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Last Updated : Jan 29, 2019 03:15 PM IST | Source: Moneycontrol.com

Bajaj Finance Q3 profit jumps 48% to Rs 1,023 cr despite sharp rise in provisions

Loan losses and provisions for the quarter at Rs 447.6 crore increased sharply by 44 percent sequentially and 61 percent year-on-year.

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Bajaj Finance's third quarter (October-December) standalone profit increased sharply by 48 percent year-on-year to Rs 1,022.73 crore despite steep increase in provisions, driven by strong net interest income.

Profit during the quarter ended December 2017 stood at Rs 691.76 crore.

Standalone net interest income in Q3 grew by 42 percent to Rs 3,094 crore and asset under management increased by 26 percent to Rs 96,248 crore during the quarter YoY, the non-banking finance company said.

Revenue from operations during the quarter jumped 39 percent to Rs 4,664.77 crore compared to year-ago, it added.

Loan losses and provisions for the quarter at Rs 447.6 crore increased sharply by 44 percent sequentially and 61 percent year-on-year.

Asset quality deteriorated for the quarter ended December 2018. Gross non-performing assets (NPA) as a percentage of gross advances were higher at 1.55 percent against 1.49 percent in previous quarter. Net NPA, too, were higher at 0.62 percent in Q3 against 0.53 percent in Q2FY19.

Total slippages at the end of December quarter stood at Rs 715 crore, increased by 48 percent compared to Rs 483 crore at the end of September 2018.

Bajaj Finance has reported highest ever quarterly consolidated profit at Rs 1,059.6 crore in Q3, a growth of 54 percent over Rs 690 crore reported in same period previous year.

The consolidated results include its wholly owned subsidiaries viz. Bajaj Housing Finance and Bajaj Financial Securities.

The company reported highest ever growth in consolidated assets under management at 41 percent YoY, driven by consumer, mortgage, SMME and rural portfolio. The AUM was at Rs 1.09 lakh crore for the quarter.

Customer base remained strong at 3.26 crore, a growth of 31.3 percent YoY and 8.4 percent QoQ. New loans booked during Q3 increased by 49 percent YoY and 29 percent QoQ to 67.7 lakh.

At 14:40 hours IST, the stock was quoting at Rs 2,477.55, up Rs 21.35, or 0.87 percent on the BSE.

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First Published on Jan 29, 2019 02:44 pm
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