The Economic Times daily newspaper is available online now.

    Bajaj Finance Q3 Results: Profit rises 40% YoY to Rs 2,973 crore, beats estimates

    Synopsis

    New loans booked during the quarter were the highest ever at 7.84 million, the company said. The total assets under management (AUM) as of December 31 stood at Rs 2.31 lakh crore, 27% higher than the year-ago period.

    Bajaj Finserv Q3 profit soars 42% YoY to Rs 1,782 cr; Bajaj Finance reports 40% jump in Q3 PAT
    Bajaj Finance Ltd on Friday reported a 40% year-on-year (YoY) rise in consolidated net profit for the quarter ended December to Rs 2,973 crore. This is higher than the ET Now poll of Rs 2,800 crore.

    Total revenue from operations increased 26.3% on year to Rs 10,784.30 crore. This is the highest-ever quarterly profit reported by the non-bank finance major.

    The company’s net interest income (NII) increased 24% on year to Rs 7,435 crore and also beat the estimated Rs 5,800 crore. New loans booked during the quarter were the highest ever at 7.84 million, the company said. The total assets under management (AUM) as of December 31 stood at Rs 2.31 lakh crore, 27% higher than the year-ago period.

    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 were lower during the quarter at Rs 841 crore, from Rs 1,051 crore a year ago.

    The company held a management and macroeconomic overlay of Rs 1,000 crore as of December, it said.

    The gross non-performing asset ratio (GNPA) as of December 31 was 1.14%, lower than 1.73% a year ago. Similarly, the net non-performing asset ratio (NNPA) improved to 0.41% from 0.78% a year ago.

    The NBFC major’s provisioning coverage ratio was 64% on stage-3 assets and 116 bps on stage-1 and 2 assets as of December 31. The capital adequacy ratio, including tier-II capital, was 25.14% at the end of the December quarter.

    The consolidated book of two- and three-wheeler finance grew 11% on year and stood at Rs 11,786 crore at the end of December. The SME lending book saw a sharp 33% growth to Rs 30,880 crore.

    Consolidated deposits as on December 31 stood at Rs 42,984 crore, up 4% on year.

    During the quarter, fees, commissions, and other non-interest income rose 19% on year to Rs 1,513 crore.

    In the standalone business, the company’s assets under management grew by 27% to Rs 1.68 lakh crore as of December end. NII increased 22% to Rs 6,759 crore.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)



    ( Originally published on Jan 27, 2023 )
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in