Bajaj Finance's Q3 Update Shows AUM Growth Surpassing Sept's 15-Quarter High

Bajaj Finance, one of India's leading non-banking financial institutions, disclosed a significant 35 per cent surge in its Assets Under Management (AUM) to Rs 3.11 lakh crore for the December quarter, marking the first time the company's AUM has crossed the Rs 3 lakh crore milestone.

Comparatively, the AUM for the corresponding period last year stood at Rs 2.3 lakh crore and at Rs 2.9 lakh crore during the September quarter. The growth in AUM outpaced the 33 per cent increase witnessed in the preceding quarter, representing the highest growth in nearly four years.

Throughout the December quarter, Bajaj Finance secured 98.6 lakh new loans, reflecting a 26 per cent growth from the 78.4 lakh loans obtained during the same quarter the previous year.

The company's customer base expanded to 8.41 crore as of 31 December, up from 6.6 crore in the previous year, indicating an increase of 38.5 lakh customers in the quarter, as stated by the company.

Additionally, the company's Deposit Book observed a 35 per cent year-on-year growth, reaching Rs 58,000 crore by the end of December, compared to Rs 42,984 crore in the corresponding period last year.

Bajaj Finance reassured its robust liquidity position at Rs 11,600 crore as of 31 December 2023.

In November last year, the company successfully raised Rs 8,800 crore through a Qualified Institutional Placement (QIP) issue. Subsequently, it finalised a planned fund raise of Rs 10,000 crore, approved by the board in October, after earlier securing Rs 1,200 crore through a preferential share issue to its promoter Bajaj Finserv.

In the September quarter, Bajaj Finance reported a notable 26.3 per cent growth in its Net Interest Income (NII), reaching Rs 8,845 crore, surpassing a media channel's poll estimate of Rs 7,208.7 crore. The company also witnessed a 28 per cent increase in net profit compared to the previous year.