Bajaj Finance profit rises 22% to Rs 3,639 crore
NEW DELHI: Bajaj Finance on Monday reported a 22% jump in consolidated net profit to Rs 3,639 crore for the third quarter ending December 2023.
The company earned a net profit of Rs 2,973 crore in the same the previous year. The company’s total income rose to Rs 14,166 crore for the quarter under review from Rs 10,789 crore in the year-ago period, Bajaj Finance said in a regulatory filing.
The consolidated assets under management rose by 35% to Rs 3,10,968 crore at the end of December 2023 as against Rs 2,30,842 crore in the third quarter of last year.
Net interest income jumped 29% to Rs 7,655 crore compared to Rs 5,922 crore in the third quarter of FY23. Gross non-performing assets (NPAs) came down to 0.95% from 1.14% during the same period a year ago.
Similarly, the company’s net NPAs also declined to 0.37% compared to 0.41% at the end of third quarter of the previous financial year.
The company has a provisioning coverage ratio of 62% on stage 3 assets as of December 31, 2023. Meanwhile, the board of the company has approved raising of funds by debt instruments including non-convertible debentures (either Indian currency/foreign currency) as a part of the proposed increase in overall borrowing limit from Rs 2,25,000 crore to Rs 3,75,000 crore.