New Delhi: Bajaj Finance Ltd (BFL) on Wednesday reported highest ever quarterly consolidated net profit at Rs 1,614 crore in December 2019 quarter on the back of healthy interest income.
The non-banking finance company (NBFC) posted a 52 percent jump in Q3 net profit as compared to Rs 1,060 crore in the year-ago quarter.
Total income of the company grew 41 percent to Rs 7,026 crore for October-December of 2019-20 as against Rs 4,992 crore in year ago period, Bajaj Finance said in a regulatory filing.
The net interest income was up by 42 percent at Rs 4,537 crore from Rs 3,206 crore. While the interest income increased by 39 percent to Rs 6,105 crore from Rs 4,387 crore in Q3 of 2018-19.
The company's asset under management (AUM) as on 31 December 2019, rose to Rs 1,45,092 crore, up 35 percent from Rs 1,07,507 crore.
New loans booked in terms of volume increased 13 percent to 76.7 lakh from 67.7 lakh, it added.
The consolidated figures of BFL include the results of its wholly-owned subsidiaries Bajaj Housing Finance Ltd (BHFL) and Bajaj Financial Securities Ltd.
From 2019-20, BFL and its subsidiary BHFL have opted for the reduced rate of 25.17 percent for computation of income tax as per recently inserted section of the Income Tax Act, 1961, the company said.
Gross non-performing assets (NPA) and net NPA as on 31 December 2019, stood at 1.61 percent and 0.70 percent, respectively.
Bajaj Finance also informed that its board of directors has appointed Deepak Bagati as the chief risk officer of the company with immediate effect.
Bagati will take charge in place of Fakhari Sarjan.
Stock of Bajaj Finance was trading at Rs 4,366.45 on the BSE, up 3.64 percent over the previous close.
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Updated Date: Jan 29, 2020 16:40:03 IST