Bajaj Finance Profit Rises 50% In September Quarter
The Pune-based financial services company - Bajaj Finance - on Tuesday reported net profit of Rs 1,376.67 crore in the quarter ended September 30. That marked an increase of 49.59 per cent in the profit from Rs 920.28 crore in the same quarter of last year. Its interest income rose 37.19 per cent year-on-year (YoY) to Rs 4,322.39 crore and income from fee and commission came in at Rs 611.24 crore, up 64.35 per cent.
Bajaj Finance's assets under management (AUM) grew by 38 per cent (YoY) to Rs 1,35,533 crore as of 30 September 2019. New loans booked grew by 23 per cent (YoY). AUM growth was granular for most lines of businesses in the company. New customer acquisition momentum for the quarter remained strong at 19.2 lakh. Total customer franchise stood at 3.8 crore as of 30 September 2019, a growth of 29 per cent (YoY), Bajaj Finance said in the earnings press release.
Existing customers contributed to 70 per cent of new loans booked during the second quarter of current financial year versus 66 per cent in the corresponding quarter last year. "We added 102 locations in second quarter of current financial year taking our geographic presence to 1,997 locations in India as of 30 September 2019," the Pune-based NBFC added.
Overall cost of funds at consolidated level has sequentially improved by 11 basis points to 8.38 per cent in second quarter from 8.49 per cent in the previous quarter. Reduction in cost of funds is majorly due to good asset liability management (ALM), Bajaj Finance added.
Shares of Bajaj Finance were trading 0.44 per cent lower at Rs 4,119.75 compared with 0.54 per cent cut in the Sensex.
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