Bajaj Finance Q2 Profit Rises 13% to Rs 4,014 Cr

New Delhi, Oct 22 (PTI) Bajaj Finance Ltd (BFL) on Tuesday reported a 13 per cent increase in consolidated net profit at Rs 4,014 crore for the second quarter ended September 30, 2024.

The non-banking finance company had posted a net profit of Rs 3,551 crore in the July-September quarter a year ago.

Its total consolidated income increased to Rs 17,095 crore during the quarter under review, as against Rs 13,382 crore in the same period a year earlier, BFL said in a regulatory filing.

The Pune-headquartered company's total expenditure rose to Rs 11,697 crore, compared to Rs 8,624 crore in the year-ago period.

Asset quality of the company worsened with gross non-performing assets rising to 1.06 per cent of the gross loans by the end of September 2024 from 0.91 per cent a year ago.

Similarly, net NPAs, or bad loans, also increased to 0.46 per cent from 0.31 per cent at the end of the second quarter of the previous fiscal year.

Capital adequacy ratio (including Tier-II capital) as of September 30, 2024 was 21.69 per cent, it said.

The company's subsidiary Bajaj Housing Finance Ltd (BHFL) successfully concluded its Initial Public Offer (IPO) of Rs 6,560 crore.

This included issuance of new equity shares amounting to Rs 3,560 crore and an offer-for-sale by Bajaj Finance Ltd (BFL) amounting to Rs 3,000 crore, it said.

BHFL equity shares were listed on stock exchanges on September 16, 2024. Consequently, BFL's shareholding in BHFL reduced from 100 per cent to 88.75 per cent.

The other subsidiary of BFL is Bajaj Financial Securities, while it has two associate companies -- Snapwork Technologies Pvt Ltd and Pennant Technologies Pvt Ltd.