest marginally lower yields in 2Q: Kotak Equities

Bajaj Finance reported 7.4% QoQ loan growth (6-9% QoQ in the last four quarters), driving 33% YoY growth in AUM. NIM will likely compress 20 bps QoQ and 30 bps YoY to 10.2% in 2QFY24, driven by an increase in cost of borrowings; seasonal trends suggest marginally lower yields in 2Q, Kotak Institutional Equities said. 

It expects cost-to-average AUM ratio to moderate to 4.3% (4.4% in 1QFY24 and 4.8% in 2QFY23). We pen down credit costs of 1.4% for 2QFY24E, the brokerage house said.

17 Oct 2023, 09:49:20 AM IST

Bajaj Finance Q2 Results Live: Deposits book  at ₹54,800 crore

Bajaj Finance said its deposits book stood at approximately 54,800 crore as of September 30 as compared to 39,422 crore as of September 30, 2022, registering a year-on-year (YoY) growth of 39%.

17 Oct 2023, 09:35:09 AM IST

Bajaj Finance Q2 Results Live: AUM grows 33% in Q2

In its quarterly business update, Bajaj Finance said its assets under management (AUM) grew by 33% to approximately 2,90,200 crore as of September 30, 2023, as compared to 2,18,366 crore as of September 30, 2022. AUM in Q2FY24 grew by approximately 20,100 crore.

New loans booked during Q2FY24 grew by 26% to 85.3 lakh as compared to 67.6 lakh in Q2FY23.

17 Oct 2023, 09:21:04 AM IST

Bajaj Finance Q2 Results Live: Bajaj Finance shares gain ahead of Q2 earnings

Bajaj Finance share price opened higher on Tuesday ahead of the release of September quarter financial results later today. Bajaj Finance shares opened 0.77% higher at 8,094.95 apiece as compared to previous close of 8,032.75 apiece on the BSE. The stock hit a 52-week high of 8,190 per share on October 06, 2023, and a 52-week low of 5,487.25 on March 20, 2023.

17 Oct 2023, 09:11:57 AM IST

Bajaj Finance Q2 Results Live: Read full Bajaj Finance Q2 Results Preview

As per analysts, Bajaj Finance’s net profit in the quarter ended September 2023 is expected to jump around 34% year-on-year (YoY) to 3,725 crore. On a sequential basis, net profit is likely to see a growth of 8.5%. Credit costs during the quarter are likely to be higher by 165 bps YoY. The company’s management has guided credit costs at 155-165 bps for the rest of the financial year. Read full report here

17 Oct 2023, 09:02:31 AM IST

Bajaj Finance Q2 Results Live: Bajaj Finance acquires 26% stake in Pennant Technologies for ₹267.50 crore

Bajaj Finance on Tuesday, October 17 announced that it had acquired up to 26 per cent equity stake in Pennant Technologies Private Limited for about 267.50 crore. Pennant is a technology product company, engaged in providing business-driven technology services and software products for the banking and financial services industry. It had a turnover of about 74.28 crore in FY23. Read full report here

17 Oct 2023, 08:56:50 AM IST

Bajaj Finance Q2 Results Live: NII may rise 29% YoY; margins to compress

Bajaj Finance’s net interest income (NII) in Q2FY24 is expected to rise more than 29% to 7,165 crore from 5,537 crore a year earlier. Analysts expect the consumer financier’s net interest margin (NIM) to compress by 30 basis points (bps) YoY to 10.2% driven by an increase in cost of borrowings.

Credit costs during the quarter are likely to be higher by 165 bps YoY. The company’s management has guided credit costs at 155-165 bps for the rest of the financial year.

17 Oct 2023, 08:48:42 AM IST

Bajaj Finance Q2 Results Live: Net profit likely to grow 34% YoY

Bajaj Finance is expected to report a sharp growth in Q2FY24 net profit with stable asset quality and strong loan growth. As per analysts, Bajaj Finance’s net profit in the quarter ended September 2023 is expected to jump around 34% year-on-year (YoY) to 3,725 crore. On a sequential basis, net profit is likely to see a growth of 8.5%.

17 Oct 2023, 08:35:33 AM IST

Bajaj Finance Q2 Results Live: NBFC to buy 26% stake in Pennant Tech for ₹267.50 cr

Ahead of the release of Q2 results, Bajaj Finance announced that it will acquire 26% stake in technology product company Pennant Tech for 267.50 crore in an all-cash deal. The objective of strategic investment is to strengthen the company’s technology roadmap, Bajaj Finance said in a regulatory filing.

17 Oct 2023, 08:31:23 AM IST

Bajaj Finance Q2 Results Live: Bajaj Finance to report Q2 earnings today

Bajaj Finance, the non-banking finance company, is set to announce its financial results for second quarter of FY24 today, 17 October, 2023.

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