Bajaj Finance Q3 profit jumps 33% YoY to Rs 160 cr
Non-banking finance company Bajaj Finance has reported strong growth of 33 percent year-on-year in net profit at Rs 160 crore for the third quarter of current financial year 2012-13.
January 15, 2013 / 17:01 IST
Moneycontrol Bureau
Aided by higher interest income, Pune-based non-banking finance company Bajaj Finance on Tuesday reported a robust 33% year-on-year jump in its thrid quarter (October-December) net profit at Rs 160 crore in 2012-13. The growth is the highest ever quarterly profit in the history of the company. Net interest income (NII) or the difference between interest earned and paid out, rose by 28% y-o-y to Rs 507 crore. Total assets under management (AUM) expanded 41% to Rs 16,844 crore while loan disbursements rose at a slower pace of 12% to Rs 5,200 crore. Loan losses and provisions increased 42% y-o-y to Rs 51 crore. The company disbursed most of the funds in the consumer segment (wherein company gives loans to the affluent class to buy white good products as well as two/three wheelers). It grew 37% to Rs 2,948 crore. However, it chose to degrow its commercial credit, which contracted 42% to Rs 731 crore. At 14:18 hrs, Bajaj Finance shares were trading at Rs 1.414, up 1.27% after hitting 52-week high of Rs 1,458.70. The capital market regulator SEBI on Monday approved Bajaj Finance rights issue to raise up to Rs 750 crore. saikat.das@network18online.com Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
