MUMBAI: The largest retail-focused non-bank lender Bajaj Finance has reported a 13 per cent rise in consolidated net income at Rs 4,000 crore in the September quarter, which came in much below the Street estimate, as its asset quality worsened.
The Pune headquartered company, which is also the most profitable NBFC said in a statement Tuesday, that its gross NPAs deteriorated to 1.06 per cent in reporting quarter from 0.91 per cent a year earlier, while Net NPAs rose to 0.46 per cent from 0.31 per cent in September 2023.
Loan losses and provisions for the reporting quarter was Rs 1,909 crore as against Rs 1,077 crore a year ago, a massive 77 per cent jump on-year.
The non-banking financial company missed estimates as brokerages were expecting a 33 per cent jump in net profit at Rs 4,464 crore.
Consolidated numbers include those of its subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.
In anticipation of the earnings, the Bajaj counter fell 2 per cent to Rs 6,645.75 on the BSE, whose benchmark plunged 1.2 per cent on continuing FPI selling.
Consolidated assets under management rose 29 per cent to Rs 3.73 trillion from Rs 2.9 trillion in the year-ago period, said Bajaj Finance. AUM grew by Rs 19,732 crore.
Net interest income increased by 23 per cent to Rs 8,838 crore from Rs 7,196 crore, taking the total income up by 24 per cent to Rs 10,946 crore from Rs 8,847 crore.
Customer franchises stood at 92.09 million compared to 76.56 million in September 2023, a growth of 20 per cent. The customer franchise grew by 3.98 million, the company said, adding the number of new loans booked grew 14 per cent to 9.69 million as against 8.53 million.