Bajaj Finance Q2 Net Profit Surges 24% On YoY To Rs 1929 Cr

Bajaj Finance, on Saturday, said that its net profit inceared by 24 per cent year-on-year to Rs 1929 crore in Q1FY24 as compared to Rs. 1,557 crores reported in Q2FY23.

The company's consolidated total income rose to Rs. 26,023 crores in Q2FY24 from Rs. 23,280 crore in Q1FY24 and compared to Rs. 20,803 crores posted in Q2FY23.

The company recorded a quarterly increase in the customer franchise of 3.58 million and a number of new loans booked of 8.53 million in Q2 FY24.

Its subsidiary's quarterly consolidated profit after tax increased by 28 per cent to Rs 3551 crore, while its wholly-owned subsidiary, BHFL recorded growth of 47 per cent in profit after tax.

Total income of the company for Q2 FY24 increased by 34 per cent to Rs 13,382 crore v/s Rs 9,974 crore in Q2 FY23.

The Assets Under Management (AUM) as on 30 September 2023 was Rs  290,264 crore v/s Rs 218,366 crore as on 30 September 2022 - an increase of 33 per cent. This includes AUM of Rs 81,215 crore of BHFL, which recorded a growth of 29 per cent over the AUM as on 30 September 2022.

Gross NPA and Net NPA as on 30 September 2023 stood at 0.91 per cent and 0.31 per cent respectively as against 1.17 per cent and 0.44 per cent as on 30 September 2022. The provisioning coverage ratio on stage three assets is 66 per cent. BFL holds a management and macro-economic overlay of Rs 740 crore as on 30 September 2023.

The Capital adequacy ratio (including Tier-II capital) as on 30 September 2023 stood at 23.19 per cent. The Tier-I capital stood at 21.88 per cent.

Gross NPA and Net NPA as of 30 September 2023 stood at 0.91 per cent and 0.31 per cent respectively as against 1.17 per cent and 0.44 per cent as of 30 September 2022. Provisioning coverage ratio on stage 3 assets is 66 per cent. BFL holds a management and macro-economic overlay of Rs 740 crore as of 30 September 2023.

Capital adequacy ratio (including Tier-II capital) as of 30 September 2023 stood at 23.19 per cent. The Tier-I capital stood at 21.88 per cent. For BHFL, the capital adequacy ratio (including Tier-II capital) stood at 22.64 per cent.