Moneycontrol
Last Updated : May 17, 2018 05:25 PM IST | Source: Moneycontrol.com

Bajaj Finance shares rally 8% after solid earnings growth for March quarter

Provision coverage ratio improved, too, to 75 percent for the quarter ended March 2018, from 68 percent in December quarter.

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Bajaj Finance share price rallied 7.63 percent to close at Rs 2,066.50 amid high volumes on Thursday after reporting solid earnings growth for the quarter ended March 2018.

Net profit in Q4 surged 61 percent year-on-year to Rs 720.9 crore compared to Rs 449 crore in corresponding period of last fiscal.

Net interest income, the difference between interest earned and interest expended, grew by 40 percent to Rs 2,365 crore compared to Rs 1,686 crore in year-ago.

Asset quality also improved as gross non-performing assets (NPA) for the quarter fell to 1.48 percent from 1.67 percent in previous quarter. Net NPA were also down at 0.38 percent from 0.53 percent on sequential basis.

Provision coverage ratio improved, too, to 75 percent for the quarter ended March 2018, from 68 percent in December quarter.

Assets under management during the quarter grew by 34 percent to Rs 80,444 crore YoY.
First Published on May 17, 2018 05:25 pm
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