Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr in Q3 on healthy interest income; NBFC's total income grows 41%

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.

Press Trust of India January 29, 2020 16:40:03 IST
Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr in Q3 on healthy interest income; NBFC's total income grows 41%
  • The company's asset under management as on 31 December 2019, rose to Rs 1,45,092 crore, up 35% from Rs 1,07,507 crore

  • Gross non-performing assets and net NPA as on 31 December 2019, stood at 1.61% and 0.70%, 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

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.

Bajaj Finance posts highest ever quarterly net profit at Rs 1614 cr in Q3 on healthy interest income NBFCs total income grows 41

Representational image. Reuters

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.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

State-run banks' bad loans up more than 50% in FY12
Business

State-run banks' bad loans up more than 50% in FY12

Analysts have already expressed concerns about a likely spiral in the farm sector NPAs as monsoon has been erratic this year.

Another headache for banks: Bad loans to surge as RBI tightens recast norms
Business

Another headache for banks: Bad loans to surge as RBI tightens recast norms

The new rules include raising capital requirements and forcing banks to seek personal guarantees from controlling shareholders of companies whose loan terms are eased.

State Bank of India's  profit down 67%, bad loans bulge 28% on quarter
Business

State Bank of India's profit down 67%, bad loans bulge 28% on quarter

tate Bank of India today posted 67 per cent decline in consolidated profit to Rs 1,259.49 crore for the third quarter ended December 31, 2015-16, on account of higher provisioning for bad loans.