Bajaj Finance consol profit up 52% on year at Rs 1,614 crore

Bajaj Finance Ltd (BFL) on Wednesday reported highest ever quarterly consolidated net profit at Rs 1,614 crore in December 2019 quarter on the back of healthy interest income.

The non-banking finance company posted a 52% jump in Q3 net profit as compared with Rs 1,060 crore in the year-ago quarter.

Total income of the company grew 41% to Rs 7,026 crore for October-December of 2019-20 as against Rs 4,992 crore in year ago period, Bajaj Finance said.

The net interest income was up by 42% at Rs 4,537 crore from Rs 3,206 crore. While the interest income increased by 39% to Rs 6,105 crore from Rs 4,387 crore in Q3 of 2018-19.

The company's asset under management (AUM) as on December 31, 2019, rose to Rs 1,45,092 crore, up 35% from Rs 1,07,507 crore.

New loans booked in terms of volume increased 13% to 76.7 lakh from 67.7 lakh, it added.

The consolidated figures of BFL include the results of its wholly-owned subsidiaries Bajaj Housing Finance Ltd (BHFL) and Bajaj Financial Securities Ltd.

From 2019-20, BFL and its subsidiary BHFL have opted for the reduced rate of 25.17% for computation of income tax as per recently inserted section of the Income Tax Act, 1961, the company said.

Gross non-performing assets (NPA) and net NPA as on December 31, 2019, stood at 1.61% and 0.70%, respectively.

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Free Press Journal