Bajaj Finance Q1 profit jumps 43% to Rs 1,195 cr, NII surges

Bajaj Finance

Bajaj Finance on July 25 said its June quarter consolidated net profit rose 43 percent year-on-year to Rs 1,195 crore, the highest ever. The company had reported consolidated profit at Rs 835.9 crore in the last year.

Net interest income during the quarter grew 43 percent, higher-than-street-estimates, to Rs 3,695 crore compared to year-ago. The consolidated asset under management surged 41 percent YoY to Rs 1.29 lakh crore, the non-banking finance company said in its BSE filing.

Profit was estimated at Rs 1,257.2 crore and net interest income at Rs 3,310.1 crore for the quarter as per the poll of analysts conducted by CNBC-TV18.

Total operating expenses to net interest income for Q1 was lower at 34.98 percent against 37.02 percent in the same period last year, the company said, adding new loans booked during the quarter increased 29 percent to 72.7 lakh compared to the previous year.

Syndicate Bank Standalone June 2019 Net Interest Income (NII) at Rs 1,791.78 crore, up 18.99% Y-o-Y
Bajaj Finance also increased its customer franchise 31 percent to 3.69 crore as of June 2019, against 2.82 crore in June 2018.

But loan losses and provisions (expected credit loss) for June quarter rose 69 percent year-on-year and 35 percent sequentially to Rs 551 crore.

Even asset quality inched up a bit in the first quarter. Gross non-performing assets as a percentage of gross advances increased 6bps QoQ to 1.60 percent and net NPA by 1 basis point to 0.64 percent during the quarter.

Provision coverage ratio improved to 61 percent in Q1, from 60 percent in previous quarter.

The stock was quoting at Rs 3,082.60, down Rs 89.00, or 2.81 percent on the BSE at 1249 hours IST.

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