Bajaj Finance Q1 results: Net profit grows 14% on-year to Rs 3,912 crore, misses estimates

Bajaj Finance Q1 FY25 Results

Bajaj Finance reported on Tuesday, 23 July that its Q1 FY25 net profit rose 14 percent on-year to Rs 3,912 crore, missing street expectations. India's largest non-banking finance company's April-June net interest income (NII) grew 25 percent on-year to Rs 8,365 crore.

A Moneycontrol poll of 7 brokerage estimates had pegged Bajaj Finance's fiscal first quarter net profit at Rs 4,020 crore, and NII at Rs 9,042 crore.

The company has resumed sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card' and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024, it said.

Earlier, in its Q1 business update, Bajaj Finance had said that its new loans grew by 10 percent during the quarter to 1.1 crore bookings. Assets under management expanded 31 percent on-year to Rs 3.5 lakh crore at the end of the quarter. The deposit book also saw a rise of 26 percent YoY to Rs 62,750 crore in the quarter ended June.

Gross NPA and net NPA as of non-bank lender as of 30 June 2024 stood at 1.06 percent and 0.47 percent respectively compared to 1.09 percent and
0.39 percent as of 30 June 2023.

The company's two and three wheeler finance portfolio grew 34 percent and stood at Rs 19,689 crore. It reported a jumbo 157 percent jump in its car loan portfolio to Rs 8,710 crore. Urban B2C portfolio of the company stood at 69,988 crore, growing by31 percent on a YoY basis.

Shares of the company closed for trading at Rs 6740, 2.07 percent down on BSE.