Bajaj Finance's Q2 net profit rises 37% at Rs 557 cr; asset quality improves

Moneycontrol News

NBFC major Bajaj Finance reported 37 percent rise in its September quarter net profit at Rs 557 crore against Rs 408 crore during the same period last year. The number was largely in line with CNBC-TV18 poll of Rs 566 crore.

The net interest income (NII) was higher by over 41 percent at Rs 1,958 crore against Rs 1,385 crore year on year. The revenue was reported at Rs 3,086 crore against Rs 2,335 crore during the same quarter last year.

The asset quality was slightly better as net NPAs were seen at 0.51 percent against 0.53 percent in the previous quarter, while gross NPAs was seen at 1.68 percent against 1.7 percent quarter on quarter.

The assets under management (AUMs) were up 38 percent at Rs 72,139 crore against Rs 52,332 crore in the same period last year, while provision coverage ratio was seen at 70 percent as of September 30.