Bajaj Finance Ltd (BFL) on Tuesday reported a 4.2 per cent rise in consolidated net profit at Rs 1,002 crore for the first quarter ended June of the current fiscal year.
The company's net profit stood at Rs 962 crore in the same period a year ago.
The consolidated numbers of BFL include results from its wholly-owned subsidiaries Bajaj Housing Finance (BHFL) and Bajaj Financial Securities Ltd (BFinsec).
Total income during Q1 FY22 was up by 1.4 per cent at Rs 6,743 crore from Rs 6,650 crore in Q1 FY21, Bajaj Finance said in a release.
Net interest income grew by 8 per cent to Rs 4,489 crore from Rs 4,152 crore.
The asset under management (AUM) increased by 15 per cent to Rs 1.59 lakh crore as of June 30, 2021, as against Rs 1.38 lakh crore earlier.
Asset-wise, the gross non-performing assets (NPAs) ratio worsened at 2.96 per cent of the gross advances, from 1.40 per cent in the year-ago period.
Net NPAs or bad loans rose to 1.46 per cent, from 0.50 per cent.
The company has a provisioning coverage ratio of 51 per cent on stage 3 assets (NPAs) and 174 bps (1.74 per cent) on stage 1 and 2 assets as of June 30, 2021, BFL said.
Except for the consumer B2B (business to business) auto finance, the consumer B2B sales finance, rural B2B, rural B2C (business to consumer), SME lending, commercial lending, loan against securities, and mortgage lending witnessed growth from 7 to 59 per cent.
Consumer B2B auto finance registered 11 per cent fall year-on-year at Rs 11,347 crore.
The non-banking finance company said new loans booked during Q1 FY22 were 4.63 million (46.3 lakh) as against 1.75 million (17.5 lakh) in the year-ago quarter.
"Customer franchise crossed a milestone of 50 million and stood at 50.45 million as of 30 June 2021 as compared to 42.95 million as of 30 June 2020, a growth of 17 per cent. The company acquired 1.88 million new customers in Q1 FY22 as compared to 0.53 million in Q1 FY21," BFL said.
The company said it made loan losses and provisions for the quarter worth Rs 1,750 crore as against Rs 1,686 crore in the year-ago period.
During the quarter, the company has done accelerated write offs of Rs 113 crore of principal outstanding on account of COVID-19 related stress. The company holds a management overlay and macro provision of Rs 483 crore as of June 30, 2021, it added.
BFL stock closed 1.24 per cent down at Rs 5,937.90 apiece on BSE.