Jobaaj Stories
Bajaj Finance has reported a consolidated net profit of Rs. 2,596.25 crores for the June 2022 quarter, up by 158.99 % from Rs 1,002.44 crore in the same quarter a year ago.
The company said its net interest income (NII) for the quarter increased to Rs 6,638 crore, up by 48% from Rs 4,489 crore in the same quarter a year ago. Net profit for the company rose by 159% to Rs. 2,596 crores in the first quarter of the financial year 2023 as against Rs. 1,002 crores in the same period last year.
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The company’s assets under management (AUM) as of June 30, 2022, stood at Rs 2,04,018 crore.
Gross non-performing assets (NPA) and Net NPA stood at 1.25% and 0.51% respectively, as against 2.96% and 1.46% in the same quarter the previous year. The company said it has a provisioning coverage ratio of 60% on stage 3 assets.
The provisions for the June 2022 quarter were at Rs. 755 crores as against Rs. 1,750 crores in the same quarter last year.
“An excellent quarter for the company across balance-sheet growth, portfolio quality, and profitability. Highest-ever new customer acquisition in Q1. Overall, a strong start to the financial year. Back to all long-term guidance metrics for the past three quarters. On track to go fully digital across all products and services on application (January 2023) and web (March 2023),” the company said.
It also said, “The company is accelerating retail deposit acquisition to achieve its long-term goal of 25% of consolidated borrowings from deposits.”
The shares of the company traded up by 10.63% after recording whooping profits, to close at Rs. 7,076.60 a piece.
-by Gautam
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