Non-banking lender on Friday reported a 40% year-on-year rise in consolidated net profit for the December quarter, backed by healthy growth in net interest income and lower bad loan provisions.
The net profit was at Rs 2,973 crore against Rs 2,125 crore in the year-ago period. The profit before tax also rose 40% at Rs 4,012 crore against Rs 2,868 crore.
Net interest income for the third quarter rose 24% year-on-year at Rs 7,435 crore against Rs 6,005 crore earlier.
The consolidated results include the earnings of its wholly owned subsidiaries — Bajaj Housing Finance, Bajaj Financial Securities, and its associate company Snapwork Technologies.
The asset quality of the non-banking finance company improved with gross non-performing assets falling to 1.14% at the end of December against 1.73% a year back. Net NPA was at 0.41% against 0.78%.
Loan losses and provisions for the third quarter were RS 841 crore as against Rs 1,051 crore in the year-ago period. The company holds a management and macroeconomic overlay of Rs 1,000 crore at the end of the reporting period.
Its consolidated assets under management rose 27% year-on-year to Rs 2.31 lakh crore. Its standalone AUM stood at Rs 1.68 lakh crore. Its standalone net profit was at Rs 2624 crore, registering a 36% growth.
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