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Bajaj Finance Q3 results: Net profit soars 84% YoY to Rs 2,125 cr

FPJ Web Desk | Updated on: Tuesday, January 18, 2022, 09:19 PM IST

Consolidated net profit rose 85 percent to Rs 2,125 crore for the third quarter ended December from Rs 1,146 crore clocked in the year-ago period./Representative image |
Consolidated net profit rose 85 percent to Rs 2,125 crore for the third quarter ended December from Rs 1,146 crore clocked in the year-ago period./Representative image |
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Bajaj Finance Ltd reported a whopping 85 percent rise in consolidated net profit for third quarter ended December. Net profit rose to Rs 2,125 crore during the third quarter of the current financial year, posting an increase of 85 per cent over same period of last year when the net profit stood at Rs 1,146 crore.

Net Interest income for the quarter rose by 40 percent to Rs 5,553 crore as against Rs 4,296 crore in Q3FY21. Interest income reversal for the quarter was Rs 241 crore as compared to Rs 450 crore in same period last year.

Assets under management (AUM) grew by 26 percent to Rs 181,250 crore as of December 31, 2021 from Rs 143,550 crore recorded on December 31, 2020. Core AUM growth in Q3 of the current financial year was approximately Rs 14,700 crore.

Bajaj Finance customer franchise stood at 55.36 million as of December 31, 2021 as compared to 46.31 million as of December 31, 2020, registering a growth of 20 percent. The Company's customer franchise increased by 2.56 million in Q3 FY22 as compared to 2.19 million in Q3 FY21.

Gross NPA and Net NPA as of 31 December 2021 stood at 1.73 percent and 0.78 percent respectively, as against 2.45 percent and 1.10 percent as of 31 September 2021. The Company has provisioning coverage ratio of 56 per cent on stage 3 assets and 156 bps on stage 1 and 2 assets as of 31 December 2021.

During the quarter, the Company has changed its NPA classification criteria from number of EMI outstanding to Days Past Due approach in line with the RBI circular dated 12 November 2021, Bajaj Finance said in a statement.

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Published on: Tuesday, January 18, 2022, 08:48 PM IST