Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
Register Now!“Unlock Credit” Pre-Budget discussion on “Solving the enterprise lending and borrowing puzzle in Budget 2022” 29th January at 3pm

Bajaj Finance Q2 results | Profit jumps 53.5% to Rs 1,481 crore, assets under management grow 22%

Loan losses and provisions for the quarter were at Rs 1,300 crore, which were lower compared to Rs 1,700 crore reported in Q2FY21

October 26, 2021 / 06:18 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Leading non-banking finance company Bajaj Finance has clocked a 53.5 percent year-on-year growth in consolidated profit at Rs 1,481 crore in September 2021 quarter following lower provisions and improvement in asset quality.

Consolidated net interest income for the quarter at Rs 5,335 crore grew by 28 percent compared to the year-ago period, the Bajaj Group Company said in its BSE filing. "Interest income reversal for the quarter was Rs 322 crore as compared to Rs 216 crore in Q2FY21," it said.

New loans booked during the quarter were 6.33 million, up from 3.62 million in the corresponding period last fiscal.

"Customer franchise stood at 52.80 million as of September 2021 compared to 44.11 million as on September 2020, a growth of 20 percent. Customer franchise increased by 2.35 million in Q2FY22 compared to 1.16 million in Q2FY21," said Bajaj Finance.

To Know All Earnings Related News, Click Here

Close

The company said assets under management (AUM) grew by 22 percent year-on-year to Rs 1,66,937 crore as of September 2021. "Core AUM growth in Q2FY22 was approximately Rs 11,150 crore," it said.

The company reported improvement on the asset quality front. Gross non-performing assets as a percentage of gross advances fell 51 bps sequentially to 2.45 percent in Q2FY22 and net NPA declined 36 bps QoQ to 1.10 percent.

The company said it had a provisioning coverage ratio of 55 percent on stage 3 assets and 155 bps on stage 1 and 2 assets as of September 2021.

Loan losses and provisions for the quarter were at Rs 1,300 crore, which was lower compared to Rs 1,700 crore reported in Q2FY21.

"During the quarter, the company has done accelerated write-offs of Rs 355 crore of principal outstanding on account of Covid-19 related stress and advancement of write-off policy. The company holds management and macro-economic overlay of Rs 832 crore as of September 2021," it said.
Moneycontrol News
first published: Oct 26, 2021 06:18 pm
Sections
ISO 27001 - BSI Assurance Mark