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This is an archive article published on October 24, 2018

Bajaj Finance net up 54 per cent

Bajaj Finance’s AUM reached Rs 1,00,217 crore, a 38 per cent growth. Its consolidated net interest margin went up by 42 per cent to Rs 2,729 crore.

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Business news, Bajaj Finance, Bajaj Finance profit, Bajaj Finance LOSS, Bajaj Finance revenue, Bajaj Group, indian express Total income rose by 40 per cent to Rs 4,296 crore. Loan losses and provisions for Q2 were at Rs 315 crore against Rs 221 crore in Q2FY18.

Non-banking financial company Bajaj Finance on Tuesday reported a 54 per cent growth in its consolidated profit to Rs 923 crore during the quarter ended September, boosted by higher growth in assets under management (AUM).

However, Bajaj Finserv, the holding company for various financial services businesses under the Bajaj Group, posted a marginal increase in its PAT as insurance companies faced claims from the extensive floods in Kerala, battled a liquidity crunch following defaults by IL&FS group companies. Besides, the company had reduced the quantum of its crop insurance during the quarter due to unfavourable pricing in the kharif season, which affected the overall gross written premium of its general insurance business.

Bajaj Finance’s AUM reached Rs 1,00,217 crore, a 38 per cent growth. Its consolidated net interest margin went up by 42 per cent to Rs 2,729 crore. Total income rose by 40 per cent to Rs 4,296 crore. Loan losses and provisions for Q2 were at Rs 315 crore against Rs 221 crore in Q2FY18. Gross NPA and net NPA stood at 1.49 per cent and 1.53 per cent, respectively, while the provisioning coverage ratio stood at 65 per cent.

Bajaj Finserv reported a near flat PAT of Rs 704 crore during the quarter. However, its consolidated total income rose 17 per cent to Rs 9,698 crore. The general insurance business saw a drop in profit to Rs 182 crore from Rs 260 crore a year ago. The life insurance shareholder’s PAT was down to Rs 132 crore from Rs 188 crore. —FE

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