Bajaj Finance Q1 profit surges 32% to ₹3,437 cr on new loans boost
Finance major Bajaj Finance Ltd has reported consolidated profit after tax of ₹3,437 crore in the April-June quarter of 2023-24, which increased 32% on a year-on-year basis from ₹2,596 crore in the same period last year.
The company says it recorded robust performance across all financial and portfolio metrics and delivered the "highest ever assets under management growth of ₹22,718 crore, booked 9.94 million new loans and added 3.84 million new customers in Q1, along with Bajaj Finserv App net users rising to 40.2 million”.
The net interest income (NII) for the first quarter of the fiscal year increased 26% to ₹8,398 crore, up from ₹6,640 crore in the year-ago period.
The number of new loans booked during Q1 FY24 grew 34% to 9.94 million against 7.42 million in 01 FY23, the highest ever new loans in a quarter, Bajaj Finance says in a stock exchange filing.
Its franchise count stood at 72.98 million as on June 30, 2023, as compared to 60.30 in the year-ago period, up 21%. "The company recorded the highest ever quarterly increase in its customer franchise of 3.84 million in 01 FY24."
Bajaj Finance's assets under management (AUM) grew 32% to ₹2,70,097 crore as of 30 June 2023 from ₹2,04,018 crore as of June 30, 2022. In terms of AUM, too, Bajaj Finance recorded the highest-ever quarterly increase of ₹22,718 crore in the said quarter.
Loan losses and provisions for Q1 FY24 were ₹995 crore against ₹755 crore in the year-ago period, and the company holds a management and macro-economic overlay of ₹840 crore as of Q1 FY24.
Bajaj Finance's gross NPA and net NPA as of June 30, 2023, stood at 0.87% and 0.31% respectively, as against 1.25% and 0.51 % as of 30 June 2022.
On a standalone basis, Bajaj Finance's net interest income for the first quarter increased 25% to ₹7,653 crore from ₹6, 142 crore in Q1 FY23, while the net profit surged 26% to ₹2,959 crore.
Bajaj Housing Finance's profit after tax for the said quarter stood at ₹462 crore in Q1 FY24 from ₹316 crore in Q1 FY23, while NII surged 18% to ₹702 crore from ₹594 crore in the year-ago period.
Bajaj Financial Securities Ltd generated a total income worth ₹75 crore for the first quarter of the fiscal year against ₹39 crore in the year-ago period.
Despite beating estimates, Bajaj Finance stock dipped 1.73% to ₹7,473 on the BSE. The stock opened a gap up at ₹7,625 from ₹7,604 in the previous session and surged to an intra-day high of ₹7,773. However, the stock settled at ₹7,485 by the time of the closing of the trade. At the current share price, Bajaj Finance's m-cap stands at ₹4,53,530.4 crore.