NEW DELHI: Bajaj Finance posted a consolidated net profit of Rs 3,551 crore in the September quarter, a 28% increase as compared to Rs 2,781 crore in the same period last year. Consolidated profit after tax for the first half (H1) of the current fiscal stood at Rs 6,988 crore, a 30% jump from Rs 5,377 crore in H1FY 2023.
Net interest income (NII) for the quarter jumped 26% to Rs 8,845 crore from Rs 7,002 crore and NII for the H1 stood at Rs 17,242 crores. However interest expense went up 53% to Rs 4,537 croe from Rs 2,972 crore in Q2FY23. Loan losses and provision of the non-banking entity increased to Rs 1,077 crore from Rs 734 crore in Q2, witnessing a 47% jump, denting the profitability. Bajaj Finance’s operating expenses to net interest income slid to 34% from 35.9%.
Gross non-performing assets (NPA) and Net NPA stood at 0.91% and 0.31 % in the September quarter respectively against 1.17% and 0.44% during the same period last year. New loans booked during Q2 grew by 26% to 8.53 million against 6.76 million in the same period last year.