Q1 Results: Bajaj Finance Net Profit Soars 159% YoY To Rs 2,596 Cr

Bajaj Finance on Wednesday released its financial results for the quarter ended June 30, 2022 and reported a 159 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 2,596 crore compared to Rs 1,002 crore in the same quarter last year.

Its Net Interest Income (NII) for the quarter under review grew 48 per cent to Rs 6,638 crore from Rs 4,489 crore in the corresponding quarter last year.

Gross NPA and Net NPA for the NBFC stood at 1.25 per cent and 0.51 per cent respectively as of June 30, 2022 compared to 2.96 per cent and 1.46 per cent respectively on June 30, 2021.

The NBFC said new loans booked for the quarter rose 60 per cent to 7.42 million against 4.63 million in the year-ago quarter. 

The company said it had provisioning coverage ratio of 60 per cent on stage 3 assets and 130 bps on stage 1 and 2 assets as on June 30.

Its customer franchise stood at 6.03 crore as of June 30 compared with 5.04 crore in the year-ago quarter, up 20 YoY. 

Bajaj Finance said it recorded highest ever quarterly increase in its customer franchise of 27.30 lakh in June quarter.

Overall, the consolidated assets under management stood at Rs 2,04,018 crore compared with Rs 1,59,057 crore, up 28 per cent YoY.