Bajaj Finance Q3 Profit Surges 22% to Rs 3,639 Cr

New Delhi, Jan 29 (PTI) Bajaj Finance on Monday reported a 22 per cent increase in consolidated net profit to Rs 3,639 crore for the third quarter ended December 2023.

The company earned a net profit of Rs 2,973 crore in the same period a year-ago.

Total income increased to Rs 14,166 crore for the quarter under review from Rs 10,789 crore in the year-ago period, Bajaj Finance said in a regulatory filing.

The consolidated assets under management rose by 35 per cent to Rs 3,10,968 crore at the end of December 2023 compared to Rs 2,30,842 crore in the third quarter of last year.

Net interest income grew by 29 per cent to Rs 7,655 crore as against Rs 5,922 crore in the third quarter of FY23.

Gross Non-Performing Assets (NPAs) of the company came down to 0.95 per cent from 1.14 per cent during the same period a year ago.

Similarly, net NPAs also declined to 0.37 per cent as compared to 0.41 per cent at the end of third quarter of the previous fiscal.

The company has a provisioning coverage ratio of 62 per cent on stage 3 assets as of December 31, 2023.

Meanwhile, the board has approved raising of funds by debt instruments including non-convertible debentures (either Indian Currency / Foreign Currency) as a part of the proposed increase in overall borrowing limit from Rs 2,25,000 crore to Rs 3,75,000 crore.

The company through Qualified Institutional Placement (QIP) raised Rs 8,800 crore during the quarter.