Bajaj Finance Q3 profit surges 85 per cent to Rs 2,125 crore
Jan 18, 2022
Mumbai [India], January 18 : Bajaj Finance on Tuesday said its 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.
The company's net interest income for the third quarter of 2021-22 increased by 40 per cent to Rs 6,000 crore as against Rs 4,296 crore in the corresponding quarter of 2020-21.
Assets under management (AUM) grew by 26 per cent 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 per cent. 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 per cent and 0.78 per cent respectively, as against 2.45 per cent and 1.10 per cent 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.
