Bajaj Finance posted its earnings for the quarter ended June on Tuesday after market close.
What Happened: The non-banking financial company’s consolidated net profit came in at ₹3,911.98 crore, up around 14% from the ₹3,436 crore posted in the same quarter last year. Net interest income — the difference between a lender’s income from lending activities and interest paid to depositors — came in at ₹8,366 crore, a 24% increase from the ₹6,717 crore posted in the same quarter last year.
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The NBFC’s gross non-performing assets (NPA) stood at 0.86%, slightly up from 0.85% quarter-on-quarter. Net NPA was at 0.38%, up from 0.37% reported at the end of March. The provision coverage ratio was at 56%, compared to 57% in the previous quarter. Assets under management (AUM) were up 31% at ₹ 3.54 lakh crore as against ₹ 2.70 lakh crore as of 30 June 2023.
Deposits book grew by 26% year on year and stood at ₹ 62,774 crore as of 30 June 2024. In the June quarter, net deposit growth was ₹2,623 crore. In Q1, the cost of funds was 7.94%, an increase of 8 basis points over Q4 FY24.
Price Action: Bajaj Finance’s share price was down 2.28% to close at ₹6,727.10 on Tuesday.
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