Bajaj Finance Net Profit Rises 35% In June Quarter, Asset Quality Stable

Bajaj Finance Net Profit Rises 35% In June Quarter, Asset Quality Stable

Bajaj Finance, the Pune-based non-banking finance company, on Thursday reported a net profit of Rs. 1,125 crore for April-June period that marked an increase of 35 per cent in net profit which came in at Rs. 833.73 crore during the same quarter last year. Bajaj Finance’s interest income rose 37 per cent to Rs. 4,642.45 crore compared with Rs. 3,395.32 crore in the year ago period.

Bajaj Finance’s net interest income for the first quarter of current financial year rose 43 per cent to Rs. 3,695 crore from Rs. 2,579 crore in the same quarter last year.

Its asset quality remained stable in the quarter as gross non-performing assets as a percentage of total advances stood at 1.6 per cent versus 1.54 per cent in the previous quarter. The net non-performing assets stood at 0.64 per cent versus 0.63 per cent in the quarter ended March 2019, Bajaj Finance said in an earnings release.

The NBFC major’s loan book registered a growth 29 per cent year-on-year and its total assets under management jumped 41 per cent to Rs. 1,28,898 crore from Rs. 91,287 crore in the year ago period.

Bajaj Finance’s provisions for loan losses jumped 69 per cent to Rs. 551 crore compared with Rs. 327 crore in the year ago period.

Capital adequacy ratio (including Tier-II capital) as of 30 June 2019 stood at 19.48 per cent and the Tier-I capital stood at 15.48 per cent, Bajaj Finance added in the press release.

Bajaj Finance shares were trading 2.89 per cent lower at Rs. 3,079.95 underperforming the Sensex which trading on a flat note.

[“source=ndtv”]