Bajaj Finance on Tuesday reported a 53 per cent year-on-year increase in its consolidated net profit at Rs 1,481 crore during July-September quarter. The company's net interest income (NII) rose 28 per cent to Rs 5,335 crore during the quarter. The company's assets under management (AUM) rose 22 per cent to Rs 1,66,937 crore at the end of September quarter of 2021 from Rs 1,37,090 crore as of September 30, 2020. On asset front, gross NPA and net NPA stood at 2.45 per cent and 1.10 per cent, respectively, during the quarter, as against 2.96 per cent and 1.46 per cent at the end of preceding June quarter. The company said it booked 6.33 million new loans during the quarter under review as against 3.62 million loans in the year-ago quarter. Bajaj Finance said it continues to protect its margin profile across businesses, and its cost of funds reduced to 6.77 per cent during the quarter as against 7.11 per cent in the preceding quarter. Also Read: Axis Bank Q2 results: Lender reports all-time high quarterly profit at Rs 3,133 cr
In absence of a third wave, the company said it is quite confident about second half of the year on growth, risk, and financial metrics. It said its business transformation 'go-live' is behind schedule by 45 days due to delays in certain tech deliveries and code freeze for festival season and is now planned for mid December. "The company has seen strong improvement in debt management efficiencies across products in Q2 FY22. In absence of a third wave, loan loss and provisions should normalise to pre COVID levels in Q3 FY22," it said. Loan losses and provisions during the quarter stood at Rs 1,300 crore as against Rs 1,700 crore in the year-ago quarter. On a standalone basis, Bajaj Finance's net profit grew 49 per cent to Rs 1,306 crore. Shares of the company closed 2.68 per cent higher at Rs 7,849.15 on the BSE on Tuesday.
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