Bajaj Finance Q3: Profit surges 40% to ₹2,973 cr, revenue up by 26%
1 min read . Updated: 27 Jan 2023, 05:06 PM IST
PremiumThe net interest income (NII) increased 22 per cent on year to ₹7,435 crore to from ₹6,005 crore in Q3 FY22.
Bajaj Finance on Friday reported 40 per cent rise on consolidated net profit to ₹2,973 crore for the December quarter. This is against a net profit of ₹2,125.29 crore in the corresponding quarter last fiscal.
The total revenue from operations increased 26.3 per cent on year to ₹10,784.30 crore as against ₹8,539.13 in the year ago period, said Bajaj Finance in its filing.
The net interest income (NII) increased 22 per cent on year to ₹7,435 crore to from ₹6,005 crore in Q3 FY22.
The assets under management grew by 27% to ₹168,359 crore as of 31 December 2022 from ₹132,913 crore as of 31 December 2021.
New loans booked during the quarter were the highest ever at 7.84 million, the company said.
The customer franchise stood at 66.05 million as of 31 December 2022 as compared to 55.36 million as of 31 December 2021, a growth of 19%. Bajaj Finance recorded highest ever quarterly increase in its customer franchise of 3.14 million in 03 FY23.
The total operating expenses to net interest income was 34.7% in the third quarter, compared to 35.9% in the second quarter, and was stable from the year-ago period.
The loan losses and provisions for the December quarter was ₹811 crore as against ₹995 crore in the year ago period.
Gross NPA and Net NPA as of 31 December 2022 stood at 1.14% and 0.41% respectively, as against 1.73% and 0.78% as of 31December2021.
"The Company has provisioning coverage ratio of 64% on stage 3 assets and 116 bps on stage 1 and 2 assets as of 31 December 2022," it said in its regulatory filing.
On Friday, the company's scrip ended 0.71 per cent down to ₹5,756 on BSE.
